.The country's largest bank SBI (State Bank of India) recently announced a reduction in the interest rate on Fixed Deposit (FD). The bank has reduced the term deposit in the retail segment by 0.10-0.50 percent. The new interest rates have come into effect from Monday, following the cuts announced by the bank.

SBI had said in a statement on the cut in interest rates, "Looking at the excess cash in the system, by changing the interest rates of SBI Retail Term Deposit (up to two crore rupees) and bulk term deposit (more than two crore rupees). Used to be. These changes will be effective from February 10, 2020. ''

The Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) recently decided to keep the repo rate unchanged at 5.15 per cent. SBI has cut FD rates for all periods except for a period of seven to 45 days.

SBI had announced a steep reduction of 0.50 per cent in the interest rate on FDs of 46 to 179 days. Now the bank will pay interest at the rate of five percent on the deposits of this period. After the recent amendment, you will get interest at the rate of 5.50 per cent on the deposit amount ranging from 180 days to one year.

The bank has reduced the deposit amount by 0.30 percent during this period. At the same time, the interest on the deposit that matures in the period from one year to 10 years has been reduced by 0.10 percent to 6 percent.