SBI reduced the deposit rates

MUMBAI:The fear of investing in the stock market That is why many bank deposits are selected as a safe investment tool. Interest rates are not even promising for some time.The country's largest public sector bank SBI has decided to reduce interest rates on various deposits. Term Deposit rates have been reduced to 50 basis points.Reduced interest rates will be imposed on medium term, long term deposits and up to 1 Crore Rs.
The interest rates will be 6.25 per cent on deposits within three years of less than two years. It was 6.75 per cent earlier.Similarly, senior Citizens currently offer 7.25 per cent interest rate to 6.75 per cent.The SBI, which has reduced the base rate by 25 basis points on deposits between 10 years and 10 years, offers interest rate of 6.50 per cent. The revised interest rates have come into effect from April 29.There is no change in interest on deposits with seven days to two years. The bank has a 6.90 per cent interest on deposits between 455 days a year.