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New Delhi, Sep 17: Anticipating a lower credit offtake than what was expected, State Bank of India (SBI) has revised its fixed deposit rates Thursday onwards. The bank in a statement said it has decided to cut the deposit rates by 25 basis points (0.25 percent) to 8.75 percent on deposits of 1-3 year duration. Also Read - International Flights: Air India Plans To Operate Special Flight From Basra To New Delhi On September 17 | Details Here
On the other hand, the bank revised upwards the interest rates by 0.25 percent on deposits for 180-210 days. According to SBI, the rate adjustment will continue to ensure that the savers are compensated adequately as the inflation rate is also going down. Also Read - Sex on Their Minds! Online Sale of Sex Toys Rises to 65% Post COVID-19 Lockdown in India, Mumbai Tops the List
The interest rates on other deposit durations remain unchanged.