Major banks, both private and public sector, recently revised their interest rates on fixed deposits (FDs). State Bank of India (SBI), the country’s largest lender, cut its interest rate to 6.50% for maturity periods between 3 years and 10 years. This is among the lowest FD rates in the industry now. The rate for 1-year FD stands at 6.90%. These rates are for deposit amounts of less than Rs1 crore.
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