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In May 2020, SBI has reduced interest rates on retail term deposits by up to how many basis points (bps) across all tenors?

In May 2020, SBI has reduced interest rates on retail term deposits by up to how many basis points (bps) across all tenors? Correct Answer 40

  • SBI has reduced interest rates on retail term deposits by up to 40 basis points (bps) across all tenors.
  • This is the second reduction in fixed deposits interest rates by it in May 2020.
  • It had reduced its deposit rates on May 12, 2020.
  • The new rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.

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