State Bank of Bikaner and Jaipur Slashes Depository Interest Rates

Mumbai: State BankState Bank of Bikaner and Jaipur of Bikaner and Jaipur (SBBJ) annunciated that it has decreased depository interest rates on different maturities wef August 10.

The banking institutions are cutting depository interest rates accompanying the Reserve Bank increasing cash reserve ratio (CRR) proportion of deposits to be parked with the central bank - by 0.5 per cent hike to 7 per cent during July 31 review of the Monetary Policy.

For 91-179 days, the bank cut down its fixed deposits rate by 25 basis points to 6 per cent, whereas for 180 days to one year, the novel rate stood at 7 per cent from 7.5 per cent.

The rate for One-year fixed deposit rate has been cut by 50 basis points at 8.25 per cent from the earlier level of 8.75 per cent, it said.

The 550-day deposit would attract 9.25 per cent interest as compared with 9.5 per cent earlier. For fixed deposit with maturity of 2-10 years, the rates have been cut by 25 basis points at 8.5 per cent.

However, for 1-2 year term deposits, the bank has effected a 25 basis point increase in the rate at 8.5 per cent, it added. Other major banks, which have cut deposit rates are State Bank of India, Bank of India, Bank of Baroda, ICICI Bank and Centurion Bank of Punjab (CBoP).