SBI FD rates below 6%, lowest since ’04

State Bank of India has cut deposit rates to its lowest level since 2004 and has done away with the minimum balance requirement for all its 44.5 crore savings accounts. The bank also trimmed interest rates on savings deposits by 25 basis points and cut the interest rate on loans by 10 bps (100 bps = 1 percentage point). The bank has also waived the charges for SMS alerts to customers.

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