SBI shares up over 4pc on cutting FD rate

Tags: Banking
Shares of SBI today rose by over 4 per cent after it slashed the interest rate on short-term fixed deposits up to 179 days by 0.5 per cent.

Scrip of the country's largest bank ended the day at Rs 2,517, up 4.35 per cent on the BSE. During the day, it surged 4.56 per cent to Rs 2,522.20.

At the NSE, SBI's stock climbed 4.34 per cent to close the day at Rs 2,515.70.

SBI was the top performer among the blue-chip stocks on both Sensex and Nifty.

Interest rate on fixed deposits between 7-179 days has been reduced to 7 per cent from 7.5 per cent, SBI said in a statement.

The new rate would be effective from July 18, it said.

In case of bulk deposits above Rs 1 crore, the downward revision has been effected in two maturity buckets.

The interest rate on term deposits between 7-60 days has been reduced by 0.25 per cent to 6.25 per cent while for 61 days to less than one year, it has been reduced to 6.75 per cent from the existing 7 per cent.

Meanwhile, in the broader market, the BSE benchmark Sensex ended at 25,228.65, up 221.67 points.

EDITORIAL OF THE DAY

  • Scorpene leak has dented the navy’s efforts to beef up its dwindling fleet

    Defence deals in our country, which is the world’s largest importer of arms and ammunition, always have the potential to turn murky.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan needs more women in high office

Japan does not rank high in international tables, when it ...

Jemima Raman

Things one learns on a potter's wheel

As things go, watching a shape emerge from a blob ...

Bubbles Sabharwal

Hold the world in the palm of your hand

There is absolute happiness and relative happiness. The poet John ...