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

  • India seems to pull out all stops when it comes to non-war measures against Pakistan

    After a decision to fully exercise its rights on the Indus water treaty, Narendra Modi government opened another front to hit at Pakistan’s economic

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

M S Swaminathan

Strategy for freedom from malnutrition

There is now a growing realisation that linking agriculture and ...

Zehra Naqvi

The fountain of eternal youth

The pursuit of eternal youth is a multi-billion dollar industry ...

Shona Adhikari

Where Bhupen Khakhar rubs shoulders with Georgia O'Keeffe

The next India Art Fair (IAF) is scheduled to take ...