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.

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