SBI, Bank of India Slash FD Rates After RBI Repo Cut

STATE BANK OF India (SBI) and Bank of India have reduced interest rates on select fixed deposits following the RBI decision last week to lower the repo rate by 25 basis points.

- SACHIN KUMAR

SBI, the country's largest bank, has cut FD rates by 10 basis points while Bank of India has reduced rates by up to 25 basis points, effective Tuesday, signalling quicker monetary transmission amid a surplus liquidity environment. With this move, they join a growing list of banks, including HDFC Bank, Punjab National Bank, Canara Bank and Yes Bank, in lowering FD rates.