Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
The proposal would now go to the Finance Ministry for approval, Labour Minister Santosh Gangwar said after the CBT meeting.
The interest rate on GPF was 7.6 per cent for the July-September quarter of 2018-19.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens' scheme is paid quarterly.
The increase in fixed deposit rates is likely to put pressure on lending rate as well.
The decision to hike key interest rates comes amid a hike in crude oil prices and rising inflation.
The decision to hike key interest rates or not comes amid a hike in crude oil prices and rising inflation, which are considered to be the key factors that will influence the decision.
Reserve Bank of India (RBI) kept its repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively.
For retail deposits, below Rs 1 crore, rates have been increased by up to 0.50 per cent.
As per the notification, PPF and NSC will fetch a lower annual rate of 7.6 per cent while KVP will yield 7.3 per cent and mature in 11 months.
However, bankers are of the view that the Reserve Bank of India (RBI) would maintain status quo as inflation has seen witnessed an increase.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
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Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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