New Delhi, April 15 -- Within a week of Reserve Bank of India (RBI) cutting its repo rate by 25 basis points, the largest bank in India - State Bank of India (SBI) - has cut its interest rate on fixed deposits (FDs) by 10 basis points. On an FD of one year, SBI has cut fixed deposit (FD) by 10 basis points from 6.80 percent to 6.7 percent for general citizens.

On an FD of two to three years, SBI has cut its FD interest rate from 7 percent to 6.9 percent. The interest rates which senior citizens are entitled to receive on fixed deposits (FDs) of 1-2 year tenure will also fall from 7.3 percent to 7.20 percent starting today. On a tenure of 2-3 years, senior citizens are entitled to receive 7.4 percent starting today instead of 7.5 percent ...