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SBI’s decision to cut FD interest rates by 1.9 pc draws Kejriwal’s ire, calls it a blow to middle class

Currently reading: SBI’s decision to cut FD interest rates by 1.9 pc draws Kejriwal’s ire, calls it a blow to middle class
India TV Politics Desk, New Delhi [Updated:28 Nov 2016, 14:06:25]

Delhi Chief Minister Arvind Kejriwal on Monday slammed the Centre after interest rates for fixed deposits were slashed by the State Bank of India (SBI) and termed the move as a "huge blow" to the middle class.

"Is this true? FD interest rates reduced drastically? Huge blow to middle class," the Aam Aadmi Party (AAP) leader tweeted.

On November 23, SBI slashed FD interest rates by 1.9 per cent following a surge in deposits post demonetisation.

With the revised interest rates, the 180-210 day fixed deposit will attract 1.90 percent lower interest rate at 3.85 percent as against the 5.75 percent earlier.

For fixed deposits between 1 year to 455 days, the rate has been lowered to 6 per cent from 4.25 per cent.

For FDs between 7 days to 45 days, the new rate will be 1.25 per cent lower at 3.75 per cent.

Earlier this month, SBI had cut fixed deposit rates for less than Rs 1 crore on select maturities by up to 0.15 per cent.

The AAP has denounced the ban on high value currency that has caused a cash chaos.

 

(With IANS inputs)

 

Arvind Kejriwal- India Tv
SBI’s decision to cut FD interest rates by 1.9 pc draws Kejriwal’s ire