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the Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points (bps) to 4.4 per cent, to help arrest the economic slowdown in the wake of the coronavirus (Covid-19) outbreak. The reverse repo rate now stands at 4 per cent, down 90 bps.
The country’s largest lender, State Bank of India (SBI), has slashed the interest rate on fixed deposits (FDs), also known as term deposits by 20-50 basis points (bps) across tenors in the retail segment and 50-100 bps in the bulk segment across all tenors. These interest rates are applicable with effect from today (28 March 2020) on the FDs. This is the second rate cut in a month. Earlier the bank had cut interest rates on FDs on 10 March. The announcement came hours after the Reserve Bank of India (RBI) reduced the repo rate by 75 bps, the highest cut in 15 years. After RBI Governor Shaktikanta Das announced repo rate c