If you are looking to invest in fixed deposit, than just head now for State Bank of India as it is going to lower its rates of interest wef 07 Aug 2012. The rates on domestic term deposits that have a maturity of five years and more will be reduced by by 0.25 per cent to 8.50 per cent.
SBI had announced the reduction in lending rates by 0.5 per cent on home and auto loans which is applicable wef 01 Aug 2012..
Meanwhile, Punjab National Bank has increased the interest rates on deposits with a maturity of one year by 0.25 per cent to 9 per cent with effect from Thursday.
This is a dichotomy where SBI is decreasing rate of interest and PNB is increasing.