SBI slashes deposit rates

By Our Banking Bureau | 08 Nov 2003

Mumbai: State Bank of India (SBI) has decided to lower its deposit rates by 25 to 50 basis points across all maturities with effect from 10 November.

Interest rates on domestic term deposits with a maturity of 15-45 days have been lowered by 25 basis points to 4 per cent, for 46-179 days 4.50 per cent (5 per cent), for 180 days to less than one year 4.75 per cent (5.25 per cent), for one year to less than two years 5 per cent (5.50 per cent), for two years to less than three years 5.75 per cent (5.25 per cent) and for three years and above 5.50 per cent (6 per cent). Interest rates on deposits with a maturity of seven-14 days remain unchanged at 4 per cent.

Deposit rates for senior citizens have also been revised downwards by 50 basis points. Rates on deposits with a maturity of one year to less than two years is 5.50 per cent (6 per cent), for two years to less than three years 5.75 per cent (6.25 per cent), for three years and above 6 per cent (6.50 per cent).