SBI to cut deposit rates by 25 basis points from 4 May
02 May 2009
State Bank of India, the country's largest lender, has cut deposit rates of all maturities by 25 basis points effective Monday.
For a deposit of 15 to 45 days, the new rate will be 3.75 per cent beginning 4 May, against the existing 4.0 per cent, while deposits of one-year to less than two-years will attract a rate of 7.5 per cent as against 7.75 per cent, SBI said in a statement.
Deposits of two years to less than 1,000 days maturity will carry an interest rate of 7.75 per cent (down from existing 8 per cent), while those with 1,000-days tenure will offer a rate of 8 per cent (against existing 8.25 per cent), the release said.
For deposits of over 1,001 days to less than 5 years, the new rate will be 7.75 per cent, against 8 per cent earlier while for deposits of 5-8 years and 8-10 years will carry rates of 8 per cent (8.25 per cent) and 8.25 per cent (8.5 per cent) respectively, the bank said.
SBI,meanwhile, has lowered interest rates on education loans linked to its prime lending rate (PLR) in an effort to give relief to students aspiring to pursue higher studies.
SBI today said it has lowered interest rates on education loans, which are linked to the bank's prime lending rate (PLR), by up to 25 basis points, for a limited period.
Interest rates on education loans of up to Rs4 lakh will be reduced from 11.75 per cent to 11.5 per cent while for the Rs4-7.50 lakh loan bracket, the interest has been slashed from 13.25 per cent to 11.25 per cent, SBI said in a statement.
SBI has fixed its prime lending rate at 12.25 per cent per annum.
