SBI cuts interest rates on all term deposits by 25 bps
13 Jun 2009
The State Bank of India, the country's largest lender, today announced a 0.25 percentage point reduction in deposit rates across all tenors, with effect from 15 June.
For tenures of 181 days to less than one year, SBI has reduced the rate to 6.25 per cent from 6.50 per cent while for one-year to less than 2-years, the new rate will be 7.0 per cent against the current 7.25 per cent, the bank said in a statement.
For two-years to less than 1,000 days, the new rate will be 7.25 per cent against the current 7.50 per cent while for a 1,000-day tenure, the rate has been reduced to 7.50 per cent from 7.75 per. For 1,001 days to less than 3 years, the new rate will be 7.25 per cent against 7.50 per cent.
For deposits of three years to less than 5-years, the rate has been reduced to 7.25 per cent from 7.50 per cent while for deposits of five years to less than 8 years maturity, the rate has been reduced to 7.75 per cent from 8 per cent, SBI said.
For tenures of 8 years and up to 10 years, the new rate will be 8.0 per cent against 8.25 per cent.
Resident senior citizens are eligible for an additional interest rate of 0.50 basis points for deposits of one year and above and up to an amount below Rs1 crore, the release said.
Earlier this month, SBI chairman O P Bhatt had hinted at a possible reduction in lending and deposit rates by 25 basis points.
