SBI cuts domestic term deposit rates by 25-50 basis points

State Bank of India has reduced domestic term deposit rates for below Rs1 crore by 25 basis points to 50 basis points for many of the maturities above six months. This is the sixth time that the bank has cut deposit rates in the last five months. The new rates would be effective from July 27.

The new rates are as follows:

Up to 180 days – no change

For 181 days to less than one year – 6 per cent

One year to less than two years - 6.50 per cent

Two years to less than 1,000 days - 7 per cent