SBI cuts term deposit rates by 25-50 bpts

Mumbai: State Bank of India (SBI) has lowered domestic term deposit rates by 25 to 50 basis points in three maturity brackets.

SBI says the rates of all new-term deposits and renewals of seven days to 14 days have been cut by 25 basis points. The interest rate on deposits of two years up to less than three years has also been cut 25 basis points, from 7.5 per cent to 7.25 per cent.

Deposits of three years and above will fetch only 7.5 per cent per annum, 50 basis points less than the 8 per cent until now. The rates on deposits of 15 days to 45 days, 46 days to 179 days, 180 days to less than one year and one year to less than two years will remain unchanged.

The rates of NRE deposits will be the same as those of domestic term deposits.