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SBI cuts deposit rates by 25 bps

MUMBAI: State Bank of India on Saturday reduced the deposit rates by 0.25 percentage point on all tenures with effect from May 4.

With this, one-year to less than two-year deposits will now attract a rate of 7.50 per cent as against 7.75 per cent earlier, SBI said in a statement.

Similarly, deposits, having two years to less than 1,000 days maturity, will carry a rate of 7.75 per cent (from existing 8 per cent), while those having 1,000-days tenure will offer a rate of 8 per cent (8.25 per cent), the bank said.

The bank has also cut rates for 1,001 days to less than three years and 3-5 years deposits to 7.75 per cent (8 per cent earlier).

Also, 5-8 years and 8-10 years deposits will carry rates of 8 per cent (8.25 per cent) and 8.25 per cent (8.5 per cent), respectively, the bank said. — PTI

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