State Bank of India has cut its interest rate on bulk deposits (Rs 1 crore and above) in the 61-day to one-year bucket by 75 basis points to 7 per cent. The rate cut takes effect from February 18.
The bank has also cut its interest rate on retail term deposits (below Rs 1 crore) by 25 basis points from 9 per cent to 8.75 per cent in the 3-5 year deposits category and from 9 per cent to 8.5 per cent in the above 5-year deposits category.
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