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In view of the falling interest rate scenario and surplus liquidity, State Bank of India has decided to slash retail term deposit rates by 10-50 basis points (bps) and bulk term deposit rates by 30-70 bps across tenors.
India's largest bank had last cut interest rates on Retail Domestic Term Deposits ‘Below Rupees Two Crore ' and Domestic Bulk Term Deposits (Rs 2 crore and above) by 5-75 basis points across tenors on August 1.
However, SBI, in a statement, said it has decided not to reduce the savings bank (SB) interest rate further and would hold the same at the existing level of 3 per cent for customers with balances above Rs 1 lakh. Customers with SB balance up to Rs 1 lakh would continue to get a rate of interest of 3.50 per cent.
At the time of writing the story, the bank had not uploaded on its website information on the change in interest rates in specific maturity buckets.
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