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State Bank of India has cut the interest rate on bulk and retail term deposits by up to 50 basis points on short-term deposits of less than one-year duration.
In the case of retail deposits, India’s largest bank has cut the interest rate by 50 basis points to 7 per cent (from 7.5 per cent) on term deposit in the 7 to 179 days maturity bucket. It has kept interest rates on all other maturity buckets unchanged.
In the case of bulk deposits, SBI has cut the interest rate by 25 basis points each on term deposits in two maturity buckets — 7 to 60 days (to 6.25 per cent) and 61 days to less than 1 year (to 6.75 per cent). Interest rate on bulk term deposits all other maturity buckets remain unchanged.
The new deposit rates are with effect from July 18.
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