SBI cuts deposit rates

The State Bank of India has decided to reduce both retail and corporate deposit rates from 1 August in view of falling interest scenario and surplus liquidity, the country’s largest lender said.

“For time deposits with longer tenors, there is a reduction up to 20 bps in the Retail segment and 35 bps in the Bulk segment," the SBI said.

Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. up to 179 days, the bank added.

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