SBI cuts deposit rates by 50 basis points

The country's largest lender State Bank of India (SBI) has cut its deposit rates across various maturities by up to 50 basis points effective from May 18.      

This is the second time in this month that SBI is cutting its deposit rates. Earlier this month, the lender had cut interest rates on all tenure deposits by 25 basis points.     

With today's rate reduction, deposits of one-year to less than two years of tenure will attract a rate of 7.25 per cent against 7.5 per cent earlier, an SBI release said.      

Deposits having a tenure of 181 days to less than one year will now offer a rate of 6.5 per cent (6.75 per cent), while deposits of 1,000-day tenure carry a rate of 7.75 per cent (8 per cent), the bank said. Similarly, two years to less than 1,000 days and 91 days to 180 days maturity deposits will now offer rates of 7.5 per cent (7.75 per cent) and 5.5 per cent (6 per cent), respectively.      

Also, rate for three years to less than five years maturity deposits has been revised to 7.5 per cent (7.75 per cent), the bank said.