SBI cuts term deposit rates by up to 50 bps

State Bank of India has cut its term deposit rates by up to 50 basis points (bps) for amounts below Rs one crore with maturity period ranging from two to 10 years.

For deposits of two to three years, the interest rate has been reduced by 50 bps from 6.75 per cent to 6.25 per cent. For senior citizens, the term deposit rate for the similar period has been reduced from 7.25 per cent to 6.75 per cent.

The new term deposit rates have come into effect from April 29.

For term deposits of three to 10 years, the rates have been reduced by 25 bps from 6.50 to 6.25 per cent. For senior citizens, the term deposit rate for the similar period has been reduced from 7 per cent to 6.75 per cent.

SBI offers highest deposit rate of 6.90 per cent for the term of one year to 455 days.

Meanwhile, the term deposit rates for less than two-year period have been left unchanged.

--IANS

mm/rn