SBI cuts deposit rates by 0.25%

The country's largest lender, State Bank of India, today reduced deposit rates by 0.25 per cent on all tenures with effect from May 4.      

With this, one-year to less than two-year deposits will now attract a rate of 7.5 per cent as against 7.75 per cent earlier, SBI said in a statement today.      

Similarly, deposits having a two years to less than 1,000 days maturity, will carry a rate of 7.75 per cent ( from existing 8 per cent), while those having 1,000-days tenure will offer a rate of 8 per cent ( from existing 8.25 per cent), the bank said.      

The bank has also cut rates for 1,001 days to less than three years and 3-5 years deposits to 7.75 per cent (8 per cent earlier).      

Also, 5-8 years and 8-10 years deposits will carry rates of 8 per cent (8.25 per cent) and 8.25 per cent (8.5 per cent) respectively, the bank said.