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SBI slashes deposit rates on various tenors, cut to be effective from Aug 1

The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above

Press Trust of India  |  New Delhi 

SBI plans to mop up Rs 5,000-crore debt capital via tier-II bonds

The State Bank of India (SBI) has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario.

Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.

For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.

The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above.

The new rates will be effective from August 1, 2019, the bank said.

SBI interest rate

Revision in interest rates on retail domestic term deposits (below Rs 2 crore) interest rates revised w.e.f. August 1, 2019

SBI interest rate

Revision in interest rates on domestic bulk term deposits (Rs 2 crore and above) w.e.f. August 1, 2019

First Published: Mon, July 29 2019. 13:44 IST
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