State Bank of India slashes FD rate by 40 bps, second cut in May

The lender will also extend EMI moratorium by 3 months for all eligible customers without waiting for a request

State Bank of India has slashed interest rates on retail term deposits by up to 40 basis points (bps) across all tenors, from May 27.

This is the second instance of a deposit rate cut by the bank this month, as it deals with the challenge of managing a huge pool of surplus funds, in the absence of robust credit demand. It had revised deposit rates by 20 bps effective May 12.

The revised rates shall be made applicable to fresh deposits and renewals of maturing deposits.

According to the SBI website, the revised rate for a 7-45 day bucket