State Bank rejigs deposit rates

State Bank of India (SBI) today announced a reduction as well as hikes in deposit rates based on maturities, which has also been altered effective August 9.

The bank has cut the deposit rate for one year to less than two years to 8% from 8.25%. The earlier deposit band was one year to less than three years.

The bank has hiked the rate on deposits for 271 days to less than a year to 6.75% from 6.50% from the earlier time frame of 180 days to less than a year.

The bank has introduced a new band - three years and up to 10 years - with an interest rate of 8.50% as against the earlier five years and above rate of 8.25%.