<b>Letters:</b> Deposit rate cut

To make the economy more efficient, India has to move towards lower interest rates in both

With reference to “SBI cuts term deposit rates up to 50 bps” (May 1), these will apply to new deposits and renewals effective from April 29, 2017. The new interest rate is 6.25 per cent as against the existing 6.75 per cent for two years to less than three year term deposits and 6.25 per cent for different brackets from three to 10 years. The cascading effect will be felt shortly with other public, private and cooperative banks following in the footsteps of State Bank of India (SBI) and reducing interest on deposits. It may be recalled that depositors were