Mumbai: Country’s largest lender State Bank of India has cut its term deposit rates by up to 50 basis points for various maturities. The rates have been revised for medium and long term deposits and for amount below Rs1 crore.
According to the new structure, for two to less than three years deposits, SBI will offer a rate of 6.25% as compared to 6.75% earlier, the bank said. For the similar maturity, the deposit rates for senior citizen have been cut to 6.75% from 7.25%. For deposits maturing between three years and 10 years, the rates have been lowered by 25 basis points to 6.50%.
The lender will be offering the new rates for fresh deposits and renewals and are applicable from 29 April. The short term deposits, that is, for deposits maturing between seven days to less than two years, the rates have been left unchanged.
The bank is offering highest rates of 6.90% for one year to 455 days term deposits. SBI has also not changed its marginal cost of funds based lending rates. Its one-year MCLR is at 8%.