Mumbai: State Bank of India on Friday cut its deposit rates by 0.25%-0.50% effective 27 July across certain maturities that are above six months.
Following the rate cut, the highest interest rate offered by SBI, the country’s largest bank, will be 7.75% on deposits of 8 years and up to 10 years. For deposits of one year to less than two years, the interest rate will be 6.50% from 7% earlier.
The bank had lowered its lending rate by 50 basis point in June-end. One basis point is a hundredth of a percentage point. Its prime lending rate, or the rate reserved for the best customer, stands at 11.75% after the rate cut.