SBI cuts deposit rates

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SBI cuts deposit rates

MUMBAI: State Bank of India on Saturday reduced the deposit rates across all maturities by 0.25 percentage point with effect from June 15.

For 181 days to less than one year, the rate has been reduced to 6.25 per cent from 6.50 per cent while for one-year to less than two-years, it has been cut from 7.25 per cent to 7 per cent, the bank said in a statement.

For two-years to less than 1,000 days, the new rate is 7.25 per cent (7.50 per cent) while for a 1,000-day tenure, the rate has been reduced to 7.50 per cent (7.75 per cent).

For 1,001 days to less than three years, the new rate is 7.25 per cent (7.50 per cent).

For three years to less than five-years, the rate has been reduced to 7.25 per cent (7.50 per cent), for five years to less than eight years, the rate has been reduced to 7.75 per cent (8 per cent), the statement said. For eight years and up to ten years, the new rate is 8 per cent (8.25 per cent), it added.

An additional 50 basis points for deposits of resident Indian senior citizens for tenures of one year and above would continue for term deposits of amount below Rs. 1 crore, it said. — PTI