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Effective from November 9, State Bank of India, India’s largest lender will lower deposit rates by 20-25 basis points for loans lesser than Rs. 1 crore.
The new interest rate for a deposit of 15-45 days would be 2.5 percent, which is currently 2.75 percent, while rates for 181 days till less than a year deposits have been cut by 50 basis points to 5.25 percent.
Long-term deposit rates of three years to 10 years have, however, been left unchanged.
SBI controls about a quarter of the country’s loans and deposits.
