Country’s largest lender State Bank of India (SBI) on Monday said it will reduce interest paid on all term deposits from August 1.
The lending major said that in accordance to the fallinginterest rate scenario and surplus liquidity, it will realign its interest rateon “Retail Term Deposits (less than Rs 2 crore) and Bulk Term Deposits (Rs2 crore and above)”.
“For time deposits with longer tenors, there is a reductionup to 20 bps in the ‘Retail’ segment and 35 bps in the ‘Bulk’ segment.”Interest rates have been slashed by 50-75bps for time deposits with shorter tenors, i.e. up to 179 days. Full detailsare available on the Bank’s web site,” the SBI said in a statement.