SBI slashes Deposit rates by .25 pc from 4th May

Ankur Garg (Company Secretary and Compliance Officer) (114783 Points)

04 May 2009

Monday 04 May, 2009.

SBI slashes deposit rates by 0.25 pc from 4th May

The country's largest lender, State Bank of India, reduced deposit rates by 0.25 per cent on all tenures with effect from 4th May.

With this, one-year to less than two-year deposits will now attract a rate of 7.5 per cent as against 7.75 per cent earlier, SBI said in a statement on Saturday.

Similarly, deposits having a two years to less than 1,000 days maturity, will carry a rate of 7.75 per cent ( from existing 8 per cent), while those having 1,000-days tenure will offer a rate of 8 per cent ( from existing 8.25 per cent), the bank said.

The bank has also cut rates for 1,001 days to less than three years and 3-5 years deposits to 7.75 per cent (8 per

cent earlier).

Also, 5-8 years and 8-10 years deposits will carry rates of 8 per cent (8.25 per cent) and 8.25 per cent (8.5 per cent) respectively, the bank said.