Indicating a southward move on deposit rates, country's largest lender, State Bank of India (SBI) has announced up to 50 basis points cut in its term deposit rates across various maturity. SBI has declined its peak deposit rate for the 1,000 days deposit to 8.25% from 8.5%. The term deposit rates across the maturities stand as follows: | Tenure | Interest Rate Now | Interest Rate Earlier |
|---|
15 days to 45 days | 4% | 4.25% | 46 days to 90 days | 5% | 5.25% | 91 days to 180 days | 6.25% | 6.50% | 181 days to less than 1 year | 7% | 7.25% | 1 year to less than 2 years | 7.75% | 8.10% | 2 years to less than 1000 days | 8% | 8.25% | 1000 days | 8.25% | 8.50% | 1001 days to less than 3 years | 8% | 8.25% | 3 years to less than 5 years | 8% | 8.50% | 5 years to less than 8 years | 8.25% | 8.50% |
These rates are applicable for deposits below Rs 1 crore and are effective from April 13th. The bank's move is expected to be followed by others and thereby make way for reduction in lending rates in the near future. |
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