SBI slashes its deposit rates by up to 50 bps

This is the second time in this month that SBI is cutting its deposit rates. Earlier this month, the lender had cut interest rates on all tenure deposits by 0.25 per centage points.

Rate for the 15 to 45 days revised to 3.25 per cent (3.75 per cent) and rate of deposit for the 46 to 90 days will be 4.25 per cent (4.75 per cent), it said.

In addition, rate for 91 to 180 days revised to 5.50 (6.00), for 181 days to less than 1 year revised to 6.50 (6.75), for 1 year to less than 2 years revised to 7.25 (7.50), for 2 years to less than 1000 days revised to 7.50 (7.75), for 1000 days revised to 7.75 (8.00), for 1001 days to less than 3 years revised to 7.50 (7.75), for 3 year to less than 5 years revised to 7.50 (7.75).

However, interest rates for deposits of more than 5 and less than 10 years will remain unchanged.