State Bank of India, the country’s largest lender, has cut deposit rates by up to 0.50 per cent starting February 18.
While deposit rates for maturities of three to five years have been lowered by 0.25 per cent, those for five years and above have been cut by 0.50 per cent, SBI said in a filing to the BSE on Saturday.
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The bank currently offers an interest rate of 8.75 per cent for three to five year deposits and 8.5 per cent per annum for deposits exceeding five years.
For bulk deposits of Rs 1 crore and above with a maturity period of 61 days to less than a year, SBI has lowered rates by 0.75 per cent to 7 per cent.
Earlier this week, United Bank of India (UBI) and Canara Bank had revised interest rates. While UBI increased lending rates and cut interest on deposits, Canara Bank raised fixed deposit rates across maturities. Private lender Kotak Mahindra Bank too increased deposit rates in four different baskets earlier this month.