SBI deposit rates cut 0.25%

State Bank of India,the countrys largest lender,has reduced deposit rates across all maturities by 0.25 per cent...

State Bank of India,the countrys largest lender,has reduced deposit rates across all maturities by 0.25 per cent,with effect from June 15.

The cut in deposit rates could be a precursor to the expected reduction in lending rates later. Banks need to bring down the cost of funds before effecting a cut in the lending rate. The current round could be the last stage of a reduction as the industrial output growth has picked up, said a banking source.

Finance minister Pranab Mukherjee who met the bank chiefs last week said a reduction in key rates by RBI is not getting adequately reflected in the reduction of prime lending rates by banks. Responding to this,SBI chairman OP Bhatt had said,Our bank will decide on lowering interest rates by the end of this month.

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For a tenure of 181 days to less than one year,the rate has been reduced from 6.50 per cent to 6.25 per cent while for one-year to less than 2-years,it has been cut from 7.25 per cent to 7 per cent,the bank said in a statement. For two-years to less than 1,000 days,the new rate is 7.25 per cent against 7.50 per cent while for a 1,000-day tenure,the rate has been reduced from 7.75 per cent to 7.50 per cent. For 1,001 days to less than 3 years,the new rate is 7.25 per cent from the earlier 7.50 per cent.

Three years to less than 5-years,the rate has been reduced to 7.25 per cent from 7.50 per cent,for five years to less than 8 years,the rate has been reduced from 8 per cent to 7.75 per cent,the statement said. For a tenure of 8 years and up to 10 years,the new rate is eight per cent against 8.25 per cent,it added.

An additional 0.50 per cent for deposits of resident Indian senior citizens for tenures of one year and above would continue for term deposits of amount below Rs 1 crore,it said. Bhatt had recently said interest rates will move down,but by how much and when will be decided by the banks asset-liability committee.

There is definitely a softening bias (in interest rates). It is not going to increase, Bhatt said.

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