The SBI has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario.
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.
Facebook Link:-Technology Associated
The country’s largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above.
The new rates will be effective from August 1, 2019, the bank said.