SBI reduces interest rate on all term deposits

Mumbai, July 29: Country's largest lender State Bank of India (SBI) on Monday said it will reduce interest paid on all term deposits from August 1.

The lending major said that in accordance to the falling interest rate scenario and surplus liquidity, it will realign its interest rate on "Retail Term Deposits (less than Rs 2 crore) and Bulk Term Deposits (Rs 2 crore and above)".

"For time deposits with longer tenors, there is a reduction up to 20 bps in the 'Retail' segment and 35 bps in the 'Bulk' segment.

"Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. up to 179 days. Full details are available on the Bank's web site," the SBI said in a statement.