State Bank lowers deposit rates

By IANS,

Mumbai : The country’s largest lender State Bank of India has lowered deposit rates by 25-50 basis points on amounts less than Rs.1 crore effective Nov 9.

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The new interest rate for a deposit of 15-45 days would be 2.5 percent, down from the current 2.75 percent, while the rates for 181 days to less than a year deposits have been cut by 50 basis points to 5.25 percent.

Long-term deposit rates of three years to 10 years have, however, been left unchanged.

The state-run bank controls about a quarter of the country’s loans and deposits.