SBI lowers deposit rates by 0.25 percentJune 7th, 2012 - 5:57 pm ICT by IANS
Mumbai, June 7 (IANS) The country’s largest lender State Bank of India (SBI) Thursday announced lowering of interest rates by 0.25 percent on term deposits of select maturity period, giving an indication of easing monetary situation.
“The bank has decided to revise its Retail Term Deposit interest rates with a reduction by 0.25 percent in tenors up to 240 days,” SBI said in a regulatory filing to the Bombay Stock Exchange.
The new rates will be effective from June 8, it said.
SBI had refrained from lowering rates despite cut in policy rates by the central bank in March.
Reduction in deposit rates give an indication that the bank might lower lending rates in the coming weeks.
The Reserve Bank of India (RBI) had lowered key policy rates by 0.50 percent in annual monetary policy for 2012-13 announced in March. The central bank is widely expected to cut rates again in its first quarter policy review scheduled to be held June 18.
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- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- ICICI Bank hikes lending, deposit rates - Dec 04, 2010
- SBI cuts interest rates on term deposits - Aug 02, 2012
- SBI cuts fixed deposit rates by up to 1 percent - Sep 05, 2012
- SBI cuts interest rates on NRE deposits by 0.50 percent - Sep 05, 2012
- RBI cuts growth forecast to 6.5 percent, warns on inflation - Jul 30, 2012
- Sensex ends 133 points higher on hopes of rate cuts - Apr 12, 2012
- Rs.17,000 crore released into banking system; retail interest rates expected to fall (Roundup) - Sep 17, 2012
- Inflation, fiscal deficit leave little room for rate cut - Jul 29, 2012
- RBI keeps key rates unchanged, cuts SLR by 1 percent (Roundup) - Jul 31, 2012
- RBI keeps key rates unchanged as inflation outlook worsens (Lead) - Jul 31, 2012
- Growth will improve, but inflation will stay sticky: RBI - Apr 16, 2012
- RBI governor meets Mukherjee ahead of policy review - Apr 03, 2012
- Sensex jumps 304 points ahead of RBI policy review (Lead) - Jul 30, 2012
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