SBI slashes deposit rates by 25 basis points

May 2nd, 2009 - 8:07 pm ICT by IANS  

State Bank of India Mumbai, May 2 (IANS) The country’s largest lender State Bank of India Saturday said it has cut deposit rates by 25 basis points (bps) effective from Monday.
The new interest rate, for a deposit of 15-45 days, will be 3.75 percent, while deposits up to 10 years will fetch interest of 8.25 percent, SBI said in a statement.

The bank had April 13 slashed its rate of interest on deposits below Rs.1 crore by 25 bps to 50 bps.

SBI controls about 25 percent of the country’s total loans and deposits.

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