Consumer Blog

SBI, the largest bank in India is all set to cut deposit rate by 0.25%, as per recent news. This deposit rate cut will be effective from 15th June 2009 on all tenure of deposits. For a tenure of 181 days to less than one year, the rate has been reduced from 6.50 per cent to 6.25 per cent while for one-year to less than 2-years, it has been cut from 7.25 per cent to 7 per cent, the bank, said in a statement.

For two-years to less than 1,000 days, the new rate is 7.25 per cent against 7.50 per cent while for a 1,000-day tenure, the rate has been reduced from 7.75 per cent to 7.50 per cent. For 1,001 days to less than 3 years, the new rate is 7.25 per cent from the earlier 7.50 per cent.

Here is the news:

MUMBAI: The country’s largest lender, State Bank of India, today said it has reduced deposit rates across all maturities by 0.25 per cent, with effect from June 15. For two-years to less than 1,000 days, the new rate is 7.25 per cent against 7.50 per cent while for a 1,000-day tenure, the rate has been reduced from 7.75 per cent to 7.50 per cent. For 1,001 days to less than 3 years, the new rate is 7.25 per cent from the earlier 7.50 per cent. Source and complete Story.