SBI cuts interest rates by 0.25% on deposits of 5 yrs and more

August 02, 2012 15:13

State Bank of India today lowered interest rates on domestic term deposits of maturity of five years and more by 0.25 per cent to 8.50 per cent. "The bank has decided to revise downwards the interest rate on domestic term deposits for tenors 5 years and above to 8.5 per cent with effect from August 7, 2012," State Bank of India said in a filing to the BSE.

The country's largest bank offers an interest rate of 8.75 per cent on deposits below Rs 15 lakh, and 9 per cent on deposits from Rs 15 lakh to less than Rs 1 crore.

Punjab National Bank however, has increased the interest rates on deposits by 0.25 per cent to 9 per cent for maturity of one year with effect from today.

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