New Delhi: The State Bank of India has cut deposit rates for 1-3 years term deposits to 8.75 per cent from 9 per cent, earlier.
In a regulatory filing, the bank said it has lowered interest rates by 0.25 per cent to 8.75% from 9% for deposits maturing between one to three years, with effect from Thursday September 18.
Simultaneously, SBI has also increased the deposit rate for the 180-210 days deposits to 7.25 per cent from 7 per cent earlier.
"With the inflation also trending down at a faster clip, this rate adjustment will continue to ensure that the savers are compensated adequately with a positive real rate on their deposits," SBI said.
SBI had last revised its term deposit rates in July when it cut bulk term deposit rates by 25 bps and retail term deposit rates by 50 bps for certain tenures.
