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Jul 16, 2014
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State Bank cuts term-deposit rates by 25 bps
In a move that would reduce its cost of funds, State Bank of India (SBI) on Tuesday cut bulk term-deposit rates by 25 basis points (bps) and retail term-deposit rates by 50 bps for certain tenures with effect from Friday, July 18.
In a notification to BSE on Tuesday, SBI said it has cut bulk term-deposit rates (Rs 1 crore and above) by 25 bps for tenures 7-60 days to 6.25% and 61 days to less than one year to 6.75%. For retail term deposits (less than Rs 1 crore), the downward revision in rates only affects deposits that mature in 7-179 days, which has been revised to 7% from 7.5%.
Source -
http://www.financialexpress.com
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