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State Bank lowers deposit rates
Monday, 09 November 2009, 17:52 IST |
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Mumbai: The country's largest lender State Bank of India has lowered deposit rates by 25-50 basis points on amounts less than 
1 crore effective November 9.
The new interest rate for a deposit of 15-45 days would be 2.5 percent, down from the current 2.75 percent, while the rates for 181 days to less than a year deposits have been cut by 50 basis points to 5.25 percent.
Long-term deposit rates of three years to 10 years have, however, been left unchanged.
The state-run bank controls about a quarter of the country's loans and deposits.
Source: IANS
1 crore effective November 9.
The new interest rate for a deposit of 15-45 days would be 2.5 percent, down from the current 2.75 percent, while the rates for 181 days to less than a year deposits have been cut by 50 basis points to 5.25 percent.
Long-term deposit rates of three years to 10 years have, however, been left unchanged.
The state-run bank controls about a quarter of the country's loans and deposits.
Source: IANS