SBI cuts deposit rates

State Bank of India (SBI) has cut the 550-day term deposit rate by 25 basis points to 8.5 per cent.

It has also slashed rates on short-term deposits of less than a year by an identical margin. The new rates are effective from December 12.

The interest rate for 15-45 days deposits is 4.75 per cent, for 46-270 days 5.25 per cent and for 271 days to less than 1 year 6.5 per cent, each of them having a cut of 25 basis points.

However, the bank raised the rate for deposits on 1 year to 549 days category to 8.25 per cent from 8 per cent.

Rates for 2 years to less than 3 years and above 3 years to 10 years have been maintained at 8.25 per cent and 8.5 per cent respectively.