SBI to decrease its deposit rates from August 1

The State Bank of India has chosen to decrease retail and corporate deposit prices from 1 August because of declining interest situation and excess liquidity, the country’s biggest lender said.

The SBI said in its statement, “For time deposits with longer tenors, there is a reduction up to 20 bps in the Retail segment and 35 bps in the Bulk segment.”

Interest rates have been cut by 50-75 bps for term deposits with lower tenors that is up to 179 days, the bank said.

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