State Bank of India, India’s largest bank, announced that it will cut interest rates on deposits by up to 50 basis points from May 18 across all maturities.
A six-month deposit will now fetch 5.5%, while a one-year deposit will fetch 7.25% versus the 7.5% earlier. And, the much-advertised 1,000-day deposit will earn 7.75% versus the 8% currently.
This is the third cut from SBI in the last 40 days, which clearly indicates that SBI was paying much above than other PSU banks that there was scope to cut and they have been cutting it rapidly. The previous cuts were on April 9, May 2 and now on May 13, today.
Bank interest rates are falling in India after the Reserve Bank began slashing interest rates last October to lift a slowing economy.
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