On Monday, State Bank of India(SBI) cut the interest rate on deposits across all maturities, according to a report by media. The lender decided to slash the rates on falling interest rates amid liquidity surplus. 
It cut the longer and shorter tenure deposits’ rates by up to 20-35 basis points and 50-75 basis points, respectively. Shares of the country’s biggest lender by assets were trading 0.85 per cent down at Rs 339.60 after the report, while the benchmark BSE Sensex was down 302 points, or 0.80 per cent, at 37,580 at around the same time.
Read EquityPandit’s SBI Outlook for the Week