SBI lowers deposit rates by 0.25 percent
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Mumbai, June 7 (IANS) The country's largest lender State Bank of India (SBI) Thursday announced lowering of interest rates by 0.25 percent on term deposits of select maturity period, giving an indication of easing monetary situation.
"The bank has decided to revise its Retail Term Deposit interest rates with a reduction by 0.25 percent in tenors up to 240 days," SBI said in a regulatory filing to the Bombay Stock Exchange.
The new rates will be effective from June 8, it said.
SBI had refrained from lowering rates despite cut in policy rates by the central bank in March.
Reduction in deposit rates give an indication that the bank might lower lending rates in the coming weeks.
The Reserve Bank of India (RBI) had lowered key policy rates by 0.50 percent in annual monetary policy for 2012-13 announced in March. The central bank is widely expected to cut rates again in its first quarter policy review scheduled to be held June 18.
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