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Mumbai: Signalling a lower interest rate regime in the market, India's largest lender, State Bank of India reduced interest rates on various maturities of deposits by 0.25-0.5 per cent effective from Monday.
With this, deposits with a maturity of 181-days to less than one year, will now carry an interest rate of 5.25 per cent against 5.75 per cent earlier, a bank communique to Bombay Stock Exchange said.
Similarly, 1-year to less than 2-years, 2-3 years and 3-5 years deposits will attract interest of 6 per cent (6.25 per cent), 6.5 per cent (6.75 per cent) and 6.5 per cent (7 per cent), the bank said.
Deposits with a duration of 15-45 days, 46-90 days and 91-180 days will now attract interest rates of 2.5 per cent (2.75 per cent), 3.5 per cent (3.75 per cent) and 4.75 per cent (5 per cent), the bank said.
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