Deutsche Bank said that it will now offer 7.75 per cent (8.25 per cent) on deposits of maturity 3 to 6 months; 8.25 per cent (8.75 per cent) for those of six to 12 months and 9.25 per cent (9 per cent) for one to three years. BankAm said it will offer 7.50 per cent (8.25 per cent) for 31-45 days; 8 per cent (8.50 per cent) for 46-90 days; 8.50 per cent (9 per cent) for 91-180 days; 9 per cent (9,50 per cent) for 1-2 years and 10.25 per cent (11 per cent) for 2-3 years.

Others like ABN Amro Bank, ANZ Grindlays Bank, Hongkong Bank, Citibank, and Standard Chartered Bank are expected to take a decision on deposits rate and PLR reductions over the next few days.

The revision in deposit rates by Deutsche Bank and BankAm are the first byforeign banks following the Reserve Bank's decision on the cash reserve ratio (CRR), bank rate and repo rate.

Among nationalised banks, State Bank's deposit rate cut varied between 50 basis points and one percentage point at the medium and longer end of the maturity spectrum. State Bank now offers 9 per cent on deposits between one and two years (down from 10 per cent), 9.5 per cent on deposits between two and three years (10 per cent) and 10.5 per cent on deposits of three years and above (11 per cent).