State Bank of India (SBI) cut deposit rates by 25 basis points on short term and its special deposit scheme, while at the longer end of three- to ten years, it left the rate unchaged at 8.5%.
Special deposit rates of 549 days have been brought down from 8.75% to 8.5%, the bank informed the Bombay Stock Exchange.
Among the other term deposits where a 25bps point cut becomes applicable are the 15-45 days term deposits now at 5% (new rate 4.75%), 46-270 day deposits from 5.5% tp 5.25% and, 271 days-one year deposits at 6.5% (from 6.75%).
One-year to 549-day deposits held by senior citizens would, however, be paid 25 basis points higher than the applicable rate of 8.5%. The new rates would be applicable from December 17, the bank informed the BSE.