SBI cuts fixed deposit interest rates by 40 bps

Mumbai: India's largest public sector bank State Bank of India (SBI) cut fixed deposit interest rate by 40 basis points across all tenors.

This is the second rate cut in a month.

Bank also slashed interest on bulk deposits of Rs 2 crore or more by up to 50 basis points. The maximum offered by SBI under this category is 3 percent.

On May 12, SBI had slashed interest rates on term deposits for ‘up to 3 years’ tenor by 20 basis points. Desk: Asianet Online