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.
Asianet.in/News Desk: Asianet Online