State Bank of India cuts deposit rates

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India's largest lender State Bank of India has cut deposit rates. The bank has decided to revise its retail term deposit interest rates with a reduction by 0.25 per cent in tenors up to 240 days, it said in a statement.

The new rates would be effective from June 8, 2012. The Reserve Bank of India is scheduled to announce mid-quarter review of monetary policy on June 18. It is expected that the central bank may cut policy rate by by 0.25 per cent to spur growth.

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