State Bank of India on Friday slashed interest rates on term deposits. The Bank cut interest rates by 25 basis points. This move came after HDFC Bank reduced interest rates by 50 basis points according, while ICICI Bank has cut interest rates by 25 per cent across tenures.
Recently, the RBI Governor Raghuram Rajan kept interest rates on hold in its monetary policy.
Now, for the tenure 1 Year and above it is 8.50 per cent from 8.75 per cent. For deposits above 5 years it is 8.25 per cent from 8.50 per cent.
The above rates are also applicable to NRE deposits for the tenure one year and above.