Thursday, August 2, 2012

SBI cuts long-term deposit rates

State Bank of India has revised downwards the interest rate on domestic term deposits of 5 years and above duration to 8.5 per cent. 
So far, term deposits (of 5 years and above duration) of up to Rs 15 lakh and beyond Rs 15 lakh and up to Rs 1 crore carried interest of 8.75 per cent and 9 per cent, respectively. The new rates are effective from August 7, 2012.
The revision in deposit rate comes on the heels of the bank cutting home loans by up to 0.60 percentage points and car loans by 0.50 percentage points on Tuesday.

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