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SBI cuts interest rate on domestic term deposit
KV Kamath, the non-executive chairman of Infosys and chairman of the ICICI bank, is optimistic that the Indian economy will see a turnaround soon. Commenting on the reforms process, he said that the animal spirit of the economy had not been slaughtered ye
02 Aug 2012, 03:11 PM IST 
A Dreamliner in Air India colours at an airport in Washington
A day after cutting interest rates on home and auto loans, State Bank of India has now cut the deposit rates on savings bank accounts.India's biggest lender cut interest rate on domestic term deposits for tenors 5 years and above to 8.5 per cent with effect from August 7, Reuters reported.
