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.
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.
On Wednesday, SBI had cut lending rates by up to 0.50 per cent effective August 7.
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