SBI cuts savings bank deposit rates by 5 basis points to 2.70%

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The country's largest lender State Bank of India (SBI) has reduced interest rate on savings bank deposits by 5 basis points to 2.70 per cent per annum across all brackets.

The revised interest rate is applicable from May 31, 2020, the bank's website showed.

For savings bank deposits, the bank has two slabs -- balance up to Rs 1 lakh and those with above Rs 1 lakh balance.

In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs.

The lender, from May 27, has also slashed its retail term deposit rates by up to 40 basis points (bps) across all tenors.

It was the second reduction in fixed deposits (FD) rates by the lender in May.

For deposits maturing in seven days to 45 days, the lender is offering an interest rate of 2.90 per cent as against 3.30 per cent earlier, according to the SBI website.

It has revised the rate for FDs in 180 days to 210 days bracket to 4.40 per cent compared from 4.80 per cent earlier.

The interest rate on deposits maturing in 5 years to 10 years has been cut to 5.40 per cent from 5.70 per cent earlier.

The bank has also cut interest rates for bulk deposits (Rs 2 crore and above) by up to 50 basis points.