State Bank of India (SBI) has cut its deposit rates by 25 basis points across all tenures effective from October 5.
With this, deposits having a tenure of one-year to less than two-years, will now attract a rate of 6.25 per cent (6.50 per cent), the bank said in a release on Thursday.
Similarly, deposits having 2-3 years and 3-5 years maturity will now carry rates of 6.75 per cent (7 per cent) and 7 per cent (7.25 per cent), respectively, the bank said.
Also, deposits having tenure of 5-8 years and 8-10 years will now be offered at a rate of 7.25 per cent (7.50 per cent) and 7.50 per cent (7.75), respectively.
The revision will be applicable for deposits below Rs. 1 crore.