SBI cuts interest rate on 1,000-day deposits by 25 bps
05 Sep 2009
State Bank of India, the country's biggest lender, has announced a 25-basis point reduction in interest rate for deposits having a maturity of 1,000 days.
The new rate for deposits of 1,000-day tenure will be 7.0 per cent against 7.25 per cent effective 8 September, SBI said in a release today.
Interest rates on deposits for all other tenures remain the same, it said.
SBI had, on Thursday, announced a reduction in lending rates on minor irrigation loans under special drought relief schemes for farmers, in view of the weak monsoon and drought conditions.
The schemes are valid for kharif and rabi season 2009-10, ie, for loans sanctioned and disbursed till the end-March 2010.
The bank has reduced interest rate on new minor irrigation loans to 8 per cent for the first year and 9 per cent for the second and third years for loans up to Rs25 lakh.