SBI cuts FD rates by 25-50 bps

SBI cuts FD rates by 25-50 bpsState Bank of India (SBI), India's major public sector lender has announced that it has cut down interest rates on term deposits by 25-50 basis points across various maturities.
 
Under the revised rates, the 1000-day special deposit scheme will now carry interest rate of 7.25% against 7.50% earlier.
 
The bank authorities said that six months to one-year maturity deposits will now attract rate of 6% from its earlier rate of 6.5%, while deposits maturing from 5-8 years will now offer an interest of 7.5% from an earlier 7.75%.

SBI's revised rates would be applicable from July 27, 2009.
 
Since January, SBI has trim down the interest rate on its highly popular 1000-day deposit scheme by 175 basis points, from a high of 9% on January 1 to the current 7.25%.

During the same period, its prime lending rate has also revised downward by only 50 basis points from 12.25% to 11.75%.

Stock price of State Bank of India ended on Friday (24, July) in red at Rs 1698, down 1.65% on National Stock Exchange (NSE).