Millennium Post

SBI cuts short-term deposit rates to 6%

In an exchange filing, the banking giant said it has reduced the pricing of short-term deposits of below Rs 1 crore to 6 per cent from 7 per cent now for a maturity of 7 to 45 days.

The new pricing will be effective 7 October, said the lender, which controls close to a quarter of the total liabilities in the banking system.

The bank has retained the existing rates for all other maturities in this bucket. On 16 September, the nation's largest lender had cut the interest rate on medium-term deposits (one year to less than three years maturity) by 25 basis points to 8.75 per cent and by 25 bps the medium-term deposit in the 180-210 days category to 7.25 per cent.

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