SBI decreases rate of interest on deposits by 50 bps

The State Bank of India has declared cut in the deposit rates by 50 basis points on various types of deposits.

The new rate will be effective from May 18, according to media reports. However, the bank did not change the rate of interest for the deposits over 5 years and below 10 years of term.

As per the new rates, the rate of interest for the the deposits upto 180 days is 5.5 per cent and 3.25 per cent for the deposits of 15 to 45 days. This is the third time the bank cut the rate of interest, earlier the bank cut on April 13 and May 2.