SBI cuts term deposit rates by up to 50 bps for amount below Rs 1 crore

The rates have been revised for medium and long term deposits and for amount below Rs 1 cr

Country's largest lender State Bank of India has cut its term deposit rates by up to 50 basis points for various maturities.

The rates have been revised for medium and long term deposits and for amount below Rs one crore.

According to the new structure, for two to less than three years deposits, SBI will offer a rate of 6.25 per cent as compared to 6.75 per cent earlier, the bank said. For the similar maturity, the deposit rates for senior citizen have been cut to 6.75 per cent from 7.25 per cent.

For deposits maturing between