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Business State Bank lowers deposit rates
The country's largest lender State Bank of India has lowered deposit rates by 25-50 basis points on amounts less than Rs.1 crore effective Nov 9. The new interest rate for a deposit of 15-45 days would be 2.5 percent, down from the current 2.75 percent, while the rates for 181 days to less than a year deposits have been cut by 50 basis points to 5.25 percent. Long-term deposit rates of three years to 10 years have, however, been left unchanged. The state-run bank controls about a quarter of the country's loans and deposits. jj/sj/dg ( 105 Words) 2009-11-06-16:57:18 (IANS)
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