The State Bank of India (SBI) is revising interest rates on retail term deposits below Rs.1 crore with effect from September 18.
As per the revision, there will be a reduction of 25 basis points on the rate on deposits in the maturity bucket of 1 year to less than three years. The new interest rate will be 8.75 per cent.
In a filing to Bombay Stock Exchange on Tuesday, the bank said that on deposits for 180-210 days, the rate will be 7.25 per cent. The existing rate is 7 per cent.
Interest rates on all other maturity buckets remain unchanged, as per details provided in the filing.