India's largest lender, the State Bank of India has cut its deposit rates for maturities of over one year by 0.25 per cent. Under the revised pricing applicable from Monday, a deposit in the bank for over one year but less than five years will fetch an interest of 8.50 per cent. For deposits of five years and above, the rate has been reduced to 8.25 per cent. The SBI is the third bank after private sector rivals, ICICI Bank and HDFC Bank, to reduce deposit rates this week. The moves are important as these are generally a precursor to a drop in borrowing rates. It also comes within days of Reserve Bank Governor Raghuram Rajan going public with his disappointment on banks for not transmitting the policy actions to the general public through lending rate cuts.