Ahead of the Reserve Bank's mid-quarter review of monetary policy later this month, the country's largest lender, State Bank of India today cut its fixed deposit rates by 0.25 per cent across select maturities.

The bank has decided to revise its retail term deposit interest rates with a reduction by 0.25 per cent in tenors up to 240 days, SBI said in a statement. The new rates will be effective from tomorrow. SBI had last revised its fixed deposit rates in April, when it had slashed interest rates on fixed deposits by up to 1 per cent.