SBI reduces interest rates on fixed deposits by 40 bps

The country's largest lender State Bank of India (SBI) has reduced interest rates on retail term deposits by up to 40 basis points (bps) across all tenors. This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on May 12. The new rates of interest, effective from Wednesday, shall be made applicable to fresh deposits and renewals of maturing deposits. For deposits maturing in seven days to 45 days, the lender is offering an in...