The State Bank of India (SBI) building stands in Kolkata, India (Photographer: Brent Lewin/Bloomberg)

State Bank Of India Lowers Deposit Rates

State Bank of India Ltd., the country’s largest lender, has reduced interest rates on medium- and long-term deposits for individuals by up to half a percentage point.

The new rates will apply to new deposits and renewals of below Rs 1 crore.

However, the state-owned bank has kept lending rates, including the marginal cost of funds-based lending rate (MCLR), unchanged for May. Its one-year MCLR stands at 8 percent.

State Bank Of India Lowers Deposit Rates