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State Bank Of India Lowers Deposit Rates
The new rates will apply to new deposits and renewals.
01 May 2017, 01:12 PM IST 
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The State Bank of India (SBI) building stands in Kolkata, India (Photographer: Brent Lewin/Bloomberg)
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.
