Monday, September 15, 2014

#SBI reduces deposit rates by 25 basis points

Just a day after the Wholesale Price Index (WPI) for the month of August shrunk to a five-year low of 3.74% versus 5.19% in July, country's largest bank SBI has cut the deposit rates for 1-3 years to 8.75 percent from 9 percent on retail term deposits below Rs 1 crore.But for the period of 180-210 days, it has hiked the rates to 7.25 percent from 7 percent.