State Bank Of India(SBI) reduces interest on fixed deposits effective from October 01,2017

India's largest lender State Bank of India has cut its term deposit rates by 0.25 percent effective from October 01,2017

The rates have been revised for up to 1-year term deposits and for amount below Rs one crore.

According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier, the bank said.

For the similar maturity, the deposit rates for senior citizen have been cut to 7 percent from 7.25 percent.

From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans.