Mumbai: State Bank of India(SBI) has cut its term deposit rates by up to 50 basis points for various maturities. The rates have been revised for medium and long term deposits and for amount below rs. 1 crore . For two to less than three years deposits, SBI will offer 6.25%, compared to 6.75% earlier, for a similar maturity period, the deposit rates for senior citizens have been cut to 6.75% from 7.25%. For deposits maturing between three years and ten years, the rates have been lowered by 25 basis points to 6.50%. The lender will be offering the new rates for fresh deposits and renewals and are applicable from April 29,2017. The bank is offering 6.90% for one year to 455 days term deposits.
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