State Bank of India (SBI) has reduced interest rates on term deposits with maturities of between 180 days and one year, and between 456 days and three years with effect from March 1. SBI will now pay 6.5 per cent on deposits with maturities of between 180 days and less than one year, and 6.75 per cent on those maturing between 456 days and less than three years.
Earlier, SBI used to pay 6.75 per cent on deposits maturing in 180-210 days, 7 per cent on those maturing in 211 days and less than a year, 6.95 per cent on deposits maturing in 456 days and under two years and 6.85 per cent on those maturing between two years and less than three years.
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