SBI cuts deposit rate by up to 50 bps on few tenures

The country’s largest lender, State Bank of India (SBI), has cut interest rate on term deposits by up to 50 basis points (bps) on some tenures, according to the bank’s website.

For term deposit up to ₹3 crore, the lender has slashed interest rate by 20 bps across tenures, effective May 16. The bank now offers 3.30-6.70 per cent interest rate on retail term deposit up to ₹3 crore, across various tenures. Senior citizens are offered up to 50 bps higher interest on retail term deposits.

For bulk deposit above ₹3 crore, the lender has cut interest rate between 25 and 50 bps across tenures. The lender now offers 4.75 per cent interest rate on term deposit above ₹3 crore for 7-14 day tenure, and up to 6.25 per cent returns on bulk deposits for 3-10 years.

Analysts say the lender has slashed deposit rate in view of surplus liquidity in the banking system, and to reflect the 50-bps repo rate cut by the Reserve Bank of India over the last two MPC meetings. The lender will likely cut deposit and loan rates further, as the central bank is likely to continue with interest rate easing cycle for the better part of the current fiscal, and on surplus liquidity outlook.

Published on May 19, 2025

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