SBI SLASHES FIXED DEPOSIT RATES BY 40BPS

MUMBAI: State Bank of India (SBI) on Wednesday lowered its retail fixed deposit rates by up to 40 basis points (bps). This is the bank’s second deposit rate cut this month, the last one being on 12 May. Retail depositors will now earn an interest of 5.1% on their 1-2-year term deposits of below ₹2 crore, down from 5.5% earlier. For deposits of ₹2 crore and more, the rates are down 10-50bps between 25 April and 27 May, the bank’s website showed. Separately, the bank said it has decided to automatically extend the ongoing loan moratorium by another three months for all eligible borrowers without waiting for their request.