The State Bank of India, the country's largest lender, has just slashed interest rates on its fixed deposits (FDs) of less than Rs 2 crore, or retail deposits, as well as the larger deposits across nearly all tenures offered. While deposits of 7 days to 45 days will now earn 75 basis points (bps) less, most of the tenures have seen rates dip by 10-20 bps. The smallest rate cut of 5 bps will apply on the 2-year to less than 3-year tenure. The new interest rates on SBI FDs will come into effect from August 1.
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