As per the report appearing in The Hindu Business Line, SBI has reduced the deposit interest rates by 25-50 basis points on deposits upto 5 years maturity period. The revised rates are made effective from 9th November 2009. The bank has however left the interest rates untouched for the maturity periods of 5 years to less than 8 years and 8 years and upto 10 years.
Earlier, Punjab National Bank has also announced that it would reduce interest rates by 25-50 basis points in select maturity buckets.
Source: http://www.thehindubusinessline.com/2009/11/07/stories/2009110752100100.htm
With the announcement of cut in deposit rates by SBI and PNB, we have to wait and see whether other PSBs would follow them immediately or later.
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