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State Bank of India
Source Name: State Bank of India

State Bank of India Revises Interest Rates of Retail Term Deposits

Sep 16, 2014   13:00 IST 
Mumbai, Maharashtra, India

In view of abundant liquidity coupled with slower than anticipated credit pick up, State Bank of India (SBI) has decided to cut the deposit rates by 25 basis point to 8.75% in the 1-3 year category w.e.f.18.09.2014. Simultaneously, the bank has also decided to increase the deposit rate by 25 basis point in the 180-210 days category. With the inflation also trending down at a faster clip, this rate adjustment will continue to ensure that the savers are compensated adequately with a positive real rate on their deposits.

(All figures in % per annum)


Existing rates

Revised rates

w.e.f. 18/09/2014

180 days to 210 days



1 year to less than 3 years




About State Bank of India:

State Bank of India (SBI), with a 208 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, consumers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership.

The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an Act of Parliament to succeed the Imperial Bank of India.

The State Bank Group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 190 foreign offices spread over 36 countries across the world. As of 31st March 2014, the group had assets worth Rs. 23,95,981 crores, deposits of Rs. 18,38,852 Crores and capital & reserves in excess of Rs. 1,47,371 crores. The group commands over 23% share of the domestic Indian banking market.

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