SBI cuts deposit rates by 0.2%, with effect from Aug 1

State Bank of India on Monday announced that it will lower interest rates on fixed deposits for longer tenors by 20 basis points and on bulk deposits by 0.35% with effect from August 1. India's largest lender also said that it will reduce deposit rates for shorter tenors of up to 179 days by 0.5% to 0.75%. The decision comes a week before the bi-monthly Monetary Policy Meet. SBI had last revised its fixed deposit rates on May 9.