State Bank cuts deposit rates by 0.25 per cent from June 15

The inevitable happened, as I had mentioned in my earlier write up, that those fears about not cutting interest rates were manufactured by vested interest groups for obvious reason. But I am astonished how http://www.capitalmarket.com/ fuelled such abnormal ideas in their reports....

Is www.capitalmarket.com, a part of the bear cartel operating in Interest Rate sensitive sectors like, Automobile and Infrastructure/Real Estate, these days??!!

Also placed at www.sumanspeaksplus.blogspot.com (SumanSpeaksPlus) a Report on Sicagen India Ltd

Mumbai: The country's largest lender, State Bank of India on Saturday said it has reduced deposit rates across all maturities by 0.25 per cent, with effect from June 15.

For a tenure of 181 days to less than one year, the rate has been reduced from 6.50 per cent to 6.25 per cent while for one-year to less than 2-years, it has been cut from 7.25 per cent to 7 per cent, the bank said in a statement.

For two-years to less than 1,000 days, the new rate is 7.25 per cent against 7.50 per cent while for a 1,000-day tenure, the rate has been reduced from 7.75 per cent to 7.50 per cent. For 1,001 days to less than 3 years, the new rate is 7.25 per cent from the earlier 7.50 per cent.

Three years to less than 5-years, the rate has been reduced to 7.25 per cent from 7.50 per cent, for five years to less than 8 years, the rate has been reduced from 8 per cent to 7.75 per cent, the statement said. For a tenure of 8 years and up to 10 years, the new rate is eight per cent against 8.25 per cent, it added.

An additional 0.50 per cent for deposits of resident Indian senior citizens for tenures of one year and above would continue for term deposits of amount below Rs 1 crore, it said.