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SBI cuts retail deposit rates by 25 bps

SBI cuts retail deposit rates by 25 bps

The RBI reversed its interest rate cycle by slashing policy rates by 50 bps in its April 17 annual credit policy.

New Delhi: India's largest lender State Bank of India (SBI) on Thursday reduced its retail deposit rates by 25 basis points in tenure up to 240 days with effect from June 08, 2012.

The Reserve Bank of India (RBI) reversed its interest rate cycle by slashing policy rates by 50 bps in its April 17 annual credit policy.

This was the first rate cut after 13 consecutive rate hikes.