New Delhi: Indian public sector lender State Bank of Hyderabad has reduced interest rates on domestic term deposits by 10-160 basis points across various maturities with effect from May 1, 2012.
However, the bank has kept the interest rates unchanged on special deposits schemes such as SBH Double, SBH 500 and SBH 1000.
Other state-run banks like State Bank of India, Punjab National Bank and Canara Bank, and private sector lender ICICI Bank have also reduced their term deposit rates. Notably, barring State Bank of India, all these banks including other lenders have also reduced their lending rates in recent times, while State Bank of Hyderabad is yet to make an announcement on it.
The revision in rates have come after the Reserve Bank of India cut its key policy rate by a higher-than-expected 50 basis points last month.
Currently, State Bank of Hyderabad's base rate -- benchmark for pricing all loans -- is at 10.5% and benchmark prime lending rate (BPLR) is at 15%.