State Bank of India cuts deposit rates

India's largest lender State Bank of India has cut deposit rates. The bank has decided to revise its retail term deposit interest rates with a reduction by 0.25 per cent in tenors up to 240 days, it said in a statement.

The new rates would be effective from June 8, 2012. The Reserve Bank of India is scheduled to announce mid-quarter review of monetary policy on June 18. It is expected that the central bank may cut policy rate by by 0.25 per cent to spur growth.

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