State Bank of India (SBI), India's major banking institution, has announced that it has slashed its deposit rates across all maturities by 0.25%.

As per official sources, the downward revision on all maturities is effective from October 5.

SBI representatives stated in a communiqué that with this reduction, deposits of 1-year to less than 2-years, will now earn interest rate of 6.25% against 6.5% earlier.

Similarly, the lender will now offer 6.75% interest rate as compared to 7 per cent on two-three years deposits, and interest rates for deposits of 3-5 years maturity will earn 7 per cent against 7.25 per cent.

Also, SBI customers having deposits of 5-8 years will now earn interest at the rate of 7.25 per cent against 7.5 per cent, while 8-10 years deposits will carry an interest of 7.5% as compared to 7.75 earlier.

The sources informed that the revised interest rates will be applicable for deposits below Rs 1 crore.