Following SBI, Andhra Bank and Bank of India had also cut down their deposit rates. Bank of Baroda and bank of India had reduced their rates by by 15 bps to 8.9 percent for the period of 1.2 yrs. Hitherto Andhra bank has reduced the rates on the maturities for the period of 1 yr by 0.75%.
Recently the measure was initiated bt SBII reducing the deposit rates by by 25 bps to 8.75 percent. Following it PNB also reduced the rates 25 bps cut in bulk deposit rates last month. Oriental bank of commerce has slash down the retail lending rates as well the bulk deposit rates by 25-50 bps. Axis is the only bank to have reduced its base rate by 10 bps to 10.15 percent.