The one year deposit rate for SBI is at 6.25%, while for HDFC Bank and ICICI Bank it is at 6.75%.
Whether these banks will also realign their deposit rates before cutting their base rates depends on the liquidity cushion they have on their books.
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Praveen Kumar Gupta, managing director, retail and digital banking, SBI, told DNA Money, "The reduction in rates follows the reduction in the deposit rate we undertook in November by 0.25%.