SBI cuts rates on NRE/NRO deposits

State Bank of India on Monday said it has reduced interest rates in NRE/NRO deposits of five years and more maturity, to 8.50 per cent.

"The bank has decided to revise downwards the interest rates on NRE/NRO deposits for tenors of 5 years and above to 8.50 per cent per annum with effect from August 7, 2012," it said in a BSE filing.