New Delhi, June 17 -- SBI rate cut: After the latest RBI rate cut on June 6 after which the benchmark interest rate was slashed by 50 basis points to 5.5 percent, most banks revised their interest rates on loans as well as on fixed deposits (FDs).The banks which have already cut their interest rates includeHDFC Bank,Bank of Baroda, Kotak Mahindra andUnion Bank of India. Following this, the country's largest lender State Bank of India (SBI) also revised its interest rates on fixed deposits (FDs) as well as savings bank accounts starting June 15.

After the latest interest rate revision, SBI offers 2.5 percent interest on savings accounts. On fixed deposits (FD), SBI now offers 6.25 percent when the tenure is between 1 to 2 years against 6....