New Delhi: The State Bank of India (SBI) has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario.

Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.

For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.

The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above. The new rates will be effective from August 1, 2019, the bank said.