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State Bank of India has cut the interest rate on its proposed public issue of subordinated bonds aggregating up to Rs 10,000 crore by 25-30 basis points for retail investors.
On bonds of 10 years duration (with a call option after five years) and 15 years duration (with a call option after 10 years), the bank will offer 9.75 per cent (10 per cent earlier) and 9.95 per cent (10.25 per cent) interest respectively.
In the case of non-retail investors, the bank has left the interest rates unchanged, ie, at 9.3 per cent for 10 years and 9.45 per cent for 15 years.
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