State Bank of India (SBI), the largest public sector lender, has decided to revise its retail term deposit interest rates (below Rs 10 million) with effect from Dec. 08, 2014.

Interest rates on term deposits of one year to less than 3 years revised to 8.50% per annum from 8.75% per annum. Rates on deposits of 3 years to less than 5 years revised to 8.50% per annum from 8.75% per annum.

Interest rates on deposit of 5 years and above is revised from 8.50% per annum to 8.25% per annum.

''The above rates are also applicable in respect of NRE deposits for the tenors one year and above,'' the bank said.

Shares of the bank declined Rs 1.45, or 0.45%, to trade at  Rs 318.80.  The total volume of shares traded  was  611,488 at the BSE (12.20 p.m., Friday).