The Reserve Bank of India has announced a raft of measures ranging from a 40bps cut in repo rate, bringing it down to 4 per cent, to a steep cut in reverse repo rate. And with these steps, all other banks are expected to cut interest rates on deposits and on FDs. India’s largest lender State Bank of India has cut interest rate on one-year deposits by 40 bps to 5.1 per cent. This is also one of the lowest since 2003. That is not good news for depositors.