New Delhi, November 8: India’s largest lender State Bank of India has decided to cut the rate of interest on Fixed Deposits (FD). The new interest rates will be applicable from November 10. For FDs of a duration of 1 to 2 years, the interest rate has been lowered by 0.15 per cent. In the past few months, many banks have reduced interest rates on fixed deposits. Banks have been cutting rates as the apex bank has cut repo rate by cumulative 135 bps this year. And SBI has also cut the marginal cost of fund-based lending rate (MCLR) by 0.05 per cent. SBI has cut interest rates for the seventh time in the last eight months.