PSU banks cut new deposit rates more sharply than private lenders in September: RBI data In September, public sector banks cut their short-term deposit rates by 10 basis points. Private sector banks lowered interest rates by only six basis points during the same period. Fresh rupee lending rates fell by six basis points in public sector banks, while private sector banks kept rates unchanged. The weighted average loan rate for fresh loans fell to 8.51% compared to 8.61% in August.