Making it a second reduction in a month, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors. Fixed deposits (FDs) maturing between 7 days to 45 days will offer an interest rate of 4.50 per cent as against 4 per cent earlier.Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points.