State Bank of India [Get Quote] on Wednesday said interest rates have almost peaked, which is unlikely to change unless RBI took any further action.

"It (interest rate) has peaked or near peaked unless there is any further cause of action by external factors or RBI," SBI's Chairman O P Bhatt told reporters.

Oil prices are softening, monsoons are good, commodity prices especially of steel seem to have peaked and demand pull because of Olympics also seems to be over, he said.

Global economy is slowing down and there seems to be enough reasons that interest rates have peaked or near peaked.