Japan's four major banking groups plan to cut interest rates on their ordinary deposits to coincide with the April 1 abolition of full government protection of time deposits, banking sources said Monday.

The four are Mitsubishi Tokyo Financial Group Inc., Mizuho Holdings Inc., UFJ Holdings and Sumitomo Mitsui Banking Corp.

The rates will probably be cut to 0.01 percent or less from the current 0.02 percent, bringing ordinary deposit rates to a record low, the sources said.