Bundesbank chief Jens Weidmann warned against reducing the European Central Bank's deposit rate to below zero percent, a German television channel said on Tuesday.

The ECB's deposit rate, which it pays banks to park their money with it overnight, stands at zero.

"The decision to set to a negative deposit rate would have much more grave consequences than moving towards a zero percent interest threshold," Weidmann, a member of the ECB's policymaking Governing Council, was quoted as saying by Deutsches Anleger Fernsehen.

(Reporting by Annika Breidthardt and Michelle Martin)