In this paper, a multirate output feedback (MROF) based discrete-time sliding mode control for the stochastic system with slowly varying bounded uncertainty is proposed. The states are estimated by the multirate Kalman filter and are used for designing the stochastic sliding mode controller which guarantee the stability under the bounded uncertainty and the uncertain noise covariance. The proposed algorithm has advantage of computational and implementation simplicity as it requires only the past output and input information. The stochastic sliding band (SSB) is also calculated which is found to be wider as compared to the state feedback case. Finally, the design procedure for stochastic sliding mode controller is demonstrated with an illustrative example.