SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps

The country's largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits

Press Trust of India April 07, 2020 19:11:16 IST
SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps

New Delhi: The country's largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits.

The new rate will come into effect from 15 April, 2020.

In view of adequate liquidity in the system, SBI realigned its interest rates on Savings Bank Deposits, with effect from 15 April, 2020, SBI said in a statement.

The savings rate has been reduced to 2.75 percent from 3 percent, it said.

The bank has also reduced the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors.

The one-year MCLR comes down to 7.40 percent per annum from 7.75 percent per with effect from 10 April, 2020, it said in the statement.

It is the 11th consecutive cut in MCLR in 2019-20, the bank said.

The one-year tenor is the benchmark against which most of the consumer loans are priced.

"Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs 24.00 per 1 lakh on a 30 year loan," SBI said.

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