STOCK MARKET BSE NSE

SBI cuts interest rates on savings deposits to 3.25 per cent from November 1

This is the sixth cut in MCLR in FY 2019-20 and it comes days after the Reserve Bank of India (RBI) lowered the repo rate by 25 basis points.

Published: 09th October 2019 02:30 PM  |   Last Updated: 09th October 2019 02:30 PM   |  A+A-

SBI

For representational purposes. (File Photo | PTI)

By IANS

NEW DELHI: The State Bank of India (SBI) on Wednesday cut interest rate on savings deposits, with a balance of upto Rs 1 lakh, by 25 bps to 3.25 per cent from November 1, and slashed retail & bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to less than 2-year tenor from October 10.

"In view of the adequate liquidity in the system, the State Bank of India announces a revision in the interest rate on Savings Bank Deposits (with a balance up to Rs 1 lakh) from 3.50 per cent to 3.25 per cent w.e.f. 1st November 2019. Bank also slashes its Retail TD and Bulk TD interest rates by 10 bps and 30 bps respectively for 1 year to less than 2 years' tenor w.e.f. 10th October 2019," the SBI said in a statement.

SBI shares were trading at Rs 254.95, up Rs 5.85 (2.35%) recovering more than 4 per cent from lows.

Earlier, the bank lowered its Marginal Cost of Funds based Lending Rate or MCLR by 10 basis points across all tenors to 8.05 per cent from October 10, a move that is likely to make home and other retail loans cheaper for the existing borrowers.

This is the sixth cut in MCLR in FY 2019-20 and it comes days after the Reserve Bank of India (RBI) lowered the repo rate by 25 basis points.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp