SBI cuts interest rates on fixed deposits . Check rate here

SBI also 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.

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

The SBI also slashed retail and bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to less than 2-year tenor from October 10. (File Photo)

“In view of the adequate liquidity in the system, the State Bank of India announces revision in interest rate on Savings Bank Deposits (with a balance upto ₹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 ₹254.95, up ₹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.