SBI cuts down interest on savings, fixed deposits
Mumbai: State Bank of India (SBI), the largest lender of the country, on Wednesday slashed its savings and term deposit interest rates.
The reduction comes after RBI cut down the repo rate, the rate at which the central bank lends money to commercial banks, by 135 basis points this year.
The interest rate on bank’s savings deposits now stand at 3.25% from 3.50% and will be effective from Nov 1 next. However, the interest rate on savings deposits of more than Rs1lakh has not been changed.
India’s biggest bank has also revised the interest rates on retail and bulk fixed deposits by 10 and 30 per cent respectively for '1 year to less than 2 years' maturity period, applicable from Oct 10.
The largest lender of the country cut down the marginal cost of fund-based lending rate(MCLR) by 10 basis points, which is expected to bring down interest on home loans.
The interest rates have been revised in view of the adequate liquidity in the system, the bank said.
SBI is the only bank in the country whose savings bank deposits ( above Rs 1 lakh) interest rates are linked to RBI’s repo rate.
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