SBI Slashes Interest Rates On Savings Deposits

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SBI Slashes Interest Rates On Savings Deposits
Aparajita Gupta - 09 October 2019

New Delhi, October 9: In view of the adequate liquidity in the system, the country’s largest public sector lender State Bank of India (SBI) announced revision in interest rate on savings bank deposits (with balances upto Rs 1 lakh) from 3.50 per cent to 3.25 per cent with effect from November 1, 2019.

The bank also slashed its retail TD and Bulk TD interest rates by 10 basis points and 30 basis points respectively for ‘1 year to less than 2 years’ tenor with effect from October 19, 2019.

In view of the festival season and extending benefit to customers across all segments, earlier in the day SBI has reduced its MCLR (sixth consecutive rate cut in FY’19-20) by 10 basis points across all tenors. The one year MCLR comes down to 8.05 per cent per annum from 8.15 per cent per annum with effect from October 10, 2019.

The bank’s shares were trading at Rs 258.15 per share up 3.67 per cent at 2 p.m. at the BSE.

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