February 7, New Delhi: In the aftermath of the review meet of the Reserve Bank of India's (RBI) monetary policy, the country's largest lender, State Bank of India (SBI), has announced a cut in retail fixed deposits or FD rates, with effect from February 10, 2020.
It has reduced MCLR by 5 bps across all tenors. The one year MCLR comes down to 7.85 per cent per annum from 7.90 per cent per annum, with effect from February 10, 2020. This is the ninth consecutive cut in marginal cost of funds based lending rate (MCLR) in FY 2019-20.
“In view of surplus liquidity in the system, SBI realigns its interest rate on Retail Term Deposits (less than Rs 2 crore) and Bulk Term Deposits (Rs 2 crore and above). The bank slashed Term Deposits rates by 10-50 bps in the Retail segment and 25-50 bps in the Bulk segment,” SBI said in a statement.
Here are the latest FD rates offered by SBI, with effect from February 10, 2020 onward:
The bank claims to have a deposit base of over Rs 31 lakh crore with CASA ratio of little more than 44 per cent and advances of nearly Rs 23 lakh crore, as on December 31, 2019. The lender has also cut its lending rates in a bid to make home and auto loans cheaper. The bank claims to be currently in command of 34 per cent market share home loans and 34.86 per cent in the auto loans segment.