State Bank of India Slashes Lending & Deposit Rates

New Delhi, March 11, 2020:

The State Bank of India (SBI) has reduced the lending and deposit rates for its customers in view of the ongoing festival season.

The country's largest lender has reduced both the rates with effect from March 10. It has lowered the marginal cost of fund-based lending rate or MCLR by 10-15 bps accros various tenures.

"In view of the festival season and extending the benefits to customers across all segments, country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by10-15 bps across all tenors," SBI said.

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The SBI has also reduced savings bank interest rate to 3 percent. Additionally, it has also waived off the monthly average balance requirement.

The one year MCLR has come down to 7.75 percent from 7.85 percent with effect from March 10, 2020. It may be mentioned here that this is the 10th consecutive cut in MCLR in FY 2019-20.

The retail term deposits have also been reduced by 10 bps for one year and above deposits. SBI has also waived off the Average Monthly Balance (AMB) charges on savings bank accounts.

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