MUMBAI:
Taking into account the festive season and extending benefit to customers across all segments, State Bank of India has further reduced its MCLR (6th consecutive rate cut in FY’19-20) by 10 bps across all tenors. The one year MCLR comes down to 8.05% p.a from 8.15% p.a. with effect from 10th October 2019.
In view of the adequate liquidity in the system, SBI announced revision in interest rate on Savings Bank Deposits (with balances upto Rs 1.00 lakh) from 3.50% to 3.25% 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.
