SBI reduces interest rates on savings and fixed deposit by 0.25 per cent, MCLR also cut

State Bank Of India: State Bank of India SBI has cut interest rates on savings account. On the other hand, SBI has also cut the loan rates by giving the gift of Diwali. Know new rates here

New Delhi: The country’s largest bank SBI has reduced the interest rate on savings accounts and fixed deposits. The bank has also announced to make loans cheaper. SBI issued a statement saying that in view of cash in the system, the rate of interest on savings bank deposits up to Rs 1 lakh has been reduced from 3.5 per cent to 3.25 per cent. The new rates will be applicable from 1 November 2019.

The bank has also announced a reduction in interest rates on retail term deposits and bulk term deposits from 0.1 per cent to 0.3 per cent. These deductions will be on deposits of 1 year to 2 years. The new rates will be applicable from 10 October 2019.

Today, the bank has also cut MCLR rates by 0.10 percent. After this, the bank’s home loan, auto loan and personal loan will become cheaper. The bank’s 1-year MCLR has come down to 8.05 per cent.

The new rates will be applicable from 10 October 2019. After this news, SBI shares were trading in the stock market with a gain of 2.3 per cent. SBI is offering the cheapest home loan in the country.

SBI has reduced the rate of MCLR by 0.10% on all tenures. This is the sixth consecutive time the bank has cut in FY 2019-20. After this deduction, the bank’s 1-year MCLR will be reduced from 8.15 to 8.05 per cent.

SBI’s 2-year MCLR will be reduced from 8.25 per cent to 8.15 per cent. At the same time, the 3-year MCLR will be reduced from 8.35 percent to 8.25 percent. SBI has deposits of Rs 28 lakh crore till 30 June. The CASA ratio of the bank is 45.1 percent. The bank’s advance is Rs 19 lakh crore.

The bank owns 35 percent of the home loan market. At the same time, bank owns 36 percent of the auto loan market. SBI has 22088 branches and 58495 ATMs across the country. 

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