The country's largest lender, SBI on Tuesday said it has cut
savings rate by 25 basis points, or 0.25 per cent, to 2.75 per cent on all
deposits.
The new rate will come into
effect from April 15, 2020.
In view of adequate
liquidity in the system, SBI realigned its interest rates on savings bank
deposits with effect from April 15, 2020, SBI said in a statement.
The savings rate has been
reduced to 2.75 per cent from 3 per cent, it said.
The bank has also reduced
the marginal cost of funds based lending rate (MCLR) by 35 bps across all
tenures.
The one-year MCLR comes
down to 7.40 per cent per annum from 7.75 per cent per with effect from April
10, 2020, it said in the statement.
It is the 11th consecutive
cut in MCLR in 2019-20, the bank said.
The one-year tenure is the
benchmark against which most of the consumer loans are priced.
"Consequently, EMIs on
eligible home loan accounts (linked to MCLR) will get cheaper by around Rs
24.00 per 1 lakh on a 30 year loan," SBI said.
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