SBI cuts deposit rate to 2.75%, reduces lending rates

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SBI cuts deposit rate to 2.75%, reduces lending rates

Apr 08, 2020 12:12 IST

State Bank of India on Tuesday lowered its savings deposit rates by 25 basis points to 2.75%, citing adequate liquidity. The cut will be effective from April 15. SBI had lowered its savings bank interest rate to 3% in March. The bank also announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 35bps across all tenures. With this, the one-year MCLR comes down to 7.40% from 7.75% with effect from April 10.

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