10,142.15113.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

SBI cuts lending rates and interest rates on savings bank deposits

The state-owned bank had recently cut its external benchmark based lending rate by 75 basis points, passing on its entire RBI repo rate cut benefit to its borrowers.

, ET Bureau|
Last Updated: Apr 07, 2020, 06.18 PM IST
0Comments
Getty Images
interest-rate-getty
ET Calculator Banner
MUMBAI: Country’s largest lender State Bank of India on Tuesday reduced its marginal cost based lending rate (MCLR) by 35 basis points across all tenors. With this reduction, its one year lending down will now be 7.4% effective April 10. This is the eleventh consecutive cut in MCLR in the last one year. 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.

The state-owned bank had recently cut its external benchmark based lending rate by 75 basis points, passing on its entire RBI repo rate cut benefit to its borrowers. SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent.

The state-owned lender also cut its savings bank deposits rates in view of the adequate liquidity in the system. Interest rates on all savings bank deposits now stand reduced to 2.75%.

Also Read

How do negative interest rates work?

Britain borrows at negative interest rate for first time

Dealing with the dark side of low interest rates

ICICI Bank cuts interest rate on saving deposits by 25 bps

Liquidity push trims CD interest rates

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service