SBI cuts retail deposit rates by up to 50 bps, reduces MCLR by 10-15 bps

Country’s largest lender State Bank of India has cut the interest rate by 50 basis points on retail short-term deposits (upto 45 days).

Bank also slashed its Marginal Cost of Funds based Lending Rate (MCLR) by 10-15 basis points across all tenors from March 10, 2020.

In view of adequate liquidity in the system, bank in a statement said it has realigned interest rates on Term Deposits with effect from March 10, 2020.

Besides 50 basis points cut, it has reduced rate for one year and above tenors by 10 basis points.

Now, the retail term deposit in one year