The State Bank of India (SBI) on Wednesday made several announcements with regards to interest rates. While borrowers stand to benefit from the new rates announced, some savings account holders will receive lower interest payment on their deposits from November 1, 2019. The bank has also cut interest rates on fixed deposits or FDs, its second revision in a month.
Revised FD rates
Revised SBI FD (below Rs 2 crore) interest rates with effect from October 10:
Revised SBI fixed deposit rates (below Rs 2 crore)
Revised SBI FD (Rs 2 crore and above) interest rates with effect from October 10:
Revised SBI fixed deposit rates (Rs 2 crore and above)
Revised interest rates on savings account deposit
State Bank of India has announced revision in interest rate on Savings Bank Deposits (with balances up to Rs 1 lakh) from 3.50 per cent to 3.25 per cent, with effect from October 10, 2019.
The interest rates on savings account deposits above Rs 1 lakh has been kept unchanged.
Interest rates on non-repo-linked loans cut by 10 bps
SBI has announced a reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.
With this reduction, the one year MCLR, to which all the lending rates are linked to, is set at 8.05 per cent as against 8.15 per cent earlier.
The decision will benefit customers who have taken MCLR-based home loan from the bank. However, EMIs many not come down immediately as such loans have a one-year reset clause.