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SBI revises interest rates on loans, FDs, savings deposits: check new rates

SBI has lowered rates on fixed deposits by 10 basis points for '1 year to less than 2 years' maturity with effect from October 10, 2019

BS Web Team  |  New Delhi 

State Bank of India cuts interest rates
SBI has kept interest rates on savings account deposits above Rs 1 lakh unchanged

The (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 or FDs, its second revision in a month.

Revised FD rates

has lowered by 10 basis points for ‘1 year to less than 2 years’ maturity with effect from October 10, 2019.

Revised FD (below Rs 2 crore) interest rates with effect from October 10:

Chart

Revised fixed deposit rates (below Rs 2 crore)


Revised SBI FD (Rs 2 crore and above) interest rates with effect from October 10:

Chart

Revised SBI fixed deposit rates (Rs 2 crore and above)

Revised interest rates on savings account deposit

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 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 have a one-year reset clause.

First Published: Wed, October 09 2019. 16:10 IST
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