SBI cuts lending rate, interest on fixed deposit 

#GS3 #Economy 

SBI Cuts Lending Rate By 0.15%, Rolls Out Special Deposits For Senior Citizens.The one-year MCLR will come down to 7.25 per cent, from the current 7.40 per cent with effect from May 10. 

  • State Bank of India (SBI), the country's largest lender, on Thursday announced a 15-basis-point (0.15 percentage-point) reduction in its lending rates across all tenors. 
  • Following the reduction, which will come into effect from May 10, the one-year MCLR or marginal cost of funds-based lending rate will come down to 7.25 per cent from the current 7.40 per cent. 
  • That marked the 12th consecutive reduction in the MCLR by the state-run lender.
  • EMIs on eligible home loan accounts (linked to the MCLR) will come down by nearly Rs 255 for a 30-year loan of Rs 25 lakh, SBI said in a press release.
  • The bank also introduced a special deposits scheme for senior citizens, called SBI Wecare Deposit.
  • Under this scheme, an additional premium of 30 bps, or 0.30 percentage point, will be payable for senior citizens' retail term deposits with tenors of five-years and above.

 

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