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SBI to Slash Interest Rate for Savings Deposits by 25 bps
April 06, 2019
![SBI to Slash Interest Rate for Savings Deposits by 25 bps](https://ask.careers/wp-content/uploads/2019/04/6th-april-news-4-1024x768.jpg)
India’s largest public sector lender SBI said starting May 1, it will reduce the interest rate on overdraft and cash credit facilities with a balance of over ₹1 lakh by 0.25%. This is a result of the RBI slashing the repo rate by 25 bps to 6%.
A senior SBI executive said that the reduction in the MCLR rate is expected to be around 8-10 bps. They also said that the bank will reduce the rate on savings deposits that have a balance of over ₹1 lakh by 25 bps to 3.25%.
Photo credit: Ajay Tallam on VisualHunt.com / CC BY-SA
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