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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
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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