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SBI reduces savings account interest rate to 2.75%; MCLR cut by 35 bps

8/04/2020 at 11:35 AM

New Delhi, Apr 8: The State Bank of India (SBI) announced that it has cut interest rates on saving accounts by 25 basis points. With effect from April 15, 2020, savings accounts will earn 2.75 per cent an annum.

Along with the reduction in savings deposit rates, the bank has also cut marginal cost-based lending rates (MCLR) by 35 bps across all tenors. (1 basis points/bps = 0.01 per cent).

The one year MCLR comes down to 7.4 per cent per annum from 7.75 per cent, with effect from April 10, 2020.

“This is the eleventh consecutive cut in MCLR in FY 2019-20. Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs 24.00 per 1 lakh on a 30 year loan,” the press release stated.

After the reduction in rates, savings accounts with balances up to Rs 1 lakh and more than Rs 1 lakh will earn 2.75 per cent.

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