SBI reduces Savings Account Interest rate to 2.75% & MCLR cut by 35 bps.
Short Summary-· The one-year MCLR comes down to 7.40% from 7.75% with effect from 10 April
· The cut in savings deposit rates will be effective from 15 April
The State Bank of India (SBI) on April 7 announced a reduction of 35 basis points in its marginal cost of funds-based lending rate (MCLR) across all tenors making home and other retail loans cheaper.
The bank also revised interest rates on savings accounts lower to 2.75 percent from 3 percent, to be effective April 15. This is the 11th consecutive time the bank has cut rates.
The bank said in a release that the one-year MCLR has now come down to 7.40 percent from the earlier 7.75 percent per annum, starting April 10, 2020.
"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," SBI added.
In line with this, the bank has also revised the interest rates on savings bank deposits, keeping in view the liquidity in the system. These will be effective from April 15, 2020. The interest rates for balances up to Rs 1 lakh and above Rs 1 lakh will now accrue at 2.75 percent as against the earlier 3 percent.
No minimum balance needed for SBI savings bank accounts-
Last month, SBI had waived the requirement of holding average monthly balance for savings accounts. From March month all SBI customers are getting the zero balance facility in their savings bank accounts. This, according to the SBI press release, will benefit 44.51 crore savings bank account holders.
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