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SBI cuts interest rates on savings deposits
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SME Times News Bureau | 09 Oct, 2019
The State Bank of India (SBI) on
Wednesday cut interest rate on savings deposits, with a balance of upto
Rs 1 lakh, by 25 bps to 3.25 per cent from November 1, and slashed
retail & bulk term deposit interest rates by 10 and 30 bps
respectively for 1 year to less than 2-year tenor from October 10.
"In
view of the adequate liquidity in the system, the State Bank of India
announces revision in interest rate on Savings Bank Deposits (with a
balance upto Rs 1 lakh) from 3.50 per cent to 3.25 per cent w.e.f. 1st
November 2019. Bank also slashes its Retail TD and Bulk TD interest
rates by 10 bps and 30 bps respectively for 1 year to less than 2 years'
tenor w.e.f. 10th October, 2019," the SBI said in a statement.
SBI shares were trading at Rs 254.95, up Rs 5.85 (2.35%) recovering more than 4 per cent from lows.
Earlier,
the bank lowered its Marginal Cost of Funds based Lending Rate or MCLR
by 10 basis points across all tenors to 8.05 per cent from October 10, a
move that is likely to make home and other retail loans cheaper for
the existing borrowers.
This is the sixth cut in MCLR in FY
2019-20 and it comes days after the Reserve Bank of India (RBI) lowered
the repo rate by 25 basis points.
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