New Delhi: State Bank of India (SBI) has lowered the interest rate on bank deposits and fixed deposits (FD) in view of liquidity in the economy. Now, instead of 3.50 per cent, the interest of 3.25 per cent will be given on bank deposits up to Rs 1 lakh. These new interest rates will be effective from 1 November 2019. In addition to bank deposits, SBI has also reduced interest rates on term deposits and bulk deposits by 10 basis points and 30 basis points respectively. These new rates will be effective on term deposits of one to two years. These new rates have come into effect from 10 October.
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In addition to reducing interest rates on FD, SBI has reduced MCLR for the financial year 2019-20 for the sixth time. That is, now taking loans like SBI's home loan, car loan, personal loan etc. will become cheaper. Now as per the new rates, the MCLR rate will be 8.05 per cent from October 10. SBI has cut interest rates by 10 basis points. SBI Bank has given big gifts to millions of customers by cutting interest rates before Diwali.
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The new interest rates on SBI loans have been reduced from 8.15 per cent to 8.05 per cent. These new rates have come into effect from 10 October. SBI Bank has raised interest rates after reducing the repo rate of RBI. RBI gave people another gift on Diwali. The RBI has cut the repo rate by 25 basis points, after which the repo rate has come down from 5.40 per cent to 5.15 per cent.
Finance Minister's meeting with heads of state-run banks today, this issue will be discussed