SBI has drastically cut the Marginal Cost of Fund based interest rates. After this deduction, the one-year MCLR has come down from 7.85 percent to 7.75 percent. It has decreased by 10 bps. The new rates have come into effect from 10 March 2020.

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SBI has cut MCLR for the 10th consecutive time in the financial year. This will greatly benefit the customers. Because their home loan EMI will come down drastically. The MCLR for one day and one month has been reduced by 15 basis points. It has come down to 7.45 percent. At the same time, the three-month MCLR has come down from 7.65 percent to 7.50 percent. It has decreased by 15 basis points. The two-year and three-year MCLR has reduced by 10 points, after which it has reduced to 7.95 and 8.05 percent respectively.

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In addition to the MCLR, today SBI has reduced the interest on fixed deposits. SBI has announced a fixed deposit (less than two crore rupees). The new rates will be applicable from 10 March 2020. For seven to 45 days FD, ordinary citizens will get four percent interest, 46 percent to 179 days are five percent, 180 to 210 days and 211 to one year FDs are 5.50 percent. 5.90 percent interest will be given on FD of one year to two years, two years to three years, three years to five years and five years to 10 years. For senior citizens this rate is 0.50 per cent higher.

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Earlier on Monday, Union Bank of India also announced a cut in MCLR. There was a reduction of 10 basis points in it and according to the bank, the new rates will be applicable from today on March 11. The one-year MCLR has come down from 8.10 percent to eight percent. The MCLR of a month has become 7.60 percent.