On Thursday, State Bank of India (SBI) has cut 15 basis points in its MCLR for all tenures. After this deduction, the one-year MCLR will be reduced from 7.40% per year to 7.25%. This is the twelfth consecutive cut in the bank's MCLR. The new rates will be applicable from May 10, 2020.

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In its statement, SBI said that after deduction, EMI on home loan accounts will be cheaper by about Rs 255 for 30 years on a loan of 25 lakh.

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The bank has started a new deposit scheme called SBI Wecare Deposit for senior citizens. Under this new product, an additional 30 basis point premium will be payable for retail term deposits of senior citizens for 5 years and above. This scheme will remain in force till 30 September 2020.

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