State Bank of India Reduced Interest Rates on Loans and Fixed Deposits

SBI MCLR: The country's largest bank has cut rates on loans as well as fixed deposits. The bank has reduced interest rate for the fifth time in this financial year. Know here how much less loan you will get from SBI now.
State Bank of India Reduced Interest Rates on Loans and Fixed Deposits

New Delhi: The country's largest bank SBI has again cut interest rates. SBI has reduced the MCLR of all tenures (time) by 0.10 percent. State Bank of India's now one-year MCLR has come down from 8.25 percent to 8.15 percent. The new rates will be applicable from 10 September 2019. SBI has cut interest rates for the fifth consecutive time in FY 2019-20.

State Bank of India has also cut interest rates on fixed deposits due to lower interest rates and excess liquidity with the bank. The bank has cut rates on retail deposits by 0.20 to 0.25 per cent. At the same time, there has been a cut on the bulk term deposit rate from 0.10 to 0.20 percent.

Now SBI's FD of 1 year to 2 will get 6.5 percent interest rate instead of 6.7 percent. At the same time, FDs of 2 to 3 years will get 6.5 to 6.25 percent interest rate.

If you have FD of 3 years to 5 years and 5 years to 10 years, then there is no change in your interest rate. This interest rate is stable at 6.25 percent.

At the same time, FDs of 180 days to 210 days will now get 5.8 percent interest instead of 6 percent. Similarly, on 211 days to 1 year fixed deposits, 5.8 percent interest rate will be given instead of 6 percent.

This has become a matter of interest on deposits up to Rs 2 crore. Now know how much interest will be received on your bulk deposit (above 2 crore) from 10 September 2019.

For a bulk deposit of 7 days to 45 days, the interest rate will be 4.3% instead of 4.4%. At the same time, on the bulk deposit of 46 days to 179 days, the interest rate will be 5.3 percent instead of 5.4 percent.

Similarly, on 211 days to 1 year deposits, the interest rate will be 5.7 percent instead of 5.9 percent. On a bulk deposit of 1 year to 2 years, 6.3 percent interest rate will be given instead of 6.4 percent.

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