The State Bank of India (SBI) on April 7 announced a reduction of 35 basis points in its marginal cost of funds-based lending rate (MCLR) across all tenors making home and other retail loans cheaper.
The bank also revised interest rates on savings accounts lower to 2.75 percent from 3 percent, to be effective April 15.
This is the 11th consecutive time the bank has cut rates.
The bank said in a release that the one-year MCLR has now come down to 7.40 percent from the earlier 7.75 percent per annum, starting April 10, 2020.
"Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs. 24.00 per 1 lakh on a 30-year loan," SBI added.
In line with this, the bank has also revised the interest rates on savings bank deposits, keeping in view the liquidity in the system. These will be effective from April 15, 2020. The interest rates for balances up to Rs 1 lakh and above Rs 1 lakh will now accrue at 2.75 percent as against the earlier 3 percent.
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