SBI cuts retail term deposit rates by 20-50 bps across tenors
The country's largest lender also cut bulk term deposit rates by 50-100 bps
March 28, 2020 / 01:18 PM IST
State Bank of India (SBI) on March 27 reduced interest rates for reduced retail term deposit by 20-50 bps across tenors, the bank said in a statement.
The country's largest lender, SBI has also cut bulk term deposit rates by 50-100 bps, and slashed its external benchmark linked lending rate (EBR) as well as repo linked lending rate (RLLR) by 75 bps.
The new rates, to be effective from April 1, will be applicable for its borrowers availing loans based on external benchmark-linked lending rate (EBR) and repo-linked lending rate (RLLR), the bank said in a statement.
SBI has reduced its EBR to 7.05 percent from 7.80 percent per annum. Likewise, RLLR stands reduced to 6.65 percent from 7.40 percent annually.
The move came hours after the Reserve Bank of India (RBI) Governor Shaktikanta Das announced that repo rates are slashed by 75 bps.