The country's largest lender also cut bulk term deposit rates by 50-100 bps
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.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.