State Bank of India (SBI), the state-run largest lender, has announced the reduction in its MCLR by 15 bps across all tenors.
The one year MCLR comes down to 7.25 percent per annum from 7.40 percent per annum with effect from 10 May, 2020.
The lender has also cut interest rates on retail term deposit by 20 bps for upto 3-year tenor, effective from 12 May.
This is the twelfth consecutive reduction in bank’s MCLR, the lender said.
Further, to safeguard the interests of senior citizens in the current falling rate regime, SBI has introduced a new product ‘SBI Wecare Deposit’ for Senior Citizens in the Retail Term Deposit segment.
Under this new product, senior citizens will get an additional 30 bps premium on term deposits with 5 years and above tenor.
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