SBI cuts Interest rates on Saving Account Deposits
Introduction-
The State Bank of India has cut/revised their Interest rates on Saving Bank Deposits/Domestic Term Deposits & Marginal Cost of Funds Based Lending Rate (MCLR). The details are as under-
- State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts. Earlier the saving bank account holders have to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas, otherwise bank charged a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance. This is the major benefits for SBI account holders only.
- Now, SBI saving bank account holders will enjoy the zero-balance facility in their saving account.
- State Bank of India has also waived off SMS charges levied on quarterly basis.
- The bank has also rationalised interest rate on saving accounts to a flat 3 % per annum for all savings bank account holders w.e.f. 14.03.2020.
- State Bank of India has also reduced interest rate on Retail Domestic Term Deposits w.e.f. 10.03.2020. The new fixed deposit rates of interest shall be applicable to fresh deposits and renewals of maturing deposits.
- Senior citizens will get interest on fixed deposits above to 0.50% higher than as interest rates of general public.
- The State Bank of India (SBI) has just cut the marginal cost-based lending rate (MCLR) by 10-15 basis points across all tenors. The MCLR had been cut by 5 bps in February. From 10 March 2020, the one-year MCLR had been cut from 7.85% to 7.75%. The three-month MCLR has been cut by 15 bps from 7.65% to 7.50%.
Revision in Interest Rates on Retail Domestic term deposits below Rs. 2.00 Crore w.e.f.10.03.2020
|
|
General Public
|
For Senior Citizens
|
|
Tenors
|
Existing Rates (In %)
|
Revised Rates w.e.f. 10.03.2020 (In %)
|
Existing Rates (In %)
|
Revised Rates w.e.f. 10.03.2020 (In %)
|
|
7 days to 45 days
|
4.50
|
4.00
|
5.00
|
4.50
|
|
46 days to 179 days
|
5.00
|
5.00
|
5.50
|
5.50
|
|
180 days to 210 days
|
5.50
|
5.50
|
6.00
|
6.00
|
|
211 days to less than 1 year
|
5.50
|
5.50
|
6.00
|
6.00
|
|
1 year to less than 2 years
|
6.00
|
5.90
|
6.50
|
6.40
|
|
2 years to less than 3 years
|
6.00
|
5.90
|
6.50
|
6.40
|
|
3 years to less than 5 years
|
6.00
|
5.90
|
6.50
|
6.40
|
|
5 years and up to 10 years
|
6.00
|
5.90
|
6.50
|
6.40
|
Revision in Interest Rates on Retail Domestic term deposits on or above Rs. 2.00 Crore w.e.f.10.03.2020
|
|
For General Public
|
For Senior Citizens
|
|
Tenors
|
Existing Rates (In %)
|
Revised Rates w.e.f. 10.03.2020 (In %)
|
Existing Rates (In %)
|
Revised Rates w.e.f. 10.03.2020 (In %)
|
|
7 days to 45 days
|
4.00
|
4.00
|
4.50
|
4.50
|
|
46 days to 179 days
|
4.50
|
4.50
|
5.00
|
5.00
|
|
180 days to 210 days
|
4.75
|
4.60
|
5.25
|
5.10
|
|
211 days to less than 1 year
|
4.75
|
4.60
|
5.25
|
5.10
|
|
1 year to less than 2 years
|
4.75
|
4.60
|
5.25
|
5.10
|
|
2 years to less than 3 years
|
4.75
|
4.60
|
5.25
|
5.10
|
|
3 years to less than 5 years
|
4.75
|
4.60
|
5.25
|
5.10
|
|
5 years and up to 10 years
|
4.75
|
4.60
|
5.25
|
5.10
|
Tenor wise Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f 10.03.2020-
|
Tenor
|
Existing MCLR (In %)
|
Revised MCLR (In %)
|
|
Over night
|
7.60
|
7.45
|
|
One Month
|
7.60
|
7.45
|
|
Three Month
|
7.65
|
7.50
|
|
Six Month
|
7.80
|
7.70
|
|
One Year
|
7.85
|
7.75
|
|
Two Years
|
8.05
|
7.95
|
|
Three Years
|
8.15
|
8.05
|
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