State Bank of India (SBI) has announced to reduce the interest rate on all savings accounts from 3 percent to 2.75 percent annually.
The country’s largest bank State Bank of India has announced on. Tuesday to reduce the interest rate on all savings accounts from three percent to 2.75 percent annually. The new interest rates will be applicable from 15 April. The bank said in a statement that due to the banks having sufficient cash,. It has decided to cut the savings deposit interest rate by 0.25 per cent.
With this, the bank announced a reduction of 0.35 per cent in the marginal cost based loan interest rate. (MCLR) of the fund on all term loans from 10 April. According to the statement, after the reduction in. MCLR, the interest rate on the loan for a period of one year will b reduced from 7.75 per cent to 7.40 per cent per annum.
For most retail loans, the rate on the loan for a period of one year considered as the scale. The bank said that this will reduce the monthly installment of a housing loan of 30 years to Rs 24 per loan against Rs 1 lakh.