State Bank of India (SBI) has cut its Marginal Cost of Funds based Lending Rate (MCLR) by 15 basis points (bps) across all tenors. It also reduced interest rates on retail term deposits (below ₹2 crore) by 20 bps for a tenor of up to three years.
As a measure to safeguard the interests of senior citizens, the bank has introduced a new product ‘SBI Wecare Deposit’ in the retail term deposit segment.
Under the new product, an additional 30 bps premium will be payable for senior citizen’s retail term deposits with Five Years and above tenure only. This scheme would be open until 30 September 2020.
SBI also slashed its interest rates on retail term deposits by 20 bps for up to 3 years tenure, effective from 12 of May.