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On Friday, the State Bank of India (SBI) announced a 5 basis points deduction in its MCLR (marginal cost-based lending rate) across all tenures. The 1-year MCLR (to which most loans are linked to) was reduced to 8.45 percent from the earlier 8.50 percent.
In a press release, the lender said, "As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May, 2019." This the second time that that SBI has deducted its MCLR in a month's time. Since 10 April, the total reduction in the MCLR has been 15 bps.
The revised MCLR with effect from 10 May 2019 are as follows:
| Tenure | Previous MCLR (In %) | Revised MCLR (In %) |
|---|---|---|
| Overnight | 8.15 | 8.10 |
| One Month | 8.15 | 8.10 |
| Three Month | 8.20 | 8.15 |
| Six Month | 8.35 | 8.30 |
| One Year | 8.50 | 8.45 |
| Two Years | 8.60 | 8.55 |
| Three Years | 8.70 | 8.65 |
Term deposits interest rates were also lowered for some tenures. SBI's website shows that, with effect from 9 May 2019, the interest rates on domestic term deposits below Rs 2 crore for the tenures greater than 2 years were cut. On the other hand, interest on deposits for a period of 1 year to less than 2 years was increased from 6.80 percent to 7 percent.
Here are the revised rates on term (fixed) deposits below Rs 2 crore with effect from 9 May.
| Tenure | Interest rates w.e.f. 22.02.2019 (%) | Revised interest rates w.e.f. 09.05.2019 (%) | Senior citizen interest rates w.e.f. 22.02.2019 (%) | Revised senior citizen interest rates w.e.f. 09.05.2019 (%) |
|---|---|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.40 | 6.90 | 6.90 |
| 1 year to less than 2 year | 6.80 | 7.00 | 7.30 | 7.50 |
| 2 years to less than 3 years | 6.80 | 6.75 | 7.30 | 7.25 |
| 3 years to less than 5 years | 6.80 | 6.70 | 7.30 | 7.20 |
| 5 years and up to 10 years | 6.85 | 6.60 | 7.35 | 7.10 |
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