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SBI Cuts Lending Rates For The Second Time In A Month; FD Rates Also Revised

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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.

SBI Cuts Lending Rates For The Second Time In A Month; FD Rates Also Revised
 

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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