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


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:

TenurePrevious MCLR (In %)Revised MCLR (In %)
One Month8.158.10
Three Month8.208.15
Six Month8.358.30
One Year8.508.45
Two Years8.608.55
Three Years8.708.65

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.

TenureInterest 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 days5.755.756.256.25
46 days to 179 days6.256.256.756.75
180 days to 210 days6.356.356.856.85
211 days to less than 1 year6.406.406.906.90
1 year to less than 2 year6.807.007.307.50
2 years to less than 3 years6.806.757.307.25
3 years to less than 5 years6.806.707.307.20
5 years and up to 10 years6.856.607.357.10

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