On Monday, the State Bank of India (SBI) reduced MCLR (Marginal Cost of Lending Rate) on its loans across all tenures. Interest rates were also lowered on select fixed deposit tenures. Both the changes are effective from 10 September 2019.
SBI MCLR with effect from 10 September 2019
MCLR was reduced by 10 basis points across all tenures. The revision brings down one-year MCLR, the basis for most retail loans, to 8.15 percent. It is the fifth consecutive MCLR cut by SBI in the current financial year 2019-20.
|Tenure||Existing MCLR (In %)||Revised MCLR (In %)|
SBI FD interest rates with effect from 10 September 2019
|Tenure||Existing interest rates||Revised interest rates from 10 Sept||Existing senior citizen interest rates||Revised senior citizen interest rates from 10 Sept|
|7 days to 45 days||4.50%||4.50%||5.00%||5.00%|
|46 days to 179 days||5.50%||5.50%||6.00%||6.00%|
|180 days to less than 1 year||6.00%||5.80%||6.50%||6.30%|
|1 year to less than 2 year||6.70%||6.50%||7.20%||7.00%|
|2 years to less than 3 years||6.50%||6.25%||7.00%||6.75%|
|3 years to 10 years less than 5 years||6.25%||6.25%||6.75%||6.75%|
The interest rate payable to SBI Staff and SBI pensioners will be 1 percent above the applicable rate. This is the second FD interest rate revision by the public sector bank in 15 days.