The country's leading public sector bank State Bank of India (SBI) has yet again slashed its lending rates by 15 basis points across tenure. 1 bps is one-hundredth of a percentage point. The new lowered rate shall come into effect from May 10.
1-year lending rate now becomes 7.25% from the earlier 7.40%.
Also, on the sidelines the bank has lowered interest rate on retail term deposits by 20 bps for tenures up to 3 years. The new rate on term deposits shall come into force from May 12.
India's largest public sector bank has cut interest rates on retail term deposits by 20 bps for tenors up to 3 years. The cut too come into effect from May 12.
Also, for senior citizens the bank has come up with a new deposit scheme wherein for deposits of 5 year and more they will be entitled to 30 bps premium.