SBI reduced bank deposit interest rate by 0.75%
Posted on: 09/Nov/2019 2:58:27 PM
The premier public sector bank in the country, the State Bank of India, has announced a reduction in the MCSR rates by 5 basis points for all loans and reduction in the interest rate for deposits by 0.15% to 0.75%.
This will be effective from 10th November. It may be noted that including this revision, SBI has reduced the interest rates by a 7th time so far.
Most of the SBI loans are linked to the MCSR system. SBI has announced that the interest for these loans will reduce to 8% as announced by SBI.
As regards the deposit interest rates, SBI has reduced the interest rate by 0.15% for deposits of 1 year to 2 years. For the other deposits, SBI has reduced the interest rate from 0.3% to 0.75%.
With this development, the section of the public depending on the income by the interests on fixed deposits will earn less!
