SBI customers shock amid Corona crisis, interest rates on savings accounts reduced

New Delhi: State Bank of India, the country's largest bank, announced on Tuesday that the interest rate on all savings accounts will be reduced from three per cent to 2.75 per cent per annum. The new interest rates will be applicable from 15 April. The bank said in a statement that due to the banks having sufficient cash, it has decided to cut the savings deposit interest rate by 0.25 per cent.

SBI customers shock amid Corona crisis, interest rates on savings accounts reduced
SBI customers shock amid Corona crisis, interest rates on savings accounts reduced

With this, the bank announced a reduction of 0.35 per cent in the marginal cost based loan interest rate (MCLR) of the fund on all term loans from 10 April. According to the statement, after the reduction in MCLR, the interest rate on the loan for a period of one year will be reduced from 7.75 per cent to 7.40 per cent per annum.


For most retail loans, the rate on the loan for a period of one year is considered as the scale. The bank said that this will reduce the monthly installment of a housing loan of 30 years to Rs 24 per loan against Rs 1 lakh.

Post a Comment

0 Comments