SBI steeply slashes deposit rates; lowers lending rates marginally

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Deal Captain
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SBI steeply slashes deposit rates; lowers lending rates marginally
Deal Expired

SBI steeply slashes deposit rates; lowers lending rates marginally

Country’s largest lender State Bank of India on Friday reduced its marginal cost of fund based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits pricing between 15 and 75 basis points. This is the seventh consecutive cut in lending rates by the bank this fiscal.

With this reduction, the one year MCLR, to which most of its loan prices are linked, will come down to 8 per cent, the bank said in a statement. The bank also revised its interest rates on term deposits on account of adequate liquidity in the system.

The new deposit rates will also be effective from November 10. It has reduced interest rate on retail term deposit by 15 basis points for one year to less than two years’ tenor. Bulk term deposit interest rates have been reduced by 30 to 75 bps across tenors, the bank said. — PTI

https://news.rediff.com/commentary/2019/nov/08/...

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12 Comments  |  
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Deal Lieutenant
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@rogerthat sir how will this effect my RD account 1yr (was 6.5 % p.a. when I opened.)
I understand U not work for SBI but U may have idea about this..

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Deal Subedar
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161508 wrote:

@rogerthat sir how will this effect my RD account 1yr (was 6.5 % p.a. when I opened.)
I understand U not work for SBI but U may have idea about this..

Any such interest changes will never impact existing deposits. These apply only for new openings mentioned after the dates given.

So no Worries

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dev007 wrote:

Any such interest changes will never impact existing deposits. These apply only for new openings mentioned after the dates given.

So no Worries

Does auto-renewal deposits get affected by this? Because my deposit is going to auto-renew in January.

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Deal Cadet
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I don’t understand this points thing..😔

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Deal Lieutenant
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dev007 wrote:

Any such interest changes will never impact existing deposits. These apply only for new openings mentioned after the dates given.

So no Worries

Ooh.. thanks!

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Deal Captain
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how long FD rates will fall and till how much… rolleyes

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desiman wrote:

how long FD rates will fall and till how much… rolleyes

till it become -ve yum , time will come when customer will give interest to bank to keep his money . then also the interest rate charged by bank will also be reduced . You may get a home loan at 2-3% interest rate if that happens . smile

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Blogger
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161508 wrote:

@rogerthat sir how will this effect my RD account 1yr (was 6.5 % p.a. when I opened.)
I understand U not work for SBI but U may have idea about this..

only for accounts opened now onwards

existing account are never affected till maturity

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Deal Cadet
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iamybs wrote:

Does auto-renewal deposits get affected by this? Because my deposit is going to auto-renew in January.

Yes bro your deposit will be renewed for a period equal to original tenure with interest rate prevalent at the time of renewal…in simple words you will lower rate fron january

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Deal Lieutenant
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rogerthat wrote:

only for accounts opened now onwards

existing account are never affected till maturity

Thank you☺️

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Critic
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iamybs wrote:

Does auto-renewal deposits get affected by this? Because my deposit is going to auto-renew in January.

yes. auto renewal results in fresh deposit.

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beingsimple wrote:

Yes bro your deposit will be renewed for a period equal to original tenure with interest rate prevalent at the time of renewal…in simple words you will lower rate fron january

Okay got it, thanks
@panchabhut

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