Categories: Business

SBI cuts MCLR offers special deposit for senior citizens

Photo: FILE

SBI cuts lending rates

new Delhi. State Bank of India today announced a cut in its loan rates. According to the bank, the MCLR has been cut by 15 basis points. According to information provided by the bank, the MCLR for one year has come down from 7.4 per cent to 7.25 per cent. This is the 12th consecutive cut in MCLR. After the deduction, the EMI of a home loan of Rs 25 lakh for 30 years based on MCLR will be reduced by Rs 255. The new rates will be applicable from May 10

Along with this, the bank has also announced a cut of 0.2 percent in fixed deposit rates. According to the bank, FD rates have been cut due to excess cash in the system. The new rates will be applicable from May 12.

Apart from FD cut, the bank has launched a special product for senior citizens, in which senior citizens will be given a premium of 0.3% on the interest rate. This offer will be applicable only on deposits of 5 years or above. The scheme will remain in force till 30 September 2020.

This post was published on May 7, 2020 5:25 pm

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