Nations’ biggest lender SBI has lowered its home loan interest rates consecutively for the 12 th term. The bank today announced a reduction in its MCLR or marginal cost of funds-based lending rate by 15 basis points across all tenors. The one-year MCLR will come down to 7.25% per annum from 7.40% per annum with effect from May 10, 2020.SBI has also slashed the interest rates of fixed deposits.SBI reduced its FD interest rates on retail term deposits by 20 bps for tenors up to three years, effective from May 12, 2020.
The bank had also launched a new deposit scheme called ‘SBI Wecare Deposit’ for senior citizens.”Under this new product, an additional 30 basis points premium will be payable for senior citizen’s retail term deposits with “5 Years & above” tenor only. This scheme would be in effect up to September 30, 2020,” the bank said.