Click it and Unblock the Notifications
On Friday, the State Bank of India (SBI) announced a 5 basis points deduction in its MCLR (marginal cost-based lending rate) across all tenures. The 1-year MCLR (to which most loans are linked to) was reduced to 8.45 percent from the earlier 8.50 percent.
In a press release, the lender said, "As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May, 2019." This the second time that that SBI has deducted its MCLR in a month's time. Since 10 April, the total reduction in the MCLR has been 15 bps.
The revised MCLR with effect from 10 May 2019 are as follows:
| Tenure | Previous MCLR (In %) | Revised MCLR (In %) |
|---|---|---|
| Overnight | 8.15 | 8.10 |
| One Month | 8.15 | 8.10 |
| Three Month | 8.20 | 8.15 |
| Six Month | 8.35 | 8.30 |
| One Year | 8.50 | 8.45 |
| Two Years | 8.60 | 8.55 |
| Three Years | 8.70 | 8.65 |
Term deposits interest rates were also lowered for some tenures. SBI's website shows that, with effect from 9 May 2019, the interest rates on domestic term deposits below Rs 2 crore for the tenures greater than 2 years were cut. On the other hand, interest on deposits for a period of 1 year to less than 2 years was increased from 6.80 percent to 7 percent.
Here are the revised rates on term (fixed) deposits below Rs 2 crore with effect from 9 May.
| Tenure | Interest rates w.e.f. 22.02.2019 (%) | Revised interest rates w.e.f. 09.05.2019 (%) | Senior citizen interest rates w.e.f. 22.02.2019 (%) | Revised senior citizen interest rates w.e.f. 09.05.2019 (%) |
|---|---|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.25 | 6.25 | 6.75 | 6.75 |
| 180 days to 210 days | 6.35 | 6.35 | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.40 | 6.40 | 6.90 | 6.90 |
| 1 year to less than 2 year | 6.80 | 7.00 | 7.30 | 7.50 |
| 2 years to less than 3 years | 6.80 | 6.75 | 7.30 | 7.25 |
| 3 years to less than 5 years | 6.80 | 6.70 | 7.30 | 7.20 |
| 5 years and up to 10 years | 6.85 | 6.60 | 7.35 | 7.10 |
More From GoodReturns
New PAN Card Rules From April 1, 2026: How To Apply For New PAN Card Via Protean, E-Filing Portal?
LPG Gas Cylinder Prices Hiked Again From April 1; 19 KG LPG Gets Costlier By Rs 218; 14.2 KG LPG Unchanged
Gold Rate in India Rises Over Rs 37,000/24K in Three Days; Will Jump in Gold Price Today Continue on 31 March?
Gold Rate in India Rebounds After Falling Nearly Rs 40,000 In a Day; Will Gold Price Today Jump or Drop?
Gold Price Today Declines After 3-Day Surge; Check Latest 22K, 24K, 18K Gold & Silver Rates in Delhi on 2April
Bank Holiday In April 2026: Banks To Be Closed For 14 Days; Good Friday, Baisakhi To Akshaya Tritiya
Hyderabad Gold Rates Today Crash By Rs 40,000 After 6 Days, Silver Rate Falls By Rs 10,000: 24K, 22K, 18k Gold
Fresh Drop in Gold Rate Today; Silver Stable: Latest 22K, 24K, 18K Gold & Silver Prices in Delhi on 30 March
Govt Approves PDS Kerosene Distribution in 21 States for 60 Days, Sets 5,000 L Storage Limit Amid LPG Crisis
Bank Holiday Today, Tomorrow & More: Banks Are Closed On March 31, April 1, April 2, April 3; Here's Why
Gold Rate in India After 20% Slide from Record Highs; Will Gold Price Today Jump to Rs 1.50 Lakh on 30 March?
Sign in with Google