On Thursday 7th May 2020, SBI India’s largest public-sector lender announced a 0.15% reduction in its lending charges across all tenors.
Following the reductions which will come into impact from 10th May, the one-year MCLR (Marginal Cost of Funds based Lending Rate) will come down from 7.40% to 7.25%, which marked the 12th continually reduction in the MCLR by the state-run lenders.
SBI said in a press release that, “EMIs on eligible house mortgage accounts (linked to MCLR) will get cheaper by almost ₹ 255 for a 30-year mortgage of ₹ 25 lakh.”
And a special scheme launched by the bank called ‘SBI Wecare Deposits’. Under the ‘SBI Wecare Deposit Scheme’ 0.30% an extra premium will be payable for senior citizens’ with the retail term deposits with tenors of 5 years and above. This scheme would be in effect up to September 30.
In also addition, the bank introduced a 0.20% reduction within the interest rate for retail time deposits with tenors of up to 3 years.