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SBI Cuts Interest Rates

SBI (State Bank of India) has reduced the interest rates of Saving Bank Deposit. The new rates will be applicable from November 1, 2019. SBI so far pays 3.50 per cent interest to those holding deposits up to Rs 1 lakh in a savings account. Which he will now give to customers at 3.25 percent. SBI has reduced rates by 0.10% on retail deposits and 0.30% on bulk deposits.

SBI is making home-auto and personal loans cheaper from tomorrow.

SBI has reduced MCLR rates by 0.10 per cent from October 10. Let us tell you that on October 4, the Reserve Bank of India (RBI) has announced a reduction of 0.25% of the Repo Rate Cut. The repo rate has come down by 0.25 per cent to 5.15 per cent. In a statement issued by SBI, it said that the bank has reduced the MCLR rates by 0.10 per cent for all periods to give more benefit to the customers on the occasion of the festival. Now for one year, the new MCLR rates have come down from 8.15 per cent to 8.05 per cent. The new rates will be applicable from October 10. The bank has reduced rates for the sixth consecutive time in the current financial year.

Rate of interest reduced on fixed deposits.

The bank has also reduced the interest on retail term deposits i.e. fixed deposits (FD) and bulk term deposits for one to two years. SBI has reduced the interest rate on FD by 10 basis points. At the same time, the interest rate on bulk term deposits has been reduced by 30 basis points. The term of this term deposit is from one year to two years. The new interest rate will be effective from October 10.

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