SBI cuts savings rate by 25 basis points to 2.75 per cent

NEW DELHI: The country’s largest lender SBI on Tuesday said it has cut savings rate by 0.25 per cent to 2.75 per cent on all deposits.

The new rate will come into effect from April 15, 2020.

In view of adequate liquidity in the system, SBI realigned its interest rates on Savings Bank Deposits, with effect from April 15, 2020, SBI said in a statement.

The savings rate has been reduced to 2.75 per cent from 3 per cent, it said.

The bank has also reduced the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors.