SBI cuts benchmark lending rate by 15 bps; launches spl deposit scheme for senior citizens
To safeguard the interests of senior citizens in the current falling rate regime, the bank has introduced a new product 'SBI Wecare Deposit' for them in the retail term deposit segment, SBI said in a statement.
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, it said.This scheme would be in effect up to September 30, it said.
With regard to revision in the lending rate, the bank said, the marginal cost of funds based lending rate (MCLR) comes down to 7.25 per cent from 7.40 per cent with effect from May 10.Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by approx Rs 255.00 for a 30 year loan of Rs 25 lakh, it said.
This is the twelfth consecutive reduction in the bank's MCLR, the bank added. DP BAL
- WhatsApp to add additional security layer for users to link account to computers
- AAP to contest elections in Uttar Pradesh, Uttarakhand, Goa, Punjab, Himachal Pradesh and Gujarat in 2022, says Arvind Kejriwal
- Top 10 business investment options in Dubai for India's best minds
- India needs to add massive amount of solar and wind power capacity this year to meet its first target
- Itel to launch smartphone with bigger display and dual security for ₹6000 on February 1