SBI cuts fixed deposit interest rate by 0.25%
State Bank of India has reduced interest rates on retail and wholesale fixed deposits. Its highest return, on two- to three-year deposits, is now 6.25% against 6.5% earlier. SBI also cut its benchmark marginal cost of lending rate by 10 basis points citing “falling interest rates and surplus liquidity”. This is SBI’s fifth consecutive cut in MCLR in 201920. From October, it will announce a rate linked to RBI’s repo for all retail loans.