SBI interest rates on Fixed Deposits reduced, Details On new FD rates

SBI slashes home loan interest rate

Good news for all those who are planning to buy a new home or vehicle as State Bank of India (SBI) has cut down loan interest rates. "With this reduction, SBI's offering in home loan is the lowest in the market".

SBI is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees.

SBI also said that home loan rates have been reduced by 5 basis points in all the brackets.

In its first cut in 10 months, SBI is offering one-year loans at an interest rate of 7.95 per cent. However, the pace of lending rate cuts by banks has lagged the reduction in RBI's policy rates. "The new rates will be effective November 1", SBI said in a statement. "The exact rate depends on the amount of loan and the credit score of the individual", the statement said. It has interest rate by 25 basis points across most maturities. ICICI Bank has a MCLR rate of 8.20 per cent for one year which was last reduced in January 2017.

The reduction follows a cut in marginal cost of funds based lending rate (MCLR) two days ago, which came after a gap of 10 months.

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SBI will lower the 1-year MCLR to 7.95 per cent from 8 per cent, according to a notification issued today.

The reduction in marginal cost of funds based lending rate (MCLR) came after a gap of nearly 10 months. Bank of India (BoI) tinkered with its MCLR in September this year, when it reduced its rate from 8.40 per cent to 8.30 per cent.

Aimed at enabling better transmission of policy rates by banks, the new benchmark has failed to meet its objective.

Meanwhile another public sector lender Allahabad Bank also reduced the MCLR rate by 0.15% across all tenor. The bank had last cut the rate on January 1.

However, it must be mentioned that total outstanding on mortgages in the banking system stood at Rs 9.08 lakh crore as on September 29.

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