SBI gears up for RBI rate cut with its own deposit rates
New Delhi: From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans.
The rates have been revised for up to 1-year term deposits and for amount below Rs one crore.
According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier, the bank said.