Mumbai – October 9, 2019: Taking into account the festive season and extending benefit to customers across all segments, State Bank of India has further reduced its MCLR (6th consecutive rate cut in FY’19-20) by 10 bps across all tenors. The one year MCLR comes down to 8.05% p.a from 8.15% p.a. with effect from 10th October 2019.

In view of the adequate liquidity in the system, SBI announced revision in interest rate on Savings Bank Deposits (with balances upto Rs 1.00 lakh) from 3.50% to 3.25% w.e.f. 1st November 2019. Bank also slashes its Retail TD and Bulk TD interest rates by 10 bps and 30 bps respectively for ‘1 year to less than 2 years’ tenor w.e.f. 10th October, 2019.

About State Bank of India:

State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country. As on June 30, 2019, the bank has a deposit base of over Rs. 28 lakh crore with CASA ratio of 45.1% and advances of over Rs. 19 lakh crore. SBI commands around 35% and 36% of market share in home loans and auto loans respectively. The Bank has the largest network of 22,088 branches in India and an ATM / CDM network of over 58,495. The number of customers using internet banking facility are more than 66 million and mobile banking services stand at 14.8 million. Downloads for YONO - an integrated digital and lifestyle platform by SBI - are over 23 million, with more than 16 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.