Kolkata, 28 March: Responding to RBI’s extraordinary monetary policy measures to support the wider economy, India’s largest Public sector Bank – State Bank of India (SBI) has passed on the entire 75 bps Repo rate cut to its borrowers availing loans linked to External Benchmark linked lending rate (EBR) as well as Repo Linked Lending rate (RLLR).
Informing this SBI sources quoting the Chief General Manager,Bengal Circle, here today said with this revision, SBI’s EBR and RLLR had come down by 75 bps from 1 April 2020 .
Consequently, the sources said, EMIs on eligible Home Loan accounts got cheaper by around Rs 52 per Rs one lakh on a 30 year loan.
Moreover,in view of adequate liquidity in the system and the additional liquidity measures announced in the monetary policy, SBI also realigned its interest rate structure on Deposits with effect from today.
Accordingly the Retail TD interest rates of the bank now reduced by 20 basis points to 50 bps across tenors and the Bulk TD interest rates were reduced by 50 bps to 100 bps across tenors.
However,the impact of RBI policy measures and reduction in the Bank’s deposit rates would be reflected in the next review of MCLR of the bank, the GM said.