SBI passes on entire 75 bps Repo rate cut to its borrowers

                  

SBI passes on entire 75 bps Repo rate cut to its borrowers

Responding to RBI’s extraordinary monetary policy measures to support the wider economy, SBI has passed on the entire 75bps Repo rate cut to its borrowers availing loans linked to External Benchmark linked lending rate (EBR) as well as Repo Linked Lending rate (RLLR). With this revision, SBI’s EBR & RLLR come down by 75bps, w.e.f April 01, 2020 as under:
  • EBR reduced to 7.05% p.a from 7.80% p.a.
  • RLLR reduced to 6.65% p.a from 7.40% p.a.
Consequently, EMIs on eligible Home Loan accounts (linked to EBR/RLLR) get cheaper by around Rs52 per 1 lakh on a 30 year loan.

In view of adequate liquidity in the system and the additional liquidity measures announced in today’s monetary policy, SBI has realigned its interest rate structure on Deposits w.e.f. March 28, 2020:
  • Retail TD interest rates reduced by 20bps to 50bps across tenors
  • Bulk TD interest rates reduced by 50bps to 100bps across tenors
Decision on MCLR will be taken when the ALCO meets in April 2020. The impact of recent RBI policy measures and reduction in the Bank’s deposit rates will be reflected in the next review of MCLR.




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