MUMBAI : India's largest lender State Bank of India (SBI) on Tuesday lowered itssavings deposit rates by 25 basis points (bps) to 2.75%, citing adequate liquidity.
The cut will be effective from 15 April, SBI said. On 11 March, the bank had lowered its savings bank interest rate to 3% for all customers.
Before the cut in March, it used to pay 3.25% on balances of up to ₹1 lakh and 3% on balances above ₹1 lakh. It had also waived maintenance of average monthly balance (AMB) for all savings bank accounts last month.
The lender on Tuesday also announced a 35 bps reduction in its marginal cost of funds based lending rate (MCLR) across all tenors, with effect from 10 April. "The one year MCLR comes down to 7.40% from 7.75% with effect from 10