State Bank of India to reduce rate on savings deposits by 25 bps to 3.25%

State Bank of India will reduce the interest rate by 25 basis points on cash credit and overdraft facilities with a balance over Rs 1 lakh from May 1. This comes after the Reserve Bank of India’s decision to cut the repo rate by 25 basis points (bps) to 6 per cent. The revised rate will be 8.25 per cent.
 
The reduction in the marginal cost of funds based lending rate (MCLR) is likely to be 8-10 basis points, depending on the tenor of loans, a senior SBI executive said.
 
The bank will also cut the rate on