SBI cuts lending rate by 15 bps, launches scheme for senior citizens

The State Bank of India (SBI) has introduced a special deposit scheme for senior citizens with a higher interest rate

In a relief to customers, State Bank of India on Thursday slashed benchmark lending rate by 15 basis points, and introduced special deposit scheme for senior citizens with higher interest rate.
 

The country’s largest lender has introduced a new product “SBI Wecare Deposit” for senior citizens in the retail term deposit segment to safeguard their interests in the current falling rate regime.
 

Under this new product, an additional 30 basis points premium will be payable for senior citizens retail term deposits with ‘5 Years and above’ tenor only, it said.