State Bank of India Has Decided To Reduce The Interest Rates
The State Bank of India has provided good news to its clients. Deciding to reduce interest rates on all types of loans. The Bank issued a statement on Friday to announce the reduction of 5 BPS points. This resulted in the annual MCLR rise from 8.50 per cent to 8.45 per cent. These reduced rates have come into effect immediately. The interest rate on loans for one month term limits has been reduced to 8.10 per cent from 8.15 per cent.
The interest rate for three months and six months was reduced to 8.15 per cent and 8.30 per cent respectively. Two and three years will be 8.55 percent and 8.65 percent respectively. This is the second reduction in the last month’s days. After the monetary policy review, the MCLR was reduced by 5 BP points in April. On the other hand, SBI has failed to meet the expectations of analysts in Q4. SBI had posted a net profit of Rs 838.4 crore for the quarter ended March 31, 2012.