SBI reduces loan, savings deposit rates

State Bank of India (SBI), the country's largest lender, will reduce the interest rates on deposits in retail savings accounts from April 15, 2020.

In a statement issued by the bank on Tuesday, it said that interest rates on all saving deposits will be slashed 25 basis points (bps), or 0.25 per cent, from the existing 3 per cent to 2.75 per cent.

SBI cited "adequate liquidity in the system" behind the move to cut interest rates. Last month, the Reserve Bank of India (RBI) had lowered repo rate by 75 bps to 4.4 per cent, keeping in view, revival of growth amid the economic distress caused due to the outbreak of coronavirus.