In the pandemic situation of Coronavirus, SBI is constantly monitoring the whole situation and has introduced SBI Wecare Deposits for senior citizens along with a reduction in MCLR and FD rates. SBI has lowered the rates on FDs (Fixed Deposits) by 20 basis points. These lower interest rates would be applied to FDs up to three years from 12th May 2020.
Furthermore, to protect the interest of senior citizens, SBI has also introduced the SBI Wecare Deposit. These deposits will continue until 30th Sept 2020. We care deposits would be a kind of retail term deposits in which 30 basis points premium will be applicable for FDs with a period of 5 years or above. In case of premature withdrawal, an additional premium will not be paid.
SbI has also reduced the MCLR rate by 15 basis points from 7.40 per cent to 7.25 per cent from 10th May 2020. This is considered to be the twelfth reduction and as a result, home loan linked to MCLR will get cheaper by approximately Rs 255 for a loan amount of Rs 25 lakhs applicable in 30 years.