SBI cuts benchmark lending rate by 15 basis points

The country's largest lender, State Bank of India today slashed benchmark lending rate by 15 basis points and introduced Special Deposit Scheme for senior citizens with higher interest rate. With that, the marginal cost of funds based lending rate comes down to 7.25 per cent, from 7.40 per cent with effect from 10th of May. But, to safeguard the interests of senior citizens, the bank has introduced a new product 'SBI Wecare Deposit' in the retail term deposit segment. ...