the countrys largest lender state bank of india sbi announced today that it has cut interest rates on saving accounts by 25 basis points with effect from april 15 2020 savings accounts will earn 275 per cent an annum along with the reduction in savings deposit rates the bank also cut marginal costbased lending rates mclr by 35 bps across all tenors 1 basis pointsbps 001 per centaccording to the sbi press release the one year mclr comes down to 74 per cent per annum from 775 per cent with effect from april 10 2020 this is the eleventh consecutive cut in mclr in fy 201920 consequently emis on eligible home loan accounts linked to mclr will get cheaper by around rs 2400 per 1 lakh on a 30 year loan the press release statedtenorwise mclr effective from 10th april 2020 will be as undertenorexisting mclr in revised mclr in over night74571one month74571three month75715six month77735one year77574two years79576three years80577source sbi websiteafter the reduction in rates savings accounts with balances up to rs 1 lakh will earn 275 per cent down from 3 per cent the same is the case with balances above rs 1 lakh they will earn 275 per cent a yearlast month sbi had cut its external benchmark based lending rate by 75 basis points passing on its entire rbi repo rate cut benefit to its borrowers sbis external benchmark linked lending rate stands at 705 percent while its repo linked lending rate rllr now stands revised to 665 percentlast week private sector bank icici bank cut interest rate on savings account by 25 bps after the cut savings account with balance below rs 50 lakh will earn 325 per cent a year and an account with balance above rs 50 lakh will earn 375 per cent the new interest rates will come into effect from april 9 2020no minimum balance needed for sbi savings bank accountslast month sbi had waived the requirement of holding average monthly balance for savings accounts from march month all sbi customers are getting the zero balance facility in their savings bank accounts this according to the sbi press release will benefit 4451 crore savings bank account holders