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SBI reduces PLR by 50 basis points

By Our Bureau | 28 Mar 2002

1
Mumbai: State Bank of India (SBI) has reduced its prime-lending rate (PLR) by 50 basis points to 11 per cent from 11.50 per cent. The medium-term lending rate has been reduced to 11.50 per cent from 12 per cent. The reduced interest rates are effective from 1 April 2002.

The bank has withdrawn its short-term prime-lending rate for maturities up to 180 days and has decided to have one short-term prime-lending rate for maturities less than one year at 10.50 per year. Says SBI chairman Janki Ballabh: "The cut in the lending and deposit rates is based on the banks own evaluation of its asset liability requirements and the current trends in interest rates."

On domestic term deposits of less than Rs 1 crore, for a duration of 15 to 45 days the rate is 5 per cent (5.25 per cent); for 46 to 179 days: 6 per cent (6.25 per cent); for 180 days to less than one year: 6.25 per cent (6.50 per cent); for one year to less than two years: 7 per cent (7.75 per cent); for two years to less than three years: 7.50 per cent (7.75 per cent); and for three years and above: 8 per cent (8.25 per cent).

On domestic term deposits of Rs 1 crore and above, the rates have been cut by 25 basis points. For a duration of 15 to 45 days, the rates are 5.50 per cent; for 46 to 179 days: 6.50 per cent; for 180 days to less than one year: 6.50 per cent; for one year to less than two years: 7 per cent; for two years to less than three years: 7.50 per cent; and for three years and above: 8 per cent.

For a maturity period of seven to14 days deposit rates have been cut by 25 basis points to 4.5 per cent on deposits of Rs 15 lakh to less than Rs 1 crore, and 5 per cent on deposits of Rs 1 crore and above. On deposits of senior citizens, for the duration of one year to less than two years, the rate is 7.75 per cent (8.50 per cent); for two years to less than three years: 8.25 per cent (8.50 per cent); and for deposits of three years and above: 8.75 per cent (9 per cent).

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