The Bank has also cut its Base Rate by 75 bps, from 8.15% to 7.40% w.e.f June 10, 2020.
Additionally, SBI passes on the entire 40 bps Repo rate cut (announced by RBI on 22nd May 2020) to its borrowers availing loans linked to External Benchmark linked lending rate (EBR) as well as Repo Linked Lending rate (RLLR). As such, SBI’s EBR & RLLR comes down by 40 bps, as under:
- EBR reduced to 6.65% p.a from 7.05% p.a. w.e.f July 1, 2020
- RLLR reduced to 6.25% p.a from 6.65% p.a, w.e.f June 1, 2020
On last Friday, SBI posted a net profit was up 327.10% to Rs3,581cr in Q4FY20 against Rs838cr of the same period in the previous year. Meanwhile, net interest income (NII) came in at Rs22,767cr sequentially down from Rs22,954cr of Q4FY19. Net Interest Margin (NIM) expanded to 3.19% in Q4 from 2.95% in Q4FY19.
The bank has also trimmed down its savings deposits interest rates by 5 bps and the new rates have come into effect from May 31, 2020, onward. Now, SBI's saving deposits account having balance up to Rs1 lakh will earn interest of 2.70%. Earlier, the interest rate was 2.75%.