SBI cuts interest rate on all savings bank deposits to 2.75% from April 15

State Bank of India has announced it will cut the interest rate on all savings bank deposits by 25 bps to 2.75% with effect from April 15. The country's largest lender is also cutting its marginal cost of fund-based lending rate (MCLR) by 35 bps across all tenors from April 10. The one-year MCLR comes down to 7.40% per annum.