Mumbai: Country’s largest lender State Bank of India (SBI) reduced Friday its marginal cost of fund based lending rate (MCLR) by five basis points across all tenors, effective November 10 onwards and sharply slashed the deposits pricing between 15 and 75 basis points. This is the seventh consecutive cut in lending rates by the bank this fiscal.
With this reduction, the one year Marginal Cost of Funds Based Lending Rate (MCLR), to which most of its loan prices are linked, will come down to eight per cent, the bank said in a statement.
SBI also revised its interest rates on term deposits on account of adequate liquidity in the system. The new deposit rates will also be effective from November 10.
It has reduced interest rate on retail term deposit by 15 basis points for one year to less than two years’ tenor. Bulk term deposit interest rates have been reduced by 30 to 75 bps across tenors, the bank said.
PTI