 "SBI slashes deposit rates steeply, lowers lending rates marginally by 5 bps; to be effective from 10 November")
Mumbai: The country’s largest lender State Bank of India (SBI) on Friday reduced its marginal cost of fund-based lending rate (MCLR) by 5 basis points across all tenors, effective 10 November, and sharply slashed the deposits pricing between 15 and 75 basis points.
SBI cuts lending rates by 5 bps across all tenors pic.twitter.com/3Vg5eo24SS
— CNBC-TV18 (@CNBCTV18Live) November 8, 2019
This is the seventh consecutive cut in lending rates by the bank this fiscal.
With this reduction, the one-year MCLR, to which most of its loan prices are linked, will come down to 8 percent, the bank said in a statement.
The bank 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 10 November.
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.
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