The country's largest lender State Bank of India on Friday reduced its marginal cost of fund-based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits rates between 15 and 75 basis points.
This is the seventh consecutive cut in lending rates by the bank this financial year.
With this reduction, the one year MCLR, to which most of its loan prices are linked, will come down to 8 per cent, 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 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.
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