State Bank of India on Friday reduced its Marginal Cost of Funds based Lending Rate, or MCLR, by five basis points across tenors, and cut deposit rates by 15-75 basis points.
The new SBI lending and deposit rates will be effective Nov. 10.
Friday's revision is the seventh consecutive cut in lending rates by the bank in 2019-20. With this reduction, the one-year MCLR, to which most of its loan prices are linked, will come down to 8 percent, SBI said in a statement.
SBI also revised its interest rates on term deposits on account of adequate liquidity in the system. It has reduced interest rate on retail term deposit by 15 basis points for one-to-less-than-two-years' tenor.
Bulk term deposit interest rates have been reduced by 30 to 75 basis points across tenors. SBI classifies deposits over Rs 2 crore as bulk deposits.
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