SBI cuts MCLR by 10 bps

SBI

India’s largest public lender the State Bank of India (SBI) has announced that for the fifth time in this financial year 2019-20, it has cut the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (bps) across all tenors.

SBI

This move brings the one-year MCLR to 8.15 percent per year.

The bank has also slashed the interest rates on its retail fixed deposit by 20-25 basis points and the bulk term deposits the FD rate has been cut to 10-20 basis points across tenors.

The new interest rates on the bank’s deposits will be made effective from September 10.

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