SBI reduces deposit rates, lending rates

SBI has recently reduced its marginal cost of fund based lending rate (MCLR) by 5 basis points across all tenors, effective from November 10, 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 MCLR, to which most of its loan prices are linked, will come down to 8%, 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.