Friday, Nov 22, 2019 | Last Update : 05:28 AM IST

SBI steeply slashes deposit rates; lowers lending rates marginally

PTI
Published : Nov 8, 2019, 11:45 am IST
Updated : Nov 8, 2019, 11:45 am IST

This is the seventh consecutive cut in lending rates by the bank this fiscal.

The new deposit rates will also be effective from November 10.
 The new deposit rates will also be effective from November 10.

Mumbai: 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 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 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.

Tags: sbi, deposit rates, mclr, interest rate, loan
Location: India, Delhi, New Delhi