SBI has also reduced its fixed deposit (FD) interest rates across all maturities.Sate Bank of India or SBIhas reduced its benchmark lending rate by ten basis points or 0.10 percentage points across all tenors.
The new rate, effective from today, marks the fifth reduction by SBI this financial year, the country's largest lender said in a statement.
State Bank of India's marginal cost-based lending rate or MCLR, the rate to which all of its loans are linked, now stands at 8.15 per cent for the one-year tenor, from 8.25 per cent earlier, according to SBI's statement.TenorExisting MCLR (In %)Revised MCLR (In %)Over night7.9%7.8%One Month7.9%7.8%Three Month7.95%7.85%Six Month8.1%8%One Year8.25%8.15%Two Years8.35%8.25%Three Years8.45%8.35%(As mentioned on SBI's website- sbi.co.in)SBI's revision of its marginal cost of funds-based lending rate (MCLR) comes on the back of the Reserve Bank of India (RBI)'s 1.1 percentage point reduction in the repo rate so far this year.
Repo rate is the interest rate at which the central bank lends money to commercial banks.SBI has alsoreducedits fixed deposit (FD) interest rates across all maturities.
The FD rates has been reduced by 20-25 basis points (or 0.20-0.25 percentage point) across tenors in the retail segment, and bulk segment has seen a reduction of 10-20 basis points (or 0.10-0.20 percentage point).Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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