SBI cuts lending rates by 0.1%, interest on savings down 0.25%

Mumbai: The State Bank Group on Wednesday revised its marginal cost of funds-based lending (MCLR) rates by a marginal 10 basis points across all tenors but steeply revised down the pricing on savings deposits under Rs 1 lakh by a 25 bps to 3.25%. This is the sixth reduction in the lending rates by the largest lender since April. While the MCLR reduction is effective October 10, the revision in savings bank deposits rates will be from November 1, the bank said.  SBI, which controls a fifth of the system, has also slashed its retail term deposits and bulk term deposits rates by 10 bps and 30 bps, respectively, for one-year to less than two-years effective October 10. PTI