SBI steeply slashes deposit rates; lowers lending rates marginally

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 from November 10, and sharply slashed the deposits pricing between 15 and 75 basis points.

SBI steeply slashes deposit rates; lowers lending rates marginally

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

Mumbai, November 8

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 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, would 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 had been reduced by 30 to 75 bps across tenors, the bank said. PTI

Top Stories

To counter worst locust attack in years, Centre steps up operations in Rajasthan, Punjab, Gujarat, MP

To counter worst locust attack in years, Centre steps up operations in Rajasthan, Punjab, Gujarat, MP

Approves procurement of additional 60 sprayers from UK, dron...

India's 'arrogant expansionist policies' becoming 'threat' to its neighbours: Pak PM Imran Khan

India's 'arrogant expansionist policies' becoming 'threat' to its neighbours: Pak PM Imran Khan

Several areas along the 3,500-km LAC have witnessed major mi...

19-day logjam between Punjab ministers and CS ends as latter attends cabinet meeting

19-day logjam between Punjab ministers and CS ends as latter attends cabinet meeting

Recently, at a meeting on excise policy, certain comments by...

Nepal puts on hold changes on map, does not include three disputed areas with India

Nepal puts on hold changes on map, does not include three disputed areas with India

A week back, Nepal was all set for a cartographic confrontat...

Punjab Cabinet approves fee hike for MBBS in govt, private colleges

Punjab Cabinet approves fee hike for MBBS in govt, private colleges

The fee for MBBS course in government colleges was last noti...

Cities

View All