Wednesday, October 23, 2019

Posted at: Oct 10, 2019, 8:36 AM; last updated: Oct 10, 2019, 8:36 AM (IST)

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


All readers are invited to post comments responsibly. Any messages with foul language or inciting hatred will be deleted. Comments with all capital letters will also be deleted. Readers are encouraged to flag the comments they feel are inappropriate.
The views expressed in the Comments section are of the individuals writing the post. The Tribune does not endorse or support the views in these posts in any manner.
Share On