SBI steeply slashes deposit rates; lowers lending rates marginally
PTI, Nov 8, 2019, 2:22 PM IST
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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
RBI announces MPC schedule for FY25, first rates decision on April 5
Seven out of ten Indian shoppers say they would happily receive product deliveries without additional packaging
Renault Nissan to launch four new products, expand product portfolio
Sensex, Nifty rebound on heavy buying in Reliance Industries, HDFC Bank
IndiGo to fly more international routes, destinations; aims doubling size by 2030: CEO Pieter Elbers
MUST WATCH
Latest Additions
For ‘Bhoomi Putra’ Kharge, prestigious LS poll battle in Karnataka
Special court convicts 7 people in BSP MLA Raju Pal murder case
LS polls: More than 79,000 violations reported so far through C-Vigil app, says EC
EAM Jaishankar meets Ukranian counterpart Kuleba
CBI clean cheat over Air India-Indian Airlines merger: BJP must apologise to ex-PM Singh, says Raut