INSUBCONTINENT EXCLUSIVE:
SBI has also reduced its fixed deposit (FD) interest rates across all maturities.Sate Bank of India or SBI has 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 also reduced its 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
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