SBI cuts peak deposit rate by 15 bps; cuts MCLR by 5 bps across tenors

State Bank of India (SBI), the country’s largest lender, has cut the marginal cost of funds-based lending rate (MCLR) by five basis points across tenors and the peak deposit rate by 15 bps.   SBI’s Amrit Vrishti, which offered 6.6 per cent for 444 days, has been revised downward to 6.45 per cent.   Additionally, SBI has cut the interest rate on deposits in the tenor of two years to less than three years to 6.40 per cent from 6.45 per cent. The lender has not cut deposit rates in other tenors.   Separately, SBI’s MCLR now ranges from 7.85 per cent to 8.80 per cent. Further, the lender has cut the external benchmark-linked rate (EBLR) by 25 bps to 7.90 per cent from 8.15 per cent.   This comes after the six-member Monetary Policy Committee (MPC) cut the policy rate by 25 bps to 5.25 per cent.