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In 7th cut this year, SBI reduces MCLR by 5 bps across all tenors

Additionally, the lender has revised interest rates on term deposits with effect from November 10, 2019

IANS  |  Mumbai 

SBI

Lending major State Bank of India has reduced its (Marginal Cost of Funds based Lending Rate) by 5 basis points across all tenors.

The one year has come down to 8 per cent per annum from 8.05 per cent per annum with effect from November 10, 2019.

This is the seventh consecutive cut in in FY 2019-20.

Additionally, the lender said that "in view of adequate liquidity in the system", it has revised interest rates on term deposits with effect from November 10, 2019.

First Published: Fri, November 08 2019. 21:52 IST
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