SBI reduces MCLR by 35 bps, cuts savings rate by 25 bps on all deposits

SBI rate cut: The savings rate has been reduced to 2.75 per cent from 3 per cent

India's largest lender, State Bank of India, on Tuesday slashed the marginal cost-based lending rate (MCLR) by 35 basis points across all tenors, a move that followed on the heels of RBI rate cut to tackle the economic fallout from the coronavirus pandemic.
 

It's SBI's 11th consecutive cut in MCLR in FY 2019-20. The one year MCLR will be 7.40% per annum with effect from April 10, 2020.

The one-year tenor is the benchmark against which most of the consumer loans are priced.
 

"Consequently,