SBI steeply slashes deposit rates; lowers lending rates marginally

| | Mumbai
  • 0

SBI steeply slashes deposit rates; lowers lending rates marginally

Friday, 08 November 2019 | PTI | Mumbai

SBI steeply slashes deposit rates; lowers lending rates marginally

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.

Sunday Edition

END OF GLORIOUS ERA FOR LEGENDARY INS VIRAAT

20 September 2020 | TN RAGHUNATHA | Sunday Pioneer

21,907 more test +ve in Maha

20 September 2020 | TN RAGHUNATHA | Sunday Pioneer

PMO-led task force to tackle air pollution management in NCR

20 September 2020 | PNS | Sunday Pioneer

No shortage of oxygen for Covid patients: K'taka Min

20 September 2020 | PTI | Sunday Pioneer

Raj: 45-yr-old woman raped in Alwar; 5 held

20 September 2020 | PTI | Sunday Pioneer

Covid hits Telangana Health Minister's office, 7 test positive

20 September 2020 | IANS | Sunday Pioneer