SBI reduces MCLR by 5 bps; seventh cut in FY20

Sarkaritel
By Sarkaritel November 9, 2019 07:45


Mumbai, Nov 9  Lending major State Bank of India has reduced its MCLR (Marginal Cost of Funds based Lending Rate) by 5 basis points across all tenors.

The one year MCLR 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 MCLR 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.

Sarkaritel
By Sarkaritel November 9, 2019 07:45