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SBI Cuts Benchmark Lending Rate by 0.05%

Published on November 03, 2017
State Bank of India (SBI) has cut down the benchmark lending rate or the marginal cost of funds based lending rate (MCLR) by 0.05% across maturities.

SBI Cuts Benchmark Lending Rate by 0.05%
  • Now, MCLR for one year has come down to 7.95% from 8%
  • The new rate is effective November 1, 2017
  • The MCLR on overnight borrowings has been reduced to 7.70% from 7.75%, while the lending rate for three-year tenure has been cut from 8.15% to 8.10%.
  • SBI has also reduced the lending rate by 0.5% point for tenures including one month, three months, six months and two years.
  • Rates on fixed deposit (FDs) were also cut by SBI by 25 basis points.
  • The one-year SBI fixed deposit will fetch an interest rate of 6.25% from 6.50% earlier

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