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% SBI Cuts Benchmark Lending Rate by 0.05%](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf03Xsggjr3lFd01R9FwmXEiBSfKa15onTVrqb5YovVgBqEslc8Bxv4CcmpoDW0ZwK60noxmomJyhvqJrqB6DwdFq5NDnDmt36cPafX66luWWuxUId-v4pAL4nKVPb-9KYHG6zpizJFWc/s400-rw/kolkata-announcement-fourth-pictured-quarter-conference-results_cd6f8e68-bf96-11e7-922e-12a52d781256.jpg)
- 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