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.
- 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