MUMBAI:
Country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 10 bps across all tenors. The 1 Year MCLR would come down to 8.15% p.a from 8.25% p.a. with effect from 10th September 2019. This is the fifth consecutive cut in MCLR in FY 2019-20.
In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits (TD) w.e.f. September 10. Bank slashes retail TD rates by 20-25 bps and bulk TD rates by 10-20 bps across tenors.
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