State Bank of India reduces MCLR and fixed deposit rates
New Delhi, Sept 9 (IBNS): India's biggest lender State Bank of India on Monday announced its decision to reduce MCLR (Marginal Cost of Funds based Lending Rate) by 10 basis points.
The new changes will come to effect from Sept 10.
The one-year SBI MCLR will be 8.15% per annum with effect from 10 September. This is the fifth consecutive reduction in MCLR from SBI so far in FY 2019-20, reported Live Mint.
The biggest bank of the nation also announced its decision to reduce fixed deposit or FD rates by 20-25 basis points.
The bank made the announcements ahead of the festival season in the country.
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