State Bank of India or SBI has reduced its benchmark lending rate by ten basis points or 0.10 percentage points across all tenors. The new rate, effective from today, marks the fifth reduction by SBI this financial year, the country's largest lender said in a statement. State Bank of India's marginal cost-based lending rate or MCLR, the rate to which all of its home loans are linked, now stands at 8.15 per cent for the one-year tenor, from 8.25 per cent earlier, according to SBI's statement.
Here are revised SBI's tenor-wise MCLR, effective from today:
|Tenor||Existing MCLR (In %)||Revised MCLR (In %)|
(As mentioned on SBI's website- sbi.co.in)
SBI's revision of its marginal cost of funds-based lending rate (MCLR) comes on the back of the Reserve Bank of India (RBI)'s 1.1 percentage point reduction in the repo rate so far this year. Repo rate is the interest rate at which the central bank lends money to commercial banks.
SBI has also reduced its fixed deposit (FD) interest rates across all maturities. The FD rates have been reduced by 20-25 basis points (or 0.20-0.25 percentage point) across tenors in the retail segment, and bulk segment has seen a reduction of 10-20 basis points (or 0.10-0.20 percentage point).