State Bank of India has decided to lower its lending rates by 5 basis points across all tenors.
State Bank of India on 8th November taken a decision to lower its lending rates by 5 basis points across all tenors.
The bank has also lowered the deposits pricing between 15 and 75 basis points. This is the 7th straight cut in lending rates by the bank this fiscal.
With this drop, the one-year Marginal Cost Of Funds-Based Lending (MCLR), where most of bank’s loan prices are connected, will come down to 8%, the bank said.
It also slashed interest rate on retail term deposit by 15 basis points for one year to less than two years’ tenor.
SBI is the largest bank in India with a 23% market share in assets, besides a share of one-fourth of the total loan and deposits market.
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