New Delhi: State Bank of India (SBI) today announced cutting down its SBI MCLR or marginal cost of fund based lending rate by 5 basis points for all tenors. This will have the effect of making loans, including home loans, cheaper. However, the cut will be effective 10th November.
The new MCLR would be just 8 percent. The bank also revised its fixed deposit rates by 15 basis points. The revision will be for deposits for one year to less than two years maturity. It also cut bulk deposit rates by 30-75 basis points across tenors.
Earlier this week, HDFC Bank had also slashed its MCLR by up to 10 basis points for different tenors.
It may be recalled that the Reserve Bank of India has lowered Repo Rate by a cumulative 135 basis points this year so far.