SBI cuts MCLR rates by 10 bps

Mumbai: The State Bank Group on Wednesday revised its marginal cost of funds-based lending (MCLR) rates by a marginal 10 basis points across all tenors but steeply revised down the pricing on savings deposits under Rs 1 lakh by a 25 bps to 3.25 percent. This is the sixth reduction in the lending rates by the largest lender since April.

While the MCLR reduction is effective October 10, the revision in savings bank deposits rates will be from November 1, the bank said in a statement. The one-year MCLR, to which all the lending rates, barring those retail loans linked to the repo rate since October 1, are linked to, is set at 8.05 percent as against 8.15 percent earlier. "In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 bps across all tenors," the bank said in a statement.