State Bank of India cuts interest rates on home loans, fixed deposits

The State Bank of India (SBI) on Monday announced that it has reduced marginal cost-based lending rate (MCLR) and interest across all tenors.

SBI said it has slashed lending rates by 10 basis points (bps) across tenors.

Interest rates on term deposits across all maturities were also lowered by up to 25 basis points.

This is the fifth consecutive reduction in MCLR by the country’s largest bank so far this financial year.

From September 10, one-year MCLR will now come down to 8.15 percent from 8.25.

According to the statement, the retail term deposit rates have been slashed by 20-25 bps and bulk term deposit rates by 10-20 bps across tenors.