The State Bank of India (SBI) has announced reduction on Marginal Cost of Lending Rate (MCLR) on Monday.
The SBI said in its release the new reduced interest rates will come into effect on September 10. SBI has reduced the MCLR rates by 10 basis points.
SBI has also slashed retail term deposit rates by 20-25 basis points (bps) and bulk term deposit rates by 10-20 bps.
Meanwhile, this is SBI’s fifth cut in MCLR rates this financial year.