India’s biggest bank State Bank of India or SBI today lowered lending rates, making loans cheaper. SBI cut its MCLR by 5 basis points across all tenors, its 7th consecutive cut in borrowing rates in FY 2019-20
After the rate cut, SBI’s one-year MCLR to be 8.0% per annum, with effect from November 10, 2019. SBI also cut its FD rates by 15 basis points for deposits for one year to less than two years maturity.
SBI also slashes bulk deposit rates by 30-75 bps across tenors. The bank cited adequate liquidity in the system for lowering FD rates.