Ahead of festivals, SBI cuts lending rates by 10 bps

State Bank of India (Reuters Photo)

Public sector lender State Bank of India on September 9 announced yet another reduction in lending rates by 10 basis points across tenors.

The new rates are effective from September 10, the lender said announcing the third rate reduction in the current fiscal year.

One year MCLR, to which all the retail lending rates are linked to, has been reduced to 8.15 per cent from 8.25 per cent earlier.

It also slashed retail term deposit rates by 20-25 bps and bulk term deposit rates by 10-20 bps across tenors.

The lender attributed the falling interest rate scenario and surplus liquidity for realigning its interest rate on term deposits.

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