<p>The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and the marginal cost of funds-based lending rates (MCLR) across various tenors.</p>.<p>Making it the second reduction in a month, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors.</p>.<p>Fixed deposits (FDs) maturing between 7 days to 45 days will offer an interest rate of 4 per cent as against 4.50 per cent earlier.</p>.<p>Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points.</p>.<p>One-year to less than two-year tenor FD will earn an interest rate of 5.90 per cent against 6 per cent earlier.</p>.<p>FD for similar tenor will fetch an interest rate of 6.40 per cent instead of 6.50 per cent for senior citizens.</p>.<p>The bank has also reduced interest rates on bulk term deposits (Rs 2 crore and above) by 15 basis points for 180 days and above tenors.</p>.<p>FD rates in the bulk category for tenor of one-year and above will earn 4.60 per cent instead of 4.75 per cent.</p>.<p>In February, the bank had slashed term deposits rates by 10-50 basis points in the retail segment and 25-50 basis points in the bulk segment.</p>.<p>Further, the one-year marginal cost of fund-based lending rate (MCLR) has been reduced by 10 basis points to 7.75 per cent from 7.85 per cent earlier, the bank said.</p>.<p>This is 10th consecutive cut in MCLR by the bank in the current fiscal.</p>.<p>Overnight and one-month MCLRs have been reduced by 15 basis points to 7.45 per cent each. Three-month MCLR has been revised to 7.50 per cent from 7.65 per cent.</p>.<p>The new two-year and three-year MCLRs stand reduced by 10 basis points to 7.95 per cent and 8.05 per cent, respectively.</p>.<p>The rates became effective from March 10.</p>.<p>On Monday, another state-run lender Union Bank of India had announced cut in its MCLR by 10 basis points across all tenors, effective March 11. </p>.<p>This is the ninth consecutive rate cut announced by the Mumbai-based bank, since July 2019.</p>.<p>The bank has cut its one-year MCLR to 8 per cent from 8.10 per cent.</p>.<p>The overnight MCLR has been revised to 7.55 per cent, while the new one month rate stands at 7.60 per cent, the bank had said. </p>
<p>The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and the marginal cost of funds-based lending rates (MCLR) across various tenors.</p>.<p>Making it the second reduction in a month, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors.</p>.<p>Fixed deposits (FDs) maturing between 7 days to 45 days will offer an interest rate of 4 per cent as against 4.50 per cent earlier.</p>.<p>Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points.</p>.<p>One-year to less than two-year tenor FD will earn an interest rate of 5.90 per cent against 6 per cent earlier.</p>.<p>FD for similar tenor will fetch an interest rate of 6.40 per cent instead of 6.50 per cent for senior citizens.</p>.<p>The bank has also reduced interest rates on bulk term deposits (Rs 2 crore and above) by 15 basis points for 180 days and above tenors.</p>.<p>FD rates in the bulk category for tenor of one-year and above will earn 4.60 per cent instead of 4.75 per cent.</p>.<p>In February, the bank had slashed term deposits rates by 10-50 basis points in the retail segment and 25-50 basis points in the bulk segment.</p>.<p>Further, the one-year marginal cost of fund-based lending rate (MCLR) has been reduced by 10 basis points to 7.75 per cent from 7.85 per cent earlier, the bank said.</p>.<p>This is 10th consecutive cut in MCLR by the bank in the current fiscal.</p>.<p>Overnight and one-month MCLRs have been reduced by 15 basis points to 7.45 per cent each. Three-month MCLR has been revised to 7.50 per cent from 7.65 per cent.</p>.<p>The new two-year and three-year MCLRs stand reduced by 10 basis points to 7.95 per cent and 8.05 per cent, respectively.</p>.<p>The rates became effective from March 10.</p>.<p>On Monday, another state-run lender Union Bank of India had announced cut in its MCLR by 10 basis points across all tenors, effective March 11. </p>.<p>This is the ninth consecutive rate cut announced by the Mumbai-based bank, since July 2019.</p>.<p>The bank has cut its one-year MCLR to 8 per cent from 8.10 per cent.</p>.<p>The overnight MCLR has been revised to 7.55 per cent, while the new one month rate stands at 7.60 per cent, the bank had said. </p>