SBI Announces Reduced MCLR and Fixed Deposit Rates across All Tenors

New Delhi, September 9, 2019:

State Bank of India (SBI) on Monday morning announced that it has reduced MCLR (marginal cost of lending rate) on loans across all tenors.

In an official statement, the SBI stated that it will reduce interest rates by 10 basis points (bps) across all tenors with effect from September 10. (1 basis point = 0.01%). Due to this rate cut, the one-year MCLR will come down to 8.15 percent a year from 8.25 percent.

It is the fifth consecutive cut in MCLR in FY 2019-20 of the SBI.

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This is the second rate cut by the bank, post the latest Reserve Bank of India (RBI) policy in August. After the August monetary policy review, the bank had announced a 15 bps across all tenors with effect from August 10.

Apart from SBI, other banks have also reduced the rates. These include Central Bank of India, Axis Bank, Oriental Bank of Commerce, IDBI Bank and IDFC First Bank.

This calendar year, RBI has cut the repo rate by a total of 110 bps. However, banks have not cut interest rates with this rigor and this has been a grouse of most borrowers.

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