State Bank Of India Has Lowered Lending Rates Resulting Loans

State Bank of India has lowered lending rates resulting loans to get cheaper. The bank has cut its MCLR by 5 basis points across all tenors, its seventh consecutive cut in borrowing rates in FY 2019-20.

The bank's one-year MCLR will be 8.0 percent per annum, with effect from November 10, 2019 and has also cut its FD rates by 15 basis points for deposits for one year to less than two years maturity.

State Bank of India has also slashed bulk deposit rates by 30-75 bps across tenors citing adequate liquidity in the system for lowering FD rates.

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