State Bank of India has lowered its lending rates by ten basis points across all tenors. It has also revised its savings rate by 25 basis points for term deposits under one lakh.
In a statement, SBI said, the new Marginal Cost Of Funds-Based Lending (MCLR) rate will be effective from today while the revision in savings bank deposits rates will be from 1st November.
SBI, which controls a fifth of the system, has also slashed its retail term deposits 10 basis points and bulk term deposits rates by 30 basis points for one-year to less than two-years effective 10th October. (AIR NEWS)