SBI reduces MCLR by 5 bps; seventh cut in FY20

Mumbai: Lending major State Bank of India has reduced its MCLR (Marginal Cost of Funds based Lending Rate) by 5 basis points across all tenors.

The one year MCLR has come down to 8 per cent per annum from 8.05 per cent per annum with effect from November 10, 2019.

This is the seventh consecutive cut in MCLR in FY 2019-20.

Additionally, the lender said that "in view of adequate liquidity in the system", it has revised interest rates on term deposits with effect from November 10, 2019.