SBI to cut MCLR by 10 basis points across all tenors from Oct 10

The one-year marginal cost of funds-based lending rate (MCLR) would come down to 8.05% from 8.15% from October 10

The country’s largest lender, State Bank of India (SBI), will cut its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across tenors from Thursday. 

Short-term retail and bulk deposits for a year to less than two years will be 10 and 30 bps lower, respectively. Savings bank deposits up to Rs 1 lakh will be 25 bps less from November 1, at 3.25 per cent. The latter rate is now linked to changes in the Reserve Bank of India’s (RBI's) repo rate. The one-year MCLR would come down to 8.05 per cent on Thursday, from 8.15 per