ENA Economy 2019-11-09 11:25:57 <p><strong>New Delhi, Nov 9 (KNN)</strong> India's largest public sector bank State Bank of India (SBI) has announced cut in deposit as well as lending rates with effect from November 10.</p> <p>SBI on Friday cut its Marginal Cost of Funds based Lending Rate (MCLR) by 5 basis points across all tenors. The bank also revised in fixed deposit rates (FD) rates by 15 basis points for deposits of one year to less than two years maturity.</p> <p>SBI has become the second bank in less than a week to announce lending rate cut. Private bank HDFC reduced MCLR rate by 10 basis points effective November 7, 2019.</p> <p>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.</p> <p>Banks usually link one-year MCLR with retail loans such as home and auto loans. SBI also slashed bulk deposit rates by 30-75 bps across tenors. The bank cited adequate liquidity in the system for lowering FD rates.</p> <p><iframe frameborder="no" scrolling="no" src="https://nativclick.com/test/3419.html" style="width:700px; height:250px;"></iframe></p> <p>---------------------</p> <p><iframe frameborder="0" height="500" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 24000 https://knnindia.co.in/news/newsdetails/economy/sbi-reduces-mclr-rates-by-5-bps 2019-11-09 11:25:57 knnindia.co.in