State Bank of India (SBI) on Friday announced to reduce its Marginal Cost of Funds based Lending Rate (MCLR) by five basis points across all tenors. With this, the one year MCLR comes down to 7.85% per annum from 7.90% with effect from February 10, 2020. This is the ninth consecutive cut in MCLR in FY20, SBI said in a statement.
The lender also decided to slash interest rate on term deposits by 10-50 basis points across various tenors.