State Bank of India, the country's largest lender, has reduced both the lending and deposit rates with effect from March 10.
The marginal cost of fund based lending rate or MCLR has been reduced by 10-15 bps accross various tenures.
"In view of the festival season and extending the benefits to customers across all segments, country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by10-15 bps across all tenors," SBI said.
The lender has also reduced savings bank interest rate to 3%. It has also waived off monthly average balance requirement.
The one year MCLR comes down to 7.75% from 7.85% with effect from March 10, 2020. This is the tenth consecutive cut in MCLR in FY 2019-20.
Retail term deposits have been reduced by 10 bps for one year and above deposits.
