SBI cuts MCLR by up to 15 bps across tenors

Mumbai: The country’s largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

The bank has reduced its one-year MCLR by 10 basis points to 7.75 percent from 7.85 percent earlier, the SBI said.

This is the 10th consecutive cut in MCLR by the bank in the current fiscal.

Overnight and one-month MCLRs have been reduced by 15 basis points to 7.45 percent each. Three-month MCLR has been revised to 7.50 percent from 7.65 percent.

The new two-year and three-year MCLRs stand reduced by 10 basis points to 7.95 percent and 8.05 percent, respectively.

On Monday, another state-run lender Union Bank of India had announced cut in its MCLR by 10 basis points across all tenors, effective March 11.

This is the ninth consecutive rate cut announced by the Mumbai-based bank, since July 2019.

The bank has cut its one-year MCLR to 8 percent from 8.10 percent. The overnight MCLR has been revised to 7.55 percent, while the new one month rate stands at 7.60 percent, the bank had said.

(PTI)