MUMBAI, Sept 9:Public sector lender State Bank on
Monday announced yet another reduction in lending rates by 10
basis points across tenors.
The new rates are effective Tuesday, the lender said
announcing the third rate reduction in the current fiscal
year.
One year MCLR, to which all the retail lending rates
are linked to, has been reduced to 8.15 percent from 8.25
percent earlier.
It also slashed retail term deposit rates by 20-25 bps
and bulk term deposit rates by 10-20 bps across tenors,
effective Tuesday.
The lender attributed the falling interest rate
scenario and surplus liquidity for realigning its interest
rate on term deposits. (PTI)
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