SBI cuts fixed deposit rates, MCLRs in 2nd reduction in a month

Country's largest lender State Bank of India (SBI) has announced a reduction in its MCLR or marginal cost of funding-based lending rates by 10-15 basis points across tenors, and a cut in its fixed deposit interest rates. Making it a second reduction in a month and the tenth cut in the current fiscal year, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors. The bank said the new rates for home loans and fixed deposits ...