SBI cuts FD, MCLR and EBLR rates after RBI’s 25-bps repo reduction

With the RBI’s 25-basis-point reduction in the policy repo rate, State Bank of India (SBI) has decided to selectively pare deposit rates. It will also snip the marginal cost of funds-based lending rate (MCLR) across the board.India’s largest bank will pare term deposit rate in the 2-year to less than 3-year maturity bucket by 5 basis points (bps) from 6.45 per cent to 6.40 per cent, leaving interest rates in other maturity buckets unchanged.Further, India’s largest bank has cut the interest rate of the spe ...