State Bank of India (SBI) lowered its MCLR or marginal cost of fund-based lending rate (the lending rate) by 5 basis points across all tenors, making loans cheaper.  Its 7th consecutive cut in borrowing rates in FY 2019-20.

After the rate cut, SBI's one-year MCLR will come down to 8% per annum, with effect from November 10, 2019.

SBI also slashed bulk deposit rates by 30-75 bps across tenors. SBI also announced a revision in fixed deposit rates or FD rates by 15 basis points for deposits for one year to less than two years maturity.