Finance

SBI Reduced MCLR by 10 Basis Points

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. Moreover, it also slashed retail term deposit rates by 20-25 bps and bulk term deposit rates by 10-20 bps across tenors, effective tomorrow. There is some technicality in the reduction that needed to be understood for those who are paying home loan EMIs.