State Bank of India (SBI) building. (File Photo: IANS). Image Source: IANS News

Mumbai, Nov 8 : Lending major State Bank of India has reduced its MCLR (Marginal Cost of Funds based Lending Rate) by 5 basis points across all tenors.

The one year MCLR has come down to 8 per cent per annum from 8.05 per cent per annum with effect from November 10, 2019.

This is the seventh consecutive cut in MCLR in FY 2019-20.

Additionally, the lender said that "in view of adequate liquidity in the system", it has revised interest rates on term deposits with effect from November 10, 2019.

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