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SBI reduces MCLR by 35 basis points across all tenors
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SME Times News Bureau | 07 Apr, 2020
Lending major State Bank of India (SBI) on Tuesday reduced the marginal
cost of funds-based lending rate (MCLR) by 35 basis points across
tenors.
In financial parlance, MCLR is an internal reference rate
that commercial banks use to determine the minimum interest rates on
loans.
In a statement, the bank said that the new rates will come into effect from April 10.
"The
one year MCLR comes down to 7.40 per cent p.a from 7.75 per cent p.a.
with effect from April 10, 2020. This is the eleventh consecutive cut in
MCLR in FY 2019-20," it said.
"Consequently, EMIs on eligible
home loan accounts (linked to MCLR) will get cheaper by around Rs.
24.00 per 1 lakh on a 30 year loan."
According to the bank, in
view of adequate liquidity in the system, SBI realigned its interest
rates on 'Savings Bank Deposits, with effect from April 15 th, 2020.
"For
balances upto Rs 1 lakh: 25 bps reduced from 3 per cent to 2.75 per cen
t... For balances above Rs 1 lakh: 25 bps reduced from 3 per cent to
2.75 per cent," the statement said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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