New Delhi: Country’s largest lender State Bank of India (SBI) has cut its marginal cost of funds-based lending rate (MCLR) by 0.35 percentage points for all tenors. The new rates will come into effect from 10 April.

The one year MCLR has been reduced to 7.40 percent from 7.75 percent, he bank said in a statement.

"EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs 24 per Rs 1 lakh on a 30 year loan," the bank said.

SBI also said that will realign interest rates on savings bank deposits from 15 April 2020. SBI cut the interest rates on savings deposit 0.25 percentage points from 3 percent to 2.75 percent.