State Bank of India (SBI) on Sunday reduced its marginal cost of funds based lending rate (MCLR) by 90 basis points across maturities.

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The new rates will be effective from January 1, 2017, cited SBI in a press release. 

The overnight MCLR rate now stands at 7.75% as against the existing rate of 8.65% .

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Similarly, the bank has revised MCLR rate in a range of 7.85% to 8.15% for loans with tenors of one month to three years. 

With the revision in new rate, the bank has reduced its benchmark rate by 200 basis points from January 2015.