The one-year MCLR will come down to 8.15 per cent per annum from 8.25 per cent per annum from Tuesday. This is the fifth consecutive cut in MCLR in during the current financial year 2019-20.
"In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits from September 10," it said in a statement.
"The bank will slash retail term deposit rates by 20 to 25 basis points and bulk term deposit rates by 10 to 20 basis points across tenors."
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country.
As on June 30, the bank has a deposit base of over Rs 28 lakh crore with current account savings account (CASA) ratio of 45.1 per cent and advances of over Rs 19 lakh crore. SBI has about 35 per cent and 36 per cent of market share in home loans and auto loans respectively.
The bank has the largest network of 22,088 branches in India and an ATM/CDM network of over 58,495.
The number of customers using internet banking facility is more than 66 million and mobile banking services stand at 14.8 million. Downloads for YONO -- an integrated digital and lifestyle platform by SBI -- are over 23 million with more than 16 million logins per day.
On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The bank tops the list of followers on Facebook and YouTube across all banks worldwide, according to the statement.