Mumbai, Nov 01: After reducing the deposit rates, State Bank of India has decided to cut the prime lending rate (PLR), medium term lending rate (MTLR) and short term advance rate (STAR) by 25 basis points across the board with effect from today. The revised PLR, MTLR and STAR would be 10.75 per cent, 11.25 per cent and 10.25 per cent respectively, SBI said in a release here.
The country's largest bank has also reduced the maximum spread on advances from 3.5 per cent to 2.5 per cent over prime lending rates, it added.
Union Bank of India in a release said it has brought down the deposit rates by 25 to 75 basis points across all maturity buckets from November five.

The rates on non-resident external deposits have also been scaled down so as to bring them on par with domestic deposits, it said.
The bank's asset liability management committee would shortly review the PLR and prime term lending rate after studying the long term impact of cuts introduced by Reserve Bank of India and its missive to banks to either reduce their spread or bring down the PLR, it added. Bureau Report