State Bank of India or SBI, India’s largest lender, increased the lending rate, or marginal cost of credit, based on the MCLR, by 25 basis points (bps) across all periods. The new MCLR rates will be effective from October 15, 2022, according to the bank’s website. This will make the EMI costlier for those who had taken the benchmark loan against MCLR. The one-year MCLR is considered important from the point of view of retail loans, as bank’s long-term loans such as home loans are linked to this rate.
The three-month SBI MCLR rate has been increased from 7.35% to 7.60% from overnight. SBI’s six-month MCLR has gone up from 7.65% to 7.90%, one-year from 7.75% to 7.95%, two-year 8.15% to 7.9% and three-year 8% to 8.25%.
SBI’s tenure-wise MCLR effective from October 15
Overnight 7.60%
one month 7.60%
three months 7.60%
six months 7.90%
one year 7.95%
two years 8.15%
three years 8.25%
SBI hikes FD rates
State Bank Of India has increased the interest rates on fixed deposits of less than 2 crore effective from October 15. SBI is now offering an interest rate of 3.00% to 5.85% for general public and 3.50% for senior citizens and 6.65% for deposits maturing in 7 days to 10 years.
Federal Bank hikes lending rates
Federal Bank has also hiked lending rates by 25 bps during the tenure effective October 16. The overnight MCLR rate has been increased to 8.45 per cent. Federal Bank’s one-month MCLR 8.50%, 3-month 8.55%, six-month MCLR goes up to 8.65%. The one-year MCLR, considered important from the retail loan perspective, has increased to 8.70%.
Overnight MCLR 8.45%
One Month MCLR 8.50%
Three Month MCLR 8.55%
Six Month MCLR 8.65%
One year MCLR 8.70%
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