New Delhi: State Bank of India (SBI) has increased interest rates on loans by 10 basis points across tenors with effect from August 15, 2024. The country’s largest public sector bank raised Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across tenors, with effect.
SBI has revised six-month and one-year MCLR; now it will be 8.85 per cent and 8.95 per cent, respectively. Notably, the bank has increased MCLR for the third straight month. From 15th August, SBI’s new MCLR for three-years tenor will now be 9.10 per cent from 9 per cent and the overnight MCLR has been increased to 8.20 per cent from 8.10 per cent.
While announcing the Monetary Policy Committee (MPC) on August 8, 2024, Reserve Bank of India (RBI) kept its repo rate unchanged at 6.50 per cent.
SBI Marginal Cost Of Funds Based Lending Rate
Tenor
Existing MCLR (In %)
Revised MCLR (In %)
Over night
8.1
8.2
One Month
8.35
8.45
Three Month
8.4
8.5
Six Month
8.75
8.85
One Year
8.85
8.95
Two Years
8.95
9.05
Three Years
9
9.1
Other banks increased MCLR
Recently, Bank of Baroda (BoB), Canara Bank and UCO Bank, and some other banks, announced to increase MCLR. BoB increased its MCLR by 5 basis points on some which came into effect from August 12. Now, six-month and one-year MCLR stands at 8.75 per cent and 8.95 per cent, respectively.
Canara Bank raised its MCLR by 5 basis points across all tenors with effect from 12th August. The revised six month and one-year MCLR are at 8.80 per cent and 9 per cent, respectively.
UCO Bank MCLR on certain tenors raised by 5 basis points with effect from August 10. The revised six-month and one-year MCLR are 8.80 per cent and 8.95 per cent, respectively.
Marginal Cost of Funds based Lending Rate is the minimum lending rate below which a bank is not permitted to lend.
The State Bank of India (SBI) increased Marginal Cost Of Funds Based Lending Rate (MCLR) with effect from – August 15, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
