The country’s largest bank and lender SBI has increased its deposit and lending rates. SBI has taken this decision after increasing the repo rate of the Reserve Bank last week. SBI has increased the interest rates by 0.20% for fixed deposits of less than Rs 2 crore and maturing in 211 days to 3 years.
Giving information on its website, State Bank of India said that these revised interest rates have come into effect from today i.e. June 14, 2022. Apart from this, SBI has increased the MCLR i.e. Marginal Cost of Lending Rate by 0.20%. The increased rates will be applicable from June 15.
SBI gave information:
SBI said on its website that the bank has reduced the interest rates of fixed deposits from 211 days to less than one year to 4.60%, as against 4.40% earlier. At the same time, interest of 5.10% will be given to senior citizens as against 4.90% earlier. Similarly, for FDs with tenor of more than one year and less than two years, customers will now get an interest rate of 5.30%, increased by 0.20 per cent.
Along with this, SBI has increased the interest rate from 5.20% to 5.35% on FDs of less than two years and more than three years. SBI has increased interest rates by up to 0.75% on domestic wholesale fixed deposits of Rs 2 crore and above. Customers with bulk deposits for tenors of more than one year and less than two years will earn 4.75% interest with effect from June 14, 2022. Earlier this rate was 4 percent. For senior citizens, this new rate will be 5.25% as against 4.50%.
SBI hikes MCLR by 0.20%
Significantly, the Reserve Bank of India had last week increased the repo rate by 0.50 percent to 4.90 percent. Repo rate is the short-term lending rate that RBI charges to banks. Its effect is now visible. After increasing the repo rate of RBI, SBI has also increased the MCLR i.e. Marginal Cost of Lending Rate by 0.20 percent. The increased rates will be applicable from June 15.
According to the information given on SBI’s website, after the recent change in MCLR, the rate for loans up to one year has increased from 7.20 percent to 7.40 percent. Similarly, the MCLR for three-year loans has increased from 7.05 per cent to 7.70 per cent. Significantly, most consumer loans such as auto, home and personal loans are linked to MCLR.
According to the SBI website, the Repo Linked Lending Rate (RLLR) has also been increased with effect from June 15, 2022. After the revision of the repo rate of RBI on June 8, many banks have increased the rates.
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