Axis Bank: The third largest private sector bank has said in the information released on the website that from October 18, the standard MCLR for a period of one year has been increased by 0.25 percent to 8.35 percent.
MCLR Hike: The country’s third largest private sector bank has shocked crores of customers. The marginal cost based interest rate (MCLR) has been increased by 0.25 percent by Axis Bank. The increased interest rate has been implemented with immediate effect. The country’s third largest private sector bank said in the information released on the website that with effect from October 18, 2022, the standard MCLR (MCLR) for a period of one year has been increased by 0.25 percent to 8.35 percent. It was 8.10 percent earlier.
The interest rate increased after the increase in the repo rate,
the rates of vehicle, personal and home loans are decided on the basis of one-year MCLR. Axis Bank has increased the MCLR rate after the Reserve Bank of India (RBI) increased the repo rate by 0.50 percent on 30 September. The MCLR has also been increased by 0.25 percent to 8.15-8.30 percent on loans ranging from one day to six months.
These banks also increased the interest rate
MCLR to 8.45 percent for two years and 8.50 percent for a period of three years. Axis Bank said that these rates will be valid till the next review. Earlier, State Bank of India (SBI), Federal Bank and Kotak Mahindra Bank had increased the MCLR rate. Apart from this, SBI has increased the interest rate by 0.3 percent for those depositing large amounts on Tuesday.
SBI on Monday reduced the interest by 0.50 percent to 2.70 percent on savings accounts with deposits of less than Rs 10 crore. SBI said in a statement that now customers will get interest at the rate of 3 percent on deposits of Rs 10 crore or above.
