SBI MCLR Rate 2022: State Bank of India (SBI) has given a big blow to the customers. The bank has issued notification of increase in MCLR. Quickly check latest rates. The Reserve Bank (RBI) had recently increased the repo rate to control.
SBI Hike MCLR: There is shocking news for the customers of the country’s largest public sector bank State Bank of India (SBI). Now taking loan from SBI will become expensive and the EMI of new and old customers will also increase. Actually, SBI and Federal Bank have given a big blow to their customers. The bank has announced an increase in the Marginal Cost Based Lending Rate (MCLR) by up to 25 basis points for various tenor loans. Let us tell you that earlier in June and July and August also, SBI had increased the MCLR continuously. The rates are effective from October 15, 2022. Let us know the new rates of both the banks.
SBI’s MCLR with effect from October 15, 2022
One Day – 7.60%
One Month – 7.60%
3 Months – 7.60%
6 Months – 7.90%
One Year – 7.95%
2 Years – 8.15%
3 Years – 8.25%
MCLR of Federal Bank with effect from October 16, 2022
One Day – 8.45%
One Month – 8.50%
3 Months – 8.55%
6 Months – 8.65%
One Year – 8.70%
FD interest rates hiked
Apart from this, recently the interest rate on Fixed Deposit (FD Interest Rates) has also been increased by the bank. According to the updated information on the official website of the bank, SBI has increased the interest rates of its FDs by up to 20 basis points for all tenors. The new interest rates will be applicable on fixed deposits of less than Rs 2 crore. According to the bank’s website, the increased interest rates on FDs are also effective from October 15, 2022. The bank has increased the interest rates on retail FDs after a gap of two months. According to the SBI website, the hike in FD interest rates ranges from 10 basis points (bps) to 20 bps.
RBI had increased the repo rate
Significantly, in the recent monetary policy review, RBI increased the repo rate by 0.5 percent to 5.9 percent, after which banks started increasing the MCLR. Let us tell you that the repo rate is at its 3-year high. So far this year, the RBI has increased the repo rate by 0.50-0.50 percent in June and August after a 0.40 percent increase in May, that is, the RBI has increased the repo rate by 1.90 percent in total so far this year.
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