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State Bank of India or SBI, India’s biggest lender, increased marginal cost of funds based lending rate or MCLR on loans by 25 basis points (bps) across all tenures. The new MCLR rates come into effect on October 15, 2022, as per the bank’s website. This will make EMIs expensive for those who availed loans benchmarked against the MCLR. The one-year MCLR is considered important from a retail loans perspective, as a bank’s long-term loans like home loans are linked to this rate.
The overnight to three-month SBI MCLR rate has been hiked to 7.60% from 7.35%. The SBI six-month MCLR goes up to 7.90% from 7.65%, one-year to 7.95% from 7.7%, two-year to 8.15 % from 7.9% and three-year to 8.25% from 8%.
SBI’s tenor-wise MCLR effective from 15 October
Over night 7.60%
One Month 7.60%
Three Month 7.60%
Six Month 7.90%
One Year 7.95%
Two Years  8.15%
Three Years 8.25%
SBI hikes FD rates
SBI has hiked interest rates on fixed deposits of less than ₹2 crore effective from of 15 October. SBI is now offering an interest rate ranging from 3.00% to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years.
Federal Bank hikes lending rates
Federal Bank has also hiked lending rates by 25 bps across tenures effective from 16 October. The overnight MCLR rate has been hiked to 8.45%. Federal Bank’s one month MCLR goes up to 8.50%, 3 month 8.55%, six Months MCLR 8.65%. The one-year MCLR, which is considered important from a retail loans perspective, has gone up to 8.70%
Overnight MCLR 8.45%
One Month MCLR 8.50%
Three Months MCLR 8.55%
Six Months MCLR 8.65%
One Year MCLR 8.70%
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