With effect from June 1, country's largest
lender State Bank of India (SBI) raised its marginal cost of funds based
lending rates (MCLR) by 10 basis points across the tenors. The overnight MCLR
has been raised to 7.9 per cent with effect from Friday. The one-month MCLR,
likewise, has been raised to 7.9 per cent, 10 basis points higher than the
earlier rate. The three month MCLR will now stand at 7.95 per cent. The
State Bank of India (SBI's) six-month MCLR has been increased to 8.1 percent.
Similarly, the one-year MCLR, two-year MCLR and three-year MCLR have been
raised to 8.25 per cent, 8.35 per cent and 8.45 per cent. The increase of SBI
fixed deposit (FD) rates that took place on May 28 has led to the increase in
lending rates. Check the SBI's latest
FD rates here.
MCLR is the minimum rate below which commercial banks cannot lend to its customers. The Reserve Bank of India (RBI), in April 2016 unveiled the concept of MCLR, which sought to remove much of the discretion commercial banks have to set lending rates.
SBI's Marginal Cost of Funds Based Lending Rates with effect from June 1
MCLR is the minimum rate below which commercial banks cannot lend to its customers. The Reserve Bank of India (RBI), in April 2016 unveiled the concept of MCLR, which sought to remove much of the discretion commercial banks have to set lending rates.
SBI's Marginal Cost of Funds Based Lending Rates with effect from June 1
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