SBI raises lending and deposit rates by up to 20 basis points; check new rates for different tenors
The one-year benchmark MCLR has been revised upwards to 7.40% from the current rate of 7.20%. Most consumer loans such as auto, home, and personal loans are tied to MCLR.
Overnight to three-year term MCLRs were raised to 7.05-7.70%, according to the lender’s website.
After repo rates rise, how much your EMI will increase per lakh of loan
HDFC, ICICI Bank, Bank of Baroda, Bank of India, PNB raise interest rates for home loans: see the new rates here
SBI also raised the repo-linked lending rate (RLLR) with effect from June 15, 2022, according to its website.
The revised RLLR will be 7.15% plus the credit risk premium (CRP), compared to the current 6.65% plus the CRP.
The MCLR system came into effect on April 1, 2016, moving from the old framework, for better transmission of interest rates to customers.
It also raised its deposit rates up to 0.20% on domestic term deposits below Rs 2 crore for certain tenors.
Revised domestic retail term deposit interest rates (below Rs 2 crore) come into effect from 14 June 2022
For deposits of 211 days to less than 1 year, the lender will offer an interest rate of 4.60%, compared to 4.40% previously. Seniors will be offered an interest of 5.10% compared to 4.90% previously.
Similarly, for domestic term deposits from 1 year to less than 2 years, customers can earn interest at 5.30%, up from 0.20%. For seniors, the interest rate will be higher by a similar margin at 5.80%.
On a duration of 2 years to less than 3 years, SBI raised the interest rate from 5.20% to 5.35%, while the elderly can earn 5.85% against 5.70% previously.
The lender has also revised interest rates on domestic bulk term deposits from Rs 2 crore and above for some tenors up to 0.75%.
For maturities of 1 year to less than 2 years, customers with bulk deposits will earn interest at 4.75% compared to 4% previously, starting June 14, 2022. For seniors, the new rate will be 5, 25% versus 4.50 percent.