State Bank of India, the country’s largest lender, increased marginal cost-based lending rates (MCLR) across most maturities, effective immediately. SBI raised the key one-year MCLR or benchmark rate to 8.15 percent from 7.95 percent, according to a notification from the bank.
This is the first time SBI has raised the one-year MCLR or benchmark rate since the inception of a new lending rate system in April 2016. The rate revision from SBI comes just a day after the bank raised interest rates on fixed deposits across most maturities.
For retail deposits below Rs. 1 crore, SBI increased fixed deposit rates by up to 0.50 per cent, while for deposits maturing in one year to less than two years, the pricing has been raised by 0.15 per cent to 6.40 per cent from 6.25 per cent earlier.
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