SBI Hikes Loan Interest Rate (June 2024): MCLR Hike, Fixed Deposits & More!

India’s largest public sector Bank the State Bank of India has increased the marginal cost of funds based lending rates on selected loan terms by 10 basis points. These changes in interest rates will come in effect from 15 June 2024 and will make some famous consumer loan products such as Home loans and Vehicle loan costlier for customers. In this article we have extensively discussed the new interest rates and the various other phenomenons related to it.

New MCLR Rates in SBI

Below we have provided the complete table to the new lending rates by SBI after hike in MCLR by 10 basis points. You’ll find the interest rates of loans of different tenures and we will compare the old and new MCLR both.

Tenor Existing MCLR (In %) Revised MCLR (In %)
Over night 8 8.1
One Month 8.2 8.3
Three Month 8.2 8.3
Six Month 8.55 8.65
One Year 8.65 8.75
Two Years 8.75 8.85
Three Years 8.85 8.95



What is MCLR?

MCRL is given by RBI to all the public Banks as a reference point so that they can set their lending rates accordingly to save the customers from arbitrary lending rates of public banks. No Bank is permitted to lend below MCLR.



One thing to note is that the External Benchmark lending rates in SBI remain unchanged. Currently SBI  EBLR is at 9.15%=Repo Rate (6.50%)+spread (2.65%). Moreover if we talk about the home loans in SBI they are all connected to EBLR not MCLR which means they also remain unchanged. SBI base rate is at 10.40% effective from June 15, 2023.



Latest SBI FD interest rates for amounts below Rs 3 crore

Recently SBI also updated their Fixed Deposits interest rates for different categories Below are those rates.

General Public Senior Citizen
Tenors Revised Rates for Public w.e.f. 15/06/2024 Revised Rates for Senior Citizen w.e.f. 15/06/2024
7 days to 45 days 3.5 4
46 days to 179 days 5.5 6
180 days to 210 days 6.25 6.75
211 days to less than 1 year 6.5 7
1 Year to less than 2 years 6.8 7.3
2 years to less than 3 years 7 7.5
3 years to less than 5 years 6.75 7.25
5 years and up to 10 years 6.5 7.50*



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