The State Bank of India (SBI) has recently revised the interest rates for its loans and fixed deposits (FDs). This change comes with a reduction in the Marginal Cost of Funds-Based Lending Rate (MCLR) for specific tenures. As of October 15, 2024, the one-month MCLR has decreased by 0.25%, bringing the rate down to 8.20%. This new rate will be effective until November 15, 2024. Meanwhile, other loan rates remain unchanged, ranging from 8.20% to 9.10%, depending on the loan tenure.
Latest Loan Interest Rates by SBI
SBI has adjusted its MCLR-based loan interest rates as follows:
- Overnight MCLR: 8.20%
- One-Month MCLR: Reduced to 8.20% (from 8.45%)
- Six-Month MCLR: 8.85%
- One-Year MCLR: 8.95%
- Two-Year MCLR: 9.05%
- Three-Year MCLR: 9.10%
These rates reflect SBI’s effort to provide more affordable loans for customers, especially those looking for short-term loan options.
Base Rate and Home Loan Interest Updates
For loans not linked to the MCLR, SBI’s base rate remains at 10.40%, effective from September 15, 2024. The Benchmark Prime Lending Rate (BPLR) has also been revised to 15.15%.
For home loan borrowers, SBI’s External Benchmark Lending Rate (EBLR) stands at 9.15%, which is tied to the Reserve Bank of India’s repo rate (6.50%) with an additional spread of 2.65%. Depending on the borrower’s CIBIL score, home loan rates may vary between 8.50% and 9.65%.
SBI also offers options for customers affected by changes in the repo rate. Borrowers can opt to:
- Pay a lump sum to maintain their current EMI and tenure.
- Extend the loan tenure, subject to eligibility.
- Increase their EMI to repay the loan within the current tenure.
- Use a combination of the above options.
Fixed Deposit (FD) Interest Rates
SBI has also made revisions to its fixed deposit rates as of June 15, 2024. The bank continues to offer special FD schemes with competitive interest rates:
- SBI V-Care Deposit Scheme: For deposits over five years, SBI offers a 7.50% interest rate, with an additional 50 bps for senior citizens.
- Amrit Kalash (400-day tenure): The interest rate is 7.10%, while senior citizens receive a higher rate of 7.60%. This scheme is available until March 31, 2025.
- Amrit Vrishti (444-day tenure): The general interest rate is 7.25%, with senior citizens getting 7.75%. This offer is also valid until March 31, 2025.
SBI Green Rupee Term Deposit
SBI’s Green Rupee Term Deposit offers interest rates 10 bps lower than the regular retail deposit rate for specific tenures (1111, 1777, and 2222 days), aligning with the bank’s eco-friendly initiatives.
These revised rates reflect SBI’s commitment to adapting its offerings to market conditions while providing competitive returns for its customers.
