- SBI MCLR Update: One-month MCLR reduced by 25 bps to 8.20%, effective October 15, 2024.
- MCLR Range: Rates now span from 8.20% to 9.1% for various loan tenures.
- FD Rates for General Public: Fixed deposit rates range from 3.5% to 6.5%, unchanged.
- FD Rates for Senior Citizens: Senior citizens can earn up to 7.5% on select schemes.
- Home Loan Rates: SBI home loans range between 8.50% and 9.65%, depending on credit score.
- Flexible Loan Options: Borrowers can adjust EMI, loan tenure, or make lump-sum payments if rates rise.
The State Bank of India (SBI) has revised its marginal cost of funds-based lending rate (MCLR) for loans, effective from October 15, 2024, to November 15, 2024. A notable change includes a 25 basis points (bps) reduction in the one-month MCLR, while all other rates remain unchanged.
Revised SBI MCLR Rates for October 2024
SBI’s MCLR* now ranges between 8.20% and 9.1%. The overnight MCLR is set at 8.20%, and the one-month MCLR, previously 8.45%, has been lowered to 8.20%, reflecting a 25 bps cut. The six-month MCLR remains at 8.85%, while the one-year MCLR is 8.95%. Additionally, the two-year MCLR stands at 9.05%, and the three-year MCLR is fixed at 9.1%.
*MCLR: The Marginal Cost of funds-based Lending Rate (MCLR) is the minimum interest rate at which banks can lend.
SBI Base Rate and BPLR
As of September 15, 2024, SBI’s base rate is 10.40%, and the Benchmark Prime Lending Rate (BPLR) has been set at 15.15% per annum.
SBI Home Loan EBLR
SBI’s home loan External Benchmark Lending Rate (EBLR) is 9.15%, linked to the RBI’s repo rate of 6.50% plus a spread of 2.65%. Home loan interest rates vary between 8.50% and 9.65%, depending on the borrower’s CIBIL score.
According to SBI’s home loan policy, any changes in the repo rate will affect the home loan interest rate. Customers can mitigate rising rates by choosing to:
- Pay a lump sum to maintain the same EMI and loan tenure.
- Increase the loan tenure, subject to permissible limits.
- Raise the EMI to clear the loan within the current tenure.
- Opt for a combination of the above strategies.
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Existing Rates for Public w.e.f. 15/05/2024 (%) | Revised Rates for Public w.e.f. 15/06/2024(%) | Existing Rates for Senior Citizen w.e.f. 15/05/2024(%) | Revised Rates for Senior Citizen w.e.f. 15/06/2024(%) |
| 7 days to 45 days | 3.5 | 3.5 | 4 | 4 |
| 46 days to 179 days | 5.5 | 5.5 | 6 | 6 |
| 180 days to 210 days | 6 | 6.25 | 6.5 | 6.75 |
| 211 days to less than 1 year | 6.25 | 6.5 | 6.75 | 7 |
| 1 Year to less than 2 years | 6.8 | 6.8 | 7.3 | 7.3 |
| 2 years to less than 3 years | 7 | 7 | 7.5 | 7.5 |
| 3 years to less than 5 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 5 years and up to 10 years | 6.5 | 6.5 | 7.50* | 7.50* |
Note: *This includes an additional premium of 50 basis points (bps) under the “SBI We-care” deposit scheme.
Latest SBI FD Interest Rates
For fixed deposits, SBI has specific schemes:
The “Amrit Vrishti” 444-day scheme provides 7.25% interest for the general public and 7.75% for senior citizens, effective from July 15, 2024 and valid until 31st March 2025.
The “Amrit Kalash” 400-day scheme offers 7.10% interest to the general public and 7.60% to senior citizens, valid until March 31, 2025.
