New Delhi: The country’s largest bank and lender SBI has hiked its deposit and lending rates. The SBI has taken this decision after raising the repo rate of the Reserve Bank of India (RBI) last week. SBI has raised Rs. Interest rates for fixed deposits (FDs) of less than Rs 2 crore and maturing in 211 days to 3 years have been increased by 0.20 per cent. State Bank of India has informed that these revised interest rates have come into effect from today i.e. June 14, 2022. Apart from this, SBI has hiked the MCLR (Marginal Cost of Lending Rate) by 0.20 per cent with effect from June 15.
The bank has fixed the interest rate on fixed deposits of less than one year from 211 days at 4.60 per cent, up from 4.40 per cent earlier. At the same time, senior citizens will be paid 5.10 per cent interest which was earlier 4.90 per cent. For FDs with a maturity of more than one year and less than two years, customers will now get an interest rate of 5.30 per cent with an increase of 0.20 per cent. With this, SBI has increased the interest rate on FDs of less than two years and more than three years from 5.20 per cent to 5.35 per cent. SBI has raised Rs. The interest rate on domestic wholesale fixed deposits of Rs 2 crore and above has been increased by up to 0.75 per cent. Customers with bulk deposits of more than one year and less than two years will get 4.75 per cent interest from June 14, 2022. Earlier this rate was 4 percent. For senior citizens, the new rate will be 5.25 per cent as against 4.50 per cent.
According to the data, the Reserve Bank of India last week hiked the repo rate by 0.50 per cent to 4.90 per cent. The repo rate is a short-term lending rate charged by the RBI to banks. Following the RBI’s repo rate hike, SBI has also hiked the MCLR (Marginal Cost of Lending Rate) by 0.20 per cent. The increased rates will be effective from June 15. Following a recent change in the MCLR, the one-year loan rate has risen from 7.20 per cent to 7.40 per cent. Similarly, the MCLR for a three-year loan has increased from 7.05 per cent to 7.70 per cent. Most consumer loans such as auto, home and personal loans are linked to MCLR. The repo linked lending rate (RLLR) has also been increased from June 15, 2022. Many banks have hiked rates since the RBI’s repo rate revision on June 8.
