The State Bank of India (SBI) has announced the latest the marginal cost of funds-based lending rate (MCLR) on loans from September 15- October 15. The latest MCLR are effective from September 15, 2024.
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Latest SBI MCLR loan interest rates September 2024
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.2 | 8.2 |
| One Month | 8.45 | 8.45 |
| Three Month | 8.5 | 8.5 |
| Six Month | 8.85 | 8.85 |
| One Year | 8.95 | 8.95 |
| Two Years | 9.05 | 9.05 |
| Three Years | 9.1 | 9.1 |
Source: SBI website
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR is at 8.20%, while the rates for the one-month and three-month tenures are now at 8.45% and 8.5%, respectively. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised at 8.95%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.
Last month, the State Bank of India (SBI) had increased the marginal cost of funds-based lending rate (MCLR) on loan by 10 basis points (bps) on certain durations.
SBI auto loans are tied to the one-year MCLR, while personal loans are tied to the two-year MCLR.
What is MCLR
The lowest lending rate a bank is allowed to lend below is known as the Marginal Cost of funds-based Lending Rate (MCLR).
SBI base rate
SBI base rate is at 10.40% effective from September 15, 2024.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from September 15, 2024.
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SBI FD Interest rates
| 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* |
Source: SBI website
