The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rate (MCLR) on loans from October 15- November 15, 2024. SBI has reduced the interest rate of one MCLR tenure by 25 basis points (bps), while leaving the other rates unchanged. The revised MCLR is effective from October 15, 2024.
Latest SBI MCLR loan interest rates October 2024
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 rate for the one-month is reduced from 8.45% to 8.20%, a dip by 25 bps. 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%.
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| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.2 | 8.2 |
| One Month | 8.45 | 8.2 |
| 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 |
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.
SBI EBLR
SBI home loan External Benchmark Lending Rate (EBLR) is 9.15%. RBI repo rate is 6.50+ Spread (2.65%). On home loans, interest rates can vary between 8.50% to 9.65% depending on the CIBIL score of the borrower.
According to the SBI home loan website, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan account will also undergo change. Upward revision in the Repo Rate will result in consequent increase of interest rate in the Home / Home related loan. The customer will have following options to negate the effect of rise in Rate of Interest:
a. To Pay lump sum amount to continue with existing EMI and Tenor.
b. To Increase the Loan Tenor (within permissible tenor & Age limit).
c. To Increase the EMI to pay the Loan within the existing tenor. d. Combination of any of the above.”
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Latest 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* |
*Including additional premium of 50 bps under ”SBI We-care” deposit scheme.
“The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31st March 2025.”
“The specific tenor scheme of “444 days” (Amrit Vrishti) at Rate of Interest 7.25 % is effective from 15th July 2024 and Senior Citizens are offered a Rate of interest 7.75%. The Scheme will be valid till 31st March 2025”
SBI GREEN RUPEE TERM DEPOSIT is available for three specific tenors of 1111, 1777 & 2222 days, at 10 bps below Card Rate for Retail deposits.
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