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New Delhi. The country’s largest bank, the SBI, has raised its deposit and lending rates. SBI made this decision after RBI raised the repo rate last week. SBI raised interest rates by 0.20% for fixed deposits of less than Rs 2 crore and maturing in 211 days to 3 years. Giving information on its website, State Bank of India said that these revised interest rates came into effect from June 14, 2022. Apart from this, SBI has increased the MCLR i.e. say the marginal cost rate of loans, 0.20%. The increased rates will be applicable from today June 15th.

SBI gave information
SBI said on its website that the bank cut interest rates on fixed 211-day deposits within one year to 4.60% from 4.40% previously. At the same time, an interest of 5.10% will be granted to seniors against 4.90% previously. Similarly, for FDs with terms greater than one year and less than two years, customers will now benefit from an interest rate of 5.30% plus 0.20%. Along with this, SBI increased the interest rate from 5.20% to 5.35% on DFs under two years and over three years. The SBI has raised interest rates up to 0.75% on domestic wholesale fixed deposits of Rs 2 crore and above. Customers with bulk deposits for terms greater than one year and less than two years will earn 4.75% interest starting June 14, 2022. Previously, this rate was 4%. For seniors, this new rate will be 5.25% against 4.50%.

SBI increases MCLR by 0.20%
Significantly, the Reserve Bank of India last week raised the repo rate by 0.50% to 4.90%. The repo rate is the short-term lending rate that RBI charges banks. Its effect is now visible. After increasing the RBI repo rate, SBI also increased the MCLR, i.e. the marginal cost of the lending rate by 0.20%. The increased rates will be applicable from June 15.

According to the information provided on the SBI website, after the recent change in the MCLR, the rate for loans up to one year was reduced from 7.20% to 7.40%. Similarly, the MCLR for three-year loans increased from 7.05% to 7.70%. Significantly, most consumer loans such as auto, home, and personal loans are tied to MCLR.

According to the SBI website, the Repo Linked Lending Rate (RLLR) has also been increased effective June 15, 2022. After the RBI’s repo rate review on June 8, many banks increased the rates.

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