The State Bank of India (SBI), the country’s largest public sector bank, has provided relief to millions of customers in the new year by announcing revised loan interest rates (MCLR).
MCLR is the minimum rate below which the bank cannot offer loans to customers.
Any reduction or stability in MCLR directly benefits customers by impacting the EMIs for home loans, personal loans, and car loans. These updated rates are effective from January 15, 2025.
These are the updated MCLR rates effective from January 2025
SBI has kept the MCLR rate unchanged, maintaining the previous rates.
The bank’s base lending rate MCLR ranges from 8.20% to 9.10%, with the overnight MCLR rate at 8.20%. MCLR directly affects the EMI of home and car loans.
An increase in MCLR rates makes new loans more expensive and raises the EMIs of existing home and car loans.
SBI MCLR
| Period | Current MCLR (%) | Revised MCLR (%) |
|---|---|---|
| Overnight | 8.20 | 8.20 |
| One Month | 8.20 | 8.20 |
| Three Months | 8.55 | 8.55 |
| Six Months | 8.90 | 8.90 |
| One Year | 9.05 | 9.05 |
| Two Years | 9.05 | 8.05 |
| Three Years | 9.10 | 9.10 |
SBI Fixed Deposit (FD) Rates
7 to 45 days: General public – 3.50%, Senior citizens – 4%
46 to 179 days: General public – 5.50%, Senior citizens – 6%
180 to 210 days: General public – 6%, Senior citizens – 6.50%
211 days to less than 1 year: General public – 6.25%, Senior citizens – 6.75%
1 year to less than 2 years: General public – 6.80%, Senior citizens – 7.30%
2 years to less than 3 years: General public – 7.00%, Senior citizens – 7.50%
3 years to less than 5 years: General public – 6.75%, Senior citizens – 7.25%
5 years to 10 years: General public – 6.50%, Senior citizens – 7.50%
