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Shock to SBI customers! Savings account interest rates reduced and MCLR increased

State Bank of India: Crores of customers of State Bank (SBI) have suffered a major setback before Diwali. Giving a double whammy to the customers, the bank has decided to cut the interest rates of its savings account. Along with this, it has also increased its Marginal Cost of Lending Rates. The bank has cut 5 basis points in the savings account. This deduction has been made on deposits of less than Rs 10 crore. This means that this cut will have a direct impact on the common people. At the same time, the bank has decided to increase the interest rate in the savings account on the amount of bulk deposits i.e. more than 10 crores. This increase has been made on 25 basis points. The new rates for the bank’s savings account have been implemented from October 15, 2022.

savings account interest rates
According to the information given on the official website of the bank, the bank is offering 2.70% interest rate off on the savings account to its customers on the amount less than Rs 10 crore. At the same time, earlier the bank was offering 2.75% interest rate on this deposit. At the same time, the bank is offering 2.75% interest rate to the customer on deposits of more than Rs 10 crore.

At the same time, the bank has also decided to increase its FD rates by 10 to 20 basis points on deposits of less than Rs 2 crore. State Bank is offering interest rates ranging from 3% to 5.85% for ordinary citizens. At the same time, interest rates ranging from 3.50% to 6.65% are being offered to senior citizens.

SBI increased MCLR
State Bank of India has increased the MCLR rate i.e. Marginal Cost of Lending Rates by 20 basis points. These new rates have been implemented from October 15. It is worth noting that the increase in MCLR has a direct effect on the interest rate of the bank’s home loan, car loan, personal loan. After this decision of the bank, the EMI burden will increase on crores of customers. Most of the customers take the loan at the marginal cost of lending rate of the year. Let us know about the MCLR for different periods-

  • Overnight MCLR-7.60%
  • 1 month MCLR-7.60%
  • 3 Months MCLR-7.60%
  • 6 Months MCLR-7.90%
  • 1 year MCLR-7.95%
  • 2 years MCLR-8.15%

These banks also increased MCLR
To control the rising inflation in the country, the Reserve Bank of India is continuously increasing its interest rates. After the review meeting of the central bank on 30 September, the bank has increased its repo rate for the fourth time in a row. Since then, many banks like Kotak Mahindra Bank and Federal Bank have decided to increase their MCLR. This year the repo rate has increased from 4.00% to 5.90%. The increase in the repo rate has a direct effect on the interest rate of the bank’s loan. According to the MCLR, the interest rates of the loan are decided by the bank. Along with this, banks are also increasing their FD rates and savings account rates continuously.

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