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The State Bank of India has said that it has increased its marginal cost base lending rates (MCLR) by 10 basis point. MCLR is the rate below which a bank cannot lend.
Its MCLR for one year now stands at 8.25 percent, up from 8.15 percent previously, as per its website. The new rates are applicable from June 1.
| Tenure | Revised MCLR (%) | Previous MCLR (%) |
|---|---|---|
| Overnight | 7.90 | 7.80 |
| 1 month | 7.90 | 7.80 |
| 3 months | 7.95 | 7.85 |
| 6 months | 8.10 | 8.00 |
| 1 year | 8.25 | 8.15 |
| 2 years | 8.35 | 8.25 |
| 3 years | 8.45 | 8.35 |
The news comes in the same week SBI hiked interest rates on fixed deposits for selected tenures.
Housing Development Finance Corporation (HDFC) too has hiked its MCLR by 10 basis points, effective from June 2.
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