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The State Bank of India on Thursday raised marginal cost-based lending rates (MCLR) across most maturities, effective immediately.
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Updated : Mar 01, 2018, 10:26 AM IST
 "SBI hikes lending rates to 8.15% from 7.95% : 5 points to know")
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The State Bank of India on Thursday raised marginal cost-based lending rates (MCLR) across most maturities, effective immediately.
This is the first time the when country’s top lender by assets, raised lending rates since September 2016.
SBI, which accounts for more than a fifth of India’s banking assets, raised the key 1-year MCLR to 8.15 percent from 7.95 percent, according to a notification on Thursday.
Below we have listed out five important key points regarding the same and it will impact the EMIs:
1. As mentioned above, It is the first hike in the 1-year MCLR since the inception of a new lending rate system in April 2016, according to Thomson Reuters data.
2. Banks are raising interest rates even though the central bank is leaving its rates unchanged, as risks such as surging bond yields and more provisioning requirements erode their profit.
3. On Wednesday, SBI raised interest rates on domestic bulk term deposits across most maturities. Other banks are likely to follow suit, pushing up the lending rates as the deposit rates are lagging the credit growth.
4. The one-year retail domestic term deposits of below Rs 1 crore will now earn 6.40% interest as against 6.25% earlier, while the two- to 10-year deposits will earn an interest of 6.50%, up from 6% offered earlier. Similarly, deposits of 7 days to 45 days will earn 5.75%, up from 5.25% offered earlier, while deposits of above 1 year to less than 2 years will earn 6.40% interest as compared to the existing rate of 6.25%.
5. For deposits of 2 years to 10 years, senior citizens will now get 7% as against 6.50%, which was being offered earlier, while for 1-year deposit they will get 6.9%, higher than the 6.75% on offer currently.
According to the latest data released by RBI on February 28, the bank credit grew 9.5% over the previous year a big jump from the 3.5% reported the same time last year. This is the year on year growth in bank credit compiled of all scheduled commercial banks up to January 19, 2018.
