The State Bank of India (SBI), the largest bank in the country, has revealed its updated Marginal Cost of Lending Rate (MCLR). These revised rates will take effect on December 15, 2024, and will be valid until January 15, 2025. This announcement is anticipated to offer significant relief to millions of customers, particularly those considering home loans, car loans, or other financing options.
Updated MCLR Rates
According to SBI’s official website, the new MCLR rates are as follows:
– Overnight and 1 Month Rate: 8.20%
– 3 Month Rate: 8.55%
– 6 Month Rate: 8.90%
– 1 Year Rate: 9.00%
– 2 Year Rate: 9.00%
– 3 Year Rate: 9.10%
These rates are crucial for customers looking to assess the interest rates on their current loans or those intending to secure new loans. Changes in the MCLR directly affect the EMIs for home and car loans; an increase in MCLR results in higher loan costs and increased EMIs.
Positive Developments for Fixed Deposits
SBI has also introduced special benefits for senior citizens regarding fixed deposits (FDs). Additionally, the bank has announced its new FD rates, which can assist investors in their financial planning.
The updated FD rates are as follows:
– 7 to 45 Days: 3.50% for General Public, 4.00% for Senior Citizens
– 46 to 179 Days: 5.50% for General Public, 6.00% for Senior Citizens
– 180 to 210 Days: 6.00% for General Public, 6.50% for Senior Citizens
– 211 Days to less than 1 Year: 6.25% for General Public, 6.75% for Senior Citizens
– 1 Year to less than 2 Years: 6.80% for General Public, 7.30% for Senior Citizens
– Below 2 to 3 Years: 7.00% for General Public, 7.50% for Senior Citizens
– Below 3 to 5 Years: 6.75% for General Public, 7.25% for Senior Citizens
– 5 to 10 Years: 6.50% for General Public, 7.50% for Senior Citizens.
