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The country’s largest bank, State Bank of India (SBI) has announced the new Marginal Cost of Lending Rate (MCLR). These new rates will be applicable from December 15, 2024 and will remain in force till January 15, 2025. This announcement is expected to provide relief to crores of customers, especially those who are planning to take home loan, car loan or other types of loans.
New MCLR Rates
According to the official website of State Bank of India (SBI), 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 important for customers who want to review the interest rates on existing loans or are planning to take a new loan. MCLR has a direct impact on the EMI of home and car loan. If MCLR rates increase, the loan becomes expensive and the EMI increases.
Good news for FD
Senior citizens have been given special benefits on fixed deposits (FD). Apart from this, SBI has also announced its fixed deposit (FD) rates. These rates can prove helpful for investors in financial planning.
The new 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
Relief and savings opportunity for customers
SBI’s new MCLR and FD rates can prove beneficial for existing customers and new investors. Especially senior citizens will get the benefit of higher interest rates on FD. At the same time, the new MCLR rates will help in better planning of EMI.
Disclaimer: (The information provided here is being provided for information only. It is important to note here that investment in the market is subject to market risks. Always seek expert advice before investing money as an investor. ABPLive.com does not advise anyone It is never advisable to invest money here.)
