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SBI increased interest rates : India's largest public sector bank, State Bank of India, has decided to increase its marginal cost of lending rate (MCLR), giving a shock to crores of customers on Independence Day. The bank has announced a 10 basis point increase in its MCLR for different periods. The new rates have come into effect from Thursday i.e. August 15, 2024.

Let us tell you that the marginal cost of lending rates are those rates below which the bank cannot give loans to the customers. After the decision to increase the MCLR, many types of loans like home loans, car loans, education loans of the customers have become expensive.

Know about the new MCLR of the bank

State Bank of India has increased the overnight marginal cost of landing rates by 10 basis points and it has increased from 8.10 percent to 8.20 percent. At the same time, one-month MCLR has increased from 8.35 percent to 8.45 percent. Three-month MCLR has increased from 8.40 percent to 8.50 percent. Six-month MCLR has increased from 8.75 percent to 8.85 percent and one-year MCLR has increased from 8.85 percent to 8.95 percent. Two-year MCLR has increased from 8.95 percent to 9.05 percent and three-year MCLR has increased from 9.00 percent to 9.10 percent.

MCLR increased three times after June 2024

SBI is constantly giving shocks to crores of customers who are hoping for cheap loans. Since June 2024, the bank has increased its interest rates a total of three times. In the last three months, the interest rates of some periods have increased by up to 30 basis points. It is worth noting that in the recent MPC meeting of the Reserve Bank, no change was made in the repo rate for the 9th consecutive time.

These banks also increased MCLR

Apart from SBI, Canara Bank, UCO Bank and Bank of Baroda have also recently increased their marginal cost of lending rates. Canara Bank has increased its MCLR by 5 basis points. The new rates of the bank have come into effect from August 12. Apart from this, UCO Bank has changed its interest rates and the new interest rates have come into effect from August 10. Bank of Baroda has also increased its interest rates. The new rates of the bank have come into effect from August 12, 2024 i.e. Monday.