GulfHindi English Desk: State Bank of India (SBI) has announced a 5 bps increase in the marginal cost of funds-based lending rate (MCLR) for its customers. According to the official website of the bank, the MCLR rates will be kept between 8 percent and 8.75 percent. The new rate will be effective from July 15, 2023.
This change has been made due to the decision taken by the Reserve Bank of India (RBI) to keep the repo rate at 6.50 percent. Following this decision, SBI has also decided to increase the MCLR by 5 bps.
MCLR is the minimum rate at which banks lend money to their customers. Banks periodically increase the interest rates on fixed deposits. After the change in the repo rate by RBI, banks also make changes to the fixed deposit rates. In addition, banks provide the facility of special fixed deposits for customers. Fixed deposits are a better option for customers because they involve no risk.
In summary, SBI has announced an increase in the MCLR rates for its customers, following the decision of RBI to keep the repo rate unchanged. This change will be effective from July 15, 2023. Fixed deposits are a safe option for customers as they do not involve any risk.
en.gulfhindi.com News Summary
👉State Bank of India (SBI) has announced a 5 bps increase in the marginal cost of funds-based lending rate (MCLR) for its customers.
👉The MCLR rates will be kept between 8 percent and 8.75 percent according to the bank’s official website.
👉The new rate will be effective from July 15, 2023.
👉The change in MCLR is due to the decision made by the Reserve Bank of India (RBI) to keep the repo rate at 6.50 percent.
👉MCLR is the minimum rate at which banks lend to their customers.
👉Banks periodically make changes to their fixed deposit interest rates.
👉Customers also have the option of special fixed deposits provided by banks.
👉Fixed deposits are a better option for customers as they do not involve any risk.
You are reading Mid-East Award Winning news outlet GulfHindi
