INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI), PNB, ICICI Bank raised their lending rates from June 1
With effect from June 1, country's largest lender State Bank of India (SBI) raised its marginal cost
of funds based lending rates (MCLR) by 10 basis points across the tenors
The overnight MCLR has been raised to 7.9 per cent with effect from Friday
The one-month MCLR, likewise, has been raised to 7.9 per cent, 10 basis points higher than the earlier rate
Similarly, the one-year MCLR, two-year MCLR and three-year MCLR have been raised to 8.25 per cent, 8.35 per cent and 8.45 per cent
The increase of SBI fixed deposit (FD) rates that took place on May 28 has led to the increase in lending rates
Check the SBI's latest FD rates here.MCLR is the minimum rate below which commercial banks cannot lend to its customers
The Reserve Bank of India (RBI), in April 2016 unveiled the concept of MCLR, which sought to remove much of the discretion commercial banks
(In %)Over night7.807.90One Month7.807.90Three Month7.857.95Six Month8.008.10One Year8.158.25Two Years8.258.35Three Years8.358.45The last
That time also, it had happened a day after the bank raised its fixed deposit (FD) interest rates.Following the SBI, Punjab National Bank
(PNB) and ICICI Bank also raised their lending rates (MCLRs), thus adding to the EMI (equated monthly instalments) burden of
01.06.2018Overnight7.807.80%One month7.957.95%Three month8.108.10%Six month8.258.30%One year8.308.40%Three years8.458.55%Five
years8.608.70%The Punjab National Bank (PNB)'s overnight MCLR stays the same at 7.8 per cent
The one-month and three month MCLR will also remain the same at 7.95 per cent and 8.10 percent.The PNB's six -month MCLR has been risen by
5 basis points to 8.3 per cent
The one-year MCLR has been raised by 10 basis points to 8.4 per cent
The three-year MCLR has been raised by 10 basis points to 8.55 per cent
The five-year MCLR rose by 10 basis points to 8.7 percent
Even the base rate has been revised to 9.25 per cent from 9.15 per cent with effect from June 1.ICICI Bank's marginal cost of funds based
ICICI Bank's overnight MCLR has been raised to 8.05 percent
The one-month MCLR also rose to 8.05 percent
The three month MCLR hit 8.1 per cent
The six month MCLR now stands at 8.35 per cent and one year MCLR is now 8.4 per cent.
