According to SBI’s website, MCLR based rates will now be between 8 per cent and 8.75 per cent. MCLR is the minimum rate at which a bank can lend to customers. Earlier on March 15, the bank had increased the benchmark prime lending rate (BPLR) by 70 basis points.

The decision to increase the landing rates by SBI has been taken after the recent decision of the Reserve Bank of India (RBI) to maintain the repo rate at 6.50 per cent. In response to rising inflation, the RBI has increased interest rates by 225 basis points since May. One bps is one hundredth of a percentage point. The jump in lending rates is being seen as an effect of rate hikes being implemented by RBI’s Monetary Policy Committee since the middle of last year to control inflation.

Profits increase in Q3 2023

The company’s profit has increased from Rs 9,113 crore to Rs 16,695 crore in the January-March quarter of the business year 2022-23. During this period, the NII of the bank increased from Rs 31,197 crore to Rs 40,392 crore. During this, the NPA of the bank has also come down. Gross NPAs came down from 3.14% to 2.78% in the January-March quarter as compared to the October-December quarter of the business year 2022-23. Net NPA reduced from 0.77% to 0.67%.

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The Reserve Bank did not make any change in the repo rate for the second consecutive time on Thursday. However, before this RBI had increased the repo rate for 4 consecutive times. Due to the increase in the repo rate by the RBI, where the loan interest rates increase on the one hand, on the other hand the interest on fixed deposits increases.

Due to no change in repo rate, people are still getting good interest on FD. If RBI cuts the repo rate in future, then the interest on FD can also reduce.

The country’s largest public sector bank- SBI is paying the highest interest of 7.10 percent on FDs with an amount of less than Rs 2 crore. The name of this FD scheme is Amrit Kalash, whose tenure is 400 days.

Apart from this, 7.00 percent interest is being given on FDs ranging from 2 years to 3 years, 6.80 percent on FDs ranging from 1 year to 2 years, 6.50 percent on FDs ranging from 3 years to 10 years.

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