SBI raises MCLR by 10 bps; increases deposit rates in some buckets

Lender announces decision after central bank last week raised the repo rate to 6.50%

State Bank of India (SBI) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), effective February 15.

The country’s largest lender announced the decision after the Reserve Bank of India’s monetary policy committee (MPC) last week raised the repo rate by 25 bps to a four year high of 6.50 per cent.

The central bank has now increased the rate by 250 basis points (bps) since May 2022, refusing to drop its guard against inflation and giving no indication that it would dial down.

According to SBI’s website, the overnight MCLR now stands at