SBI MCLR Rates, SBI Base Rate – Feb 2017

SBI MCLR Rate – Current Rate, Past Trend

Last Updated 10th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
SBI MCLR, Base Rate Tenure
7.75% Overnight
7.85% 1 Month
7.90% 3 Month
7.95% 6 Month
8.00% 1 Year
8.10% 2 Year
8.15% 3 Year
Base rate - 9.25% Past Trend
Current MCLR of SBI ranges from 7.75% to 8.15% depending on the reset frequency of the loan. Rates are revised every month.
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SBI Interest Rates
Home Loan Interest Rates 8.60% * Floating Detail
Loan Against Property Rates 9.85% * Floating Detail
Personal Loan Interest Rates 12.50% * Detail
Fixed Deposit Interest Rates 5.50% to 7.00% * Detail

Past Trend MCLR Rate of SBI

SBI MCLR Rate History
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Feb 17
7.75%
7.85%
7.90%
7.95%
8.00%
8.10%
8.15%
-
01st Jan 17
7.75%
7.85%
7.90%
7.95%
8.00%
8.10%
8.15%
-
01st Dec 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Nov 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Oct 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Sep 16
8.85%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
01st Aug 16
8.85%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
01st Jul 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-
01st Jun 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-
01st May 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-

SBI MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, SBI decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. SBI has different MCLR base rates ranging from 7.75% to 8.15% for different tenures

Changes in MCLR of SBI

  • MCLR rate can be revised by SBI every month
  • Note that it is not mandatory for SBI to revise its rate every month and it may choose to retain the same rate for a longer period

SBI home loan interest rate and MCLR

  • Every floating rate loan sanctioned by SBI is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from SBI will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of SBI will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.15%. This loan will initially be priced at 9.65%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 8.9%, the loan will be priced at 9.4% for the next year

Past trend of SBI Base Rate vs RBI Repo Rate

Date Base Rate
01st Jan 17 9.25%
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.30% decreased by 0.4%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
02nd Jun 15 9.70% decreased by 0.15%
07th Apr 15 9.85% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
07th Nov 13 10.00% increased by 0.2%
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
19th Sep 13 9.80% increased by 0.1%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
04th Feb 13 9.70% decreased by 0.05%
29th Jan 13: 0.25% repo cut by RBI
20th Sep 12 9.75% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
13th Aug 11 10.00% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
11th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
12th May 11 9.25% increased by 0.75%
03rd May 11: 0.5% repo hike by RBI
25th Apr 11 8.50% increased by 0.25%
17th Mar 11: 0.25% repo hike by RBI
01st Mar 11 8.00% increased by 0.4%
14th Feb 11 8.25% increased by 0.25%
25th Jan 11: 0.25% repo hike by RBI
02nd Nov 10: 0.25% repo hike by RBI
21st Oct 10 7.60% increased by 0.1%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.50%

SBI Base Rate Vs. RBI Repo Rate Trend

About SBI

  • SBI is a Public Sector Bank in India with 16,333 branches, 54,560 ATM's and 222,033 employees across the country.
  • SBI's registered office is located at State Bank Bhavan, Mumbai.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 55,015 crs. and Standalone net profit of Rs. 13,102 crs. SBI reported total deposits of Rs. 1,576,793 crs and total advances of Rs. 1,300,026 crs.
  • SBI's management is led by its CEO Ms. Arundhati Bhattacharya.
  • Its current Base Rate is 9.25%, which was last revised on 01st Jan 17.
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News - Feb 2017
16th Feb 17 SBI takes lead of blockchain to use it to prevent fraud
State Bank of India has taken the lead in bringing lenders and tech companies for using block chain technology to share information between the banks which will eventually help in preventing fraud and tackle bad loans. The initiative is taken in partnership with IBM, KPMG, Microsoft and 10 commercial banks. Blockchain, technology behind cyber currency Bitcoin, runs on a concept of centralised registry that can be accessed by all members. The bank proposes to use the technology for trading finance and loan documents at initial stage and will gradually expand to other operations.
16th Feb 17 SBI gets approval for merger with 5 associate banks
State Bank of India got final approval from Union Cabinet on the merger with its five associate banks including State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala and State Bank of Tranvcore. The merger proposal was announced in May 2016 and was scheduled for March 2017.
11th Feb 17 SBI registers 134 percent growth in its net profit in third quarter of FY17
State Bank of India has reported a growth of 134 percent in its net profit at Rs. 2,610 crore during third quarter of FY17 as compared to Rs. 1,115 crore for the corresponding period a year ago. The bank also registered a decent growth of 7.6 percent in its net interest income reported at Rs. 14,751 crore during the quarter. However, asset quality of the bank remained stable during the quarter with the share of gross non-performing assets at 7.23 percent on year on year basis as compared to 7.14 percent earlier.
10th Feb 17 SBI to announce Q3 results on 10th Feb, 2017
State Bank of India is scheduled to announce its results for third quarter of FY17. The bank is likely to see a decent growth of 10 and 15 percent in its corporate loan book and deposits respectively. The bank also anticipate an improvement in its net interest margin reported at 2.8 percent for the third quarter of FY16.
06th Feb 17 Aadhaar based payments to be a trend changer in digital world
Managing Director of SBI has opined that Aadhaar based payments can be a game changer in the digital world due to its increased customer acceptance post demonetisation. The bank has installed 78,000 point of sales machines in the last 60 days. Aadhaar based payments enable the customers to make payments by using their aadhaar number.
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