SBI MCLR Rates, SBI Base Rate – Mar 2017

SBI MCLR Rate – Current Rate, Past Trend

Last Updated 24th Mar 2017
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 Mar 17
7.75%
7.85%
7.90%
7.95%
8.00%
8.10%
8.15%
-
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
08th Feb 17: 0% repo none by RBI
01st Jan 17 9.25% decreased by 0.05%
07th Dec 16: 0% repo none by RBI
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 - Mar 2017
28th Mar 17 SBI signs agreement with Odisha government on banking services
State Bank of India has signed an agreement with Odisha government to provide banking services through SHGs (Special Help Groups) in the unbanked areas of the state. The bank will offer wide range of banking services to customers including deposits, withdrawals , personal loans, home loans and loan against property. With this, Odisha has become the first state to offer banking services in unbanked areas through SHGs under its mission Odisha Livelihood Mission (OLM).
24th Mar 17 SBI chief among Fortune’s top 50 greatest leaders of the world
Arundhati Bhattacharya, chief of India’s largest bank State bank of India has been ranked 26th by the popular Fortune magazine among top 50 greatest leaders in the world for being the symbol of transformation and inspiration. The magazine has stated that SBI’s chief has skillfully managed the bank through the ongoing battle of corporate bad loans and demonetization scheme. The list has been topped by the President of Baseball Operations at Chicago Cubs Theo Epstein followed by Jack Ma, Executive Chairman of Alibaba Group.
24th Mar 17 Assam government signed MoU with SBI to provide subsidized education and home loan
Assam government has signed memorandum of understanding with the leading public sector bank State Bank of India to provide subsidized education and home loan. As per the signed MoU, SBI will offer higher education loans and home loans to the state government employees at nominal rate of interest. Assam government will provide interest subsidy of 3.50 percent for housing loan and 4 percent for education loan.
24th Mar 17 Farm loan waiver affects credit discipline
Officer at RBI agreed with SBI’s chief that the farm loan waiver will affect and disturb the credit discipline of the Indian banking industry. As per SBI chief, in lieu of farm loan waiver borrowers are likely to demand more such loan waivers which will eventually increase the number of unpaid loans of the banks. The demand for farm loan waiver came from the various political parties including Maharashtra opposition party, Shiv Sena and Karnataka government.
23rd Mar 17 ICICI Bank opens new branch in Guwahati
ICICI Bank has opened a 20th bank branch in Guwahati. The bank branch will offer comprehensive range of banking services including savings account, deposits and loans such as auto, gold, personal and business loan and credit cards. ICICI Bank has 4,504 branches as on 31st December, 2016 spread across the country.
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