SBI Base Rate, SBI MCLR Base Rate Past Trend

Current SBI MCLR Base Rate

Last Updated 05th Dec 2016
Tenure Base Rate, MCLR
Overnight 8.65%
1 Month 8.75%
3 Month 8.80%
6 Month 8.85%
1 Year 8.90%
2 Year 9.00%
3 Year 9.05%
Current MCLR base rate of SBI ranges from 8.65% to 9.05% depending on the reset frequency of the loan. Rates are revised every month.
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SBI Interest Rates
Home Loan Interest Rates 9.10% * Floating
Loan Against Property Rates 10.35% * Floating
Personal Loan Interest Rates 12.50% *
Fixed Deposit Interest Rates 5.50% to 7.00% *

Past Trend Base Rate of SBI

SBI base 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 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 base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, SBI decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base 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 8.65% to 9.05% for different tenures

Changes in MCLR Base rate 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 base 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
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.
  • Highest fixed deposit interest offered by SBI is 7.00% per annum on deposits.
  • Its current Base Rate is 9.30%, which was last revised on 05th Oct 15.
News - Dec 2016
30th Nov 16 Bhartiya Mahila Bank merger with SBI approved by CCI
Competition Commission of India has approved an amalgamation of Bhartiya Mahila Bank in to State Bank of India. Both the banks will work towards providing banking products to their retail and corporate customers.
30th Nov 16 SBI opens 11.8 lacs new bank accounts post demonetisation
State Bank of India has opened 11.8 lacs new saving accounts post demonetisation. The total estimated number of new bank accounts opened since 8th November is 30 lacs.
26th Nov 16 SBI launches SBI Pay, UPI application of its own
State Bank of India has launched its own UPI (Unified Payment Interface) based application SBI Pay. The application can be used by both SBI and non SBI account holders. HDFC, ICICI and Axis Banks and 15 other banks have already launched their UPI based application. The total number of banks having their own UPI based application inclusive of SBI is now 18.
26th Nov 16 SBI ties up with INOX Leisure for dispensing cash
State Bank of India has announced partnership with INOX Leisure, a multiplex chain, to dispense cash. Customers can now easily withdraw Rs. 2,000 per day from INOX Leisure cinema box office by swiping their debit cards. The facility will be available across 17 properties of INOX Leisure starting from 26th November, 2016.
24th Nov 16 SBI fixed deposit rates cut by 1.9 percent
State Bank of India has further reduced its bulk fixed deposits rates (Rs.1 to Rs.10 crores) by 1.9 percent to 3.85 percent for tenure of 180 to 210 days. The revised fixed deposits rate for one year to 455 days is now 4.25 percent instead of 6 percent earlier. FD rate for three to five years is also reduced to 4.25 percent from 5.50 percent. The revised rates are effective from 24th November, 2016.
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