SBI hikes MCLR by 10 bps across tenures in second such move in two months

New rates effective May 15, overnight one-month and three-month MCLR now at 6.85% vs 6.75% earlier

The country’s largest lender State Bank of India (SBI) has hiked its marginal cost of funds based lending rate (MCLR) by 10 basis points (bps) across tenures, effective May 15. This is the second time the state-owned lender has raised its MCLR in as many months.

Consequently, SBI’s overnight, one-month, three-month MCLR now stands at 6.85 per cent as against 6.75 per cent earlier. Similarly, the six-month MCLR stands at 7.15 per cent, one-year MCLR stands at 7.20 per cent, two-year MCLR stands at 7.40 per cent, and three-year MCLR stands at 7.50 per cent.

The hike in MCLR by