CURRENT AFFAIRS

Detailed explanation-1: -The bank has hiked MCLR on tenure of one year to 7.8 percent from 7.70 percent. MCLR is at 7.85 percent for overnight For one-month, and three-month tenures, MCLR stands at 8 percent. The MCLR for six-month tenure 8.30 percent. The MCLR for two-year tenure and three year is 8.50 percent and 8.60 percent respectively.

Detailed explanation-2: -The EBLR rate of SBI is 6.65% while repo-linked lending rate (RLLR) is 6.25% with effect from 1 April 2022. An overnight one-month and three-month MCLR have increased to 6.75% while the six-month MCLR has hiked to 7.05%.

Detailed explanation-3: -The State Bank of India (SBI) is the most recent bank to increase its home loan and fixed deposit interest rates following the 35 basis point increase in the repo rate by the Reserve Bank of India (RBI) to 6.25 percent. SBI has raised loan interest rates (namely MCLR, EBLR, RLLR) with effect from December 15, 2022.

Detailed explanation-4: -The new rates have come into effect from December 13, 2022. With the latest increase in SBI interest rates, you can double your investment without any risk in India’s largest public sector bank.