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16 Nov 2024

Several Indian banks, including State Bank of India (SBI), Bank of Baroda, HDFC Bank, and IDBI Bank have announced an increase in their marginal cost-based lending rates (MCLR) for certain tenures this month.

Under the MCLR system, banks can revise their interest rates according to the changes in the repo rate.

This method aims to enhance transparency in banks' loan interest rate setting.

SBI's revised MCLR rates for November
Rate changes

SBI has maintained its overnight and one-month MCLR at 8.20%. However, the three-month MCLR has been increased from 8.50% to 8.55%.

The six-month tenure witnessed a marginal rise to 8.90% from the earlier 8.85%.

The one-year tenure, which is linked to auto loans, was also hiked marginally to 9% from the earlier 8.95%.

HDFC Bank and Bank of Baroda update lending rates
Adjustments

HDFC Bank has revised its MCLR rates, increasing them by five basis points on overnight and one-month tenures, and three-year tenure.

The new rates for these periods now stand at 9.15% and 9.20%, respectively. There's no increase in lending rates apart from these two tenures.

Meanwhile, Bank of Baroda adjusted its MCLR on three tenures by a similar margin of five basis points with the new overnight rate, three-month rate, and one-year rate standing at 8.15%, 8.55%, and 9%, respectively.

Canara Bank and PNB maintain steady rates
Stability

Canara Bank's MCLR rates remain unchanged with the overnight rate at 8.30% and one-month rate at 8.40%.

The three-month rate is set at 8.50% while the six-month rate stands at 8.85%.

Likewise, Punjab National Bank (PNB) has kept its MCLR rates stable for November with an overnight rate of 8.30% and one-month lending rate of 8.40%.

The three-month rate is 8.60%, one-year rate is 8.95%, and three-year rate is 9.25%.

IDBI Bank and YES Bank announce new MCLR rates
Announcements

IDBI Bank has hiked its lending rates by five basis points.

The new MCLR for overnight tenure now stands at 8.45%, while the one-month tenure stands at 8.60%.

Likewise, MCLR rates are: 8.90% for three months, 9.15% for six months, 9.20% for one year, 9.75% for two, and 10.15% for three years.

YES Bank's new overnight rate is 9.20% and 9.55% for one-month MCLR. The three-month rate is 10.20%, six-month rate is 10.45%, and one-year rate is 10.60%.