State Bank of India (SBI), the country's largest lender, on Thursday increased interest rate on 1- year marginal cost of funds-based lending rate (MCLR) by 20 basis points (bps) to 8.15% from 7.95%. Deposit rate on one-year deposits of over Rs 1 crore has risen by 200 basis points to 6.25 per cent in just over two months - between December and January.
State Bank of India (SBI), the country's largest bank, fired the first salvo by increasing its lending rates across all categories of loans, including home and auto loans. Banks charge a spread over this MCLR while giving loans to borrowers.
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While new borrowers are affected immediately when MCLR is hiked, according to banking experts, existing borrowers will also see their borrowing cost go up when reset is due for their floating rate loans. On the 46 days to 179 days maturity deposits, the interest rate is unchanged at 6.25 per cent.
Bankers and analysts attributed the reason for the increase in deposit rates to tight banking system liquidity conditions. For bulk deposits maturing between three to five years the interest rate will increase from 6.50% to 7.15%. While holding rates steady, the central bank has also maintained its neutral stance. The deposits by up to 50 and 75 bases (100bps = 1 percentage point). Sources, however, said that other banks will follow suit in the near future. For stores developing in two to under three years, the mass rates have been expanded by 75bps to 6.75%.
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While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, nearly all the state-run lenders have been increasing their bulk deposit rates in the range of 15 bps to 125 bps. "The hike in the deposit rates on Wednesday was in keeping with the need to align with the market".
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