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SBI has reduced the loan rate for a certain period. Whereas HDFC Bank has extended it for two periods. Let us know about the interest rates offered by big banks like SBI, HDFC Bank, Punjab National Bank, Yes Bank, Bank of Baroda and IDBI Bank-
HDFC has increased the interest rate on loans with tenure of 6 months and 3 years by 5 bps. The bank has not made any change in the interest rate of any loan except these two periods. It offers interest rates of 9.10% for one day and 9.15% for one month. The three-month MCLR is 9.30% and the six-month MCLR has increased from 9.40% to 9.45%. One year MCLR is 9.45%. The two-year MCLR stands at 9.45% and after the revision the three-year MCLR has increased from 9.45 to 9.50%.
MCLR based rates of State Bank of India (SBI) have been adjusted in the range of 8.20% to 9.1%. The overnight MCLR of the bank is 8.20%, while for one month it has reduced from 8.45% to 8.20%, i.e. a decline of 25 bps. The six-month MCLR has been set at 8.85%. One year MCLR has been revised to 8.95%. The two-year MCLR is 9.05% and the three-year MCLR is 9.1%.
The overnight interest rate of Bank of Baroda is 8.15%. The one month rate is 8.35%. The three month rate is 8.50%. The six-month rate has increased to 8.75%. The one year interest rate is 8.95%. The new rates have become effective from October 12, 2024.
According to the PNB website, the overnight interest rate of the bank is 8.30%. MCLR based loan rate for one month is 8.40%. For three months it is 8.60% and for one year the rate is 8.95%. For a period of three years it is 9.25%. These rates have been implemented from October 1, 2024.
According to IDBI Bank website, the MCLR for overnight period is 8.40% and for one month it is 8.55%. The three-month MCLR rate for IDBI Bank customers is 8.85%. Six month MCLR is 9.10%. One year MCLR is 9.15%. The two-year MCLR is 9.70%. Three year MCLR is 10.10%. These rates are also effective from October 12, 2024.
The overnight interest rate in Canara Bank is 8.30% and one month interest rate is 8.40%. The three-month rate is 8.50% and the six-month rate is 8.85%. Similarly, the one year rate is 9.05% and the two year rate is 9.30%. The three-year rate is 9.40%. The new rates have become effective from October 12, 2024.
According to the Yes Bank website, the new rates will be effective from October 1, 2024. The overnight rate is 9.20%. MCLR based loan rate for one month is 9.55%. The rate for three months is 10.20%. The rate for six months is 10.45% and the rate for one year is 10.60%.