State Bank of India has changed its interest rates again today. According to Thomson Routers data, for the first time since 2016, SBI has increased the one-year marginal cost based landing rates (MCLR) by 0.20%. It has been increased from 7.95% to 8.15%. This means that now the rates of loans for more than one year have increased. 
State Bank of India increased the interest rate of MCLR from 7.95 percent to 8.15 percent on Thursday. This lending rate will be implemented immediately by the coup. SBI has introduced this new change in interest rates on the next day after increasing interest rates of Fixed Deposit. Let us tell you that the State Bank had increased the interest rates on retail and wholesale deposits of different periods by 0.75% on Wednesday.
As far as the interest rate on deposits in wholesale is concerned, the State Bank has revised it for the third time in the last four months. The first amendment was amended at the end of November month and subsequently in January. The rate of retail deposits up to Rs 1 crore has been increased to 0.50 percent. While the fixed deposit rate of less than one year but less than two years has been increased by 0.15%. It was increased from 6.25% to 6.40% The bank said in a press release that all new rates have come into force with immediate effect. It is worth noting that since the last quarter, many banks have increased their deposits and loans.
