The new interest rates vary from 8.95 percent for overnight to 9.35 percent for 3 years, SBI said in a document posted on its website today. The base rate or the minimum lending rate of the bank is 9.3 percent.
The other lending rates are 9.05 percent for one month, 9.10 percent for three months and 9.15 percent for 6 months, it said. For one year loan, the interest rate would be 9.20 while for two years it is going to be 9.3 percent.
Reserve Bank had asked banks to price fixed rate loans of up to three years based on their marginal cost of fund from April 1. All banks will follow Marginal Cost of Funds based Lending Rate (MCLR) system, a new uniform methodology which will ensure fair interest rates to borrowers as well as to banks from tomorrow.

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