Axis Bank MCLR Hike: Bad news for Axis Bank, the bank changed this rule; Customers were upset after hearing the news
Newz Fast, New Delhi: If you are also an Axis Bank customer then there is bad news for you. Explain that the marginal cost based interest rate has been increased by 0.25 percent by Axis Bank.
The increased interest rate has been implemented with immediate effect. The bank said in the information released on the website that with effect from October 18, 2022, the one-year standard MCLR (MCLR) has been increased by 0.25 percent to 8.35 percent. It was 8.10 percent earlier.
Interest rate hiked after repo rate hike
Vehicle, personal and home loan rates are decided on the basis of one year MCLR. Axis Bank has increased the MCLR rate after the Reserve Bank of India (RBI) increased the repo rate by 0.50 percent on 30 September.
The MCLR has also been increased by 0.25 percent to 8.15-8.30 percent on loans ranging from one day to six months.
These banks also increased the interest rate
The MCLR will be 8.45 percent for two years and 8.50 percent for three years. Axis Bank said that these rates will be valid till the next review.
Earlier, State Bank of India (SBI), Federal Bank and Kotak Mahindra Bank had increased the MCLR rate. Apart from this, SBI has increased the interest rate by 0.3 percent for those depositing large amounts on Tuesday.
SBI on Monday reduced the interest by 0.50 percent to 2.70 percent on savings accounts with deposits of less than Rs 10 crore. SBI said in a statement that now customers will get interest at the rate of 3 percent on deposits of Rs 10 crore or above.