State Bank of India (SBI), the country’s largest public sector bank, has brought relief to millions of customers ahead of the festival of Holi by keeping its Marginal Cost of Funds Based Lending Rate (MCLR) unchanged. This means that borrowers will not face any increase in their loan EMIs, including home loans, car loans, and personal loans. The decision applies to loans disbursed from March 15, 2025, until April 15, 2025. The MCLR determines the minimum interest rate at which banks can lend, and any change directly impacts borrowers’ EMIs. With no hike in MCLR rates, SBI customers can expect stability in their repayment schedules.

The unchanged MCLR rates range from 8.20% for overnight loans to 9.10% for three-year tenures, ensuring affordability for new borrowers. Additionally, SBI’s fixed deposit rates remain attractive, catering to both regular citizens and senior citizens. For instance, deposits ranging from 7 days to 45 days offer 3.50% interest for the general public and 4% for seniors. Meanwhile, Punjab National Bank (PNB) has urged its customers to activate inactive accounts before June 30, 2024, warning that inoperative accounts may be closed. These updates reflect proactive measures by Indian banks to support customer convenience while maintaining financial discipline.