State Bank of India Updates MCLR and EBR Rates from 15 October 2026

State Bank of India updated its Marginal Cost Of Funds Based Lending Rate (MCLR) with effect from 15th October 2026. The bank published this revision on its official website on 15th October 2026. Borrowers linked to benchmark lending rates can check how these interest rates apply to their existing or new loans.

Benchmark Lending Rates Updated by State Bank of India

The bank published updated benchmark figures for retail and commercial borrowers on 15th October 2026. These figures include the RBI REPO Rate, the bank spread, External Benchmark Rate, Base Rate, and Benchmark Prime Lending Rate.

Loan Interest Rates for Borrowers

State Bank of India lists starting interest rates across several loan categories on its portal. Customers seeking a home loan will see rates starting from 7.50% p.a. with effect from 15th October 2026. Personal loan interest rates start from 10.00% p.a., while pension loan rates start from 11.60% p.a. Borrowers comparing interest rates across different loan segments should verify their eligibility with the bank.

The bank calculates interest on domestic loans using a 365-day year standard. For foreign currency loan structures like FCNR(B) deposits, interest calculation relies on a 360-day year standard with 180-day interval payments. Customers can check overall loan costs through official banking channels.

Premature Withdrawal Penalties on Domestic Retail Term Deposits

Depositors withdrawing retail term deposits prematurely incur specified penalty charges established by State Bank of India. These rules apply to domestic retail term deposits and bulk term deposits depending on the total deposit value. Depositors can review the penalty structure below before requesting early encashment.

The interest paid on prematurely withdrawn deposits is 0.50% or 1% below the rate applicable at the time of deposit. No interest is paid on deposits that remain with the bank for less than 7 days. Customers can contact the 24X7 helpline at 1800 1234, 1800 11 2211, or 1800 425 3800 for deposit assistance.

Sources

• Interest Rates — State Bank of India (checked 17 Oct 2026)