taraazu

SBI’s one-year lending rate is 8.70%, and households owe 49.1% of GDP.

Since Apr 2016, SBI’s one-year lending rate has moved between 7.00% and 9.20%. Over a longer stretch, credit to households grew from 45.4% of GDP in Apr-Jun 2007 to 49.1% in Jan-Mar 2026, while credit to companies went from 61.4% to 56.0%.

State Bank of India’s one-year lending rateThe marginal cost of funds based lending rate (MCLR), by the date each rate took effect, from 1 Apr 2016
View as a table
DateOne-year MCLR
From 1 Apr 20169.20%
From 1 May 20169.15%
From 1 Jun 20169.15%
From 1 Jul 20169.15%
From 1 Aug 20169.10%
From 1 Sep 20169.10%
From 1 Oct 20169.05%
From 1 Nov 20168.90%
From 1 Dec 20168.90%
From 1 Jan 20178.00%
From 1 Feb 20178.00%
From 1 Mar 20178.00%
From 1 Apr 20178.00%
From 1 May 20178.00%
From 1 Jun 20178.00%
From 1 Jul 20178.00%
From 1 Aug 20178.00%
From 1 Sep 20178.00%
From 1 Oct 20178.00%
From 1 Nov 20177.95%
From 1 Dec 20177.95%
From 1 Jan 20187.95%
From 1 Feb 20187.95%
From 1 Mar 20188.15%
From 1 Apr 20188.15%
From 1 May 20188.15%
From 1 Jun 20188.25%
From 1 Jul 20188.25%
From 1 Aug 20188.25%
From 1 Sep 20188.45%
From 1 Oct 20188.50%
From 1 Nov 20188.50%
From 10 Dec 20188.55%
From 10 Jan 20198.55%
From 10 Feb 20198.55%
From 10 Mar 20198.55%
From 10 Apr 20198.50%
From 10 May 20198.45%
From 10 Jun 20198.45%
From 10 Jul 20198.40%
From 10 Aug 20198.25%
From 10 Sep 20198.15%
From 10 Oct 20198.05%
From 10 Nov 20198.00%
From 10 Dec 20197.90%
From 10 Jan 20207.90%
From 10 Feb 20207.85%
From 10 Mar 20207.75%
From 10 Apr 20207.40%
From 10 May 20207.25%
From 10 Jun 20207.00%
From 10 Jul 20207.00%
From 10 Aug 20207.00%
From 10 Sep 20207.00%
From 10 Oct 20207.00%
From 10 Nov 20207.00%
From 10 Dec 20207.00%
From 10 Jan 20217.00%
From 10 Feb 20217.00%
From 10 Mar 20217.00%
From 10 Apr 20217.00%
From 15 Apr 20217.00%
From 15 May 20217.00%
From 15 Jun 20217.00%
From 15 Jul 20217.00%
From 15 Aug 20217.00%
From 15 Sep 20217.00%
From 15 Oct 20217.00%
From 15 Nov 20217.00%
From 15 Dec 20217.00%
From 15 Jan 20227.00%
From 15 Feb 20227.00%
From 15 Mar 20227.00%
From 15 Apr 20227.10%
From 15 May 20227.20%
From 15 Jun 20227.40%
From 15 Jul 20227.50%
From 15 Aug 20227.70%
From 15 Sep 20227.70%
From 15 Oct 20227.95%
From 15 Nov 20228.05%
From 15 Dec 20228.30%
From 15 Jan 20238.40%
From 15 Feb 20238.50%
From 15 Mar 20238.50%
From 15 Apr 20238.50%
From 15 May 20238.50%
From 15 Jun 20238.50%
From 15 Jul 20238.55%
From 15 Aug 20238.55%
From 15 Sep 20238.55%
From 15 Oct 20238.55%
From 15 Nov 20238.55%
From 15 Dec 20238.65%
From 15 Jan 20248.65%
From 15 Feb 20248.65%
From 15 Mar 20248.65%
From 15 Apr 20248.65%
From 15 May 20248.65%
From 15 Jun 20248.75%
From 15 Jul 20248.85%
From 15 Aug 20248.95%
From 15 Sep 20248.95%
From 15 Oct 20248.95%
From 15 Nov 20249.00%
From 15 Dec 20249.00%
From 15 Jan 20259.00%
From 15 Feb 20259.00%
From 15 Mar 20259.00%
From 15 Apr 20259.00%
From 15 May 20259.00%
From 15 Jun 20259.00%
From 15 Jul 20258.80%
From 15 Aug 20258.75%
From 15 Sep 20258.75%
From 15 Oct 20258.75%
From 15 Nov 20258.75%
From 15 Dec 20258.70%
From 15 Jan 20268.70%
From 15 Feb 20268.70%
From 15 Mar 20268.70%
From 15 Apr 20268.70%
From 15 May 20268.70%
From 15 Jun 20268.70%
From 15 Jul 20268.70%

A rate that holds until SBI changes it

SBI changes this rate on dates it chooses, so the line runs level and then steps. It stood at its low of 7.00% from 10 Jun 2020 until 15 Apr 2022, and it is 8.70% in the latest row, which took effect on 15 Jul 2026.

Since October 2019 SBI has linked new floating-rate retail loans to an external benchmark, not to this rate. SBI publishes that benchmark as a formula, not a single number, so it is not charted here. Read this line as SBI’s own cost-of-funds benchmark, not as what a new home-loan borrower pays.

Three ways SBI has set its lending rate

Before the MCLR, SBI used a base rate, and before that a prime lending rate. SBI still lists all three, which is why they overlap on the chart, but they are different measures and are not joined into one series.

SBI’s three published lending ratesEach rate by the date it took effect, as SBI lists it
  • Prime lending rate (from 1991)
  • Base rate (from 2010)
  • One-year MCLR (from 2016)
View as a table
DatePrime lending rate (from 1991)Base rate (from 2010)One-year MCLR (from 2016)
From 1 Apr 199117.00%––
From 4 Jul 199118.50%––
From 9 Oct 199120.00%––
From 2 Mar 199219.00%––
From 9 Oct 199218.00%––
From 1 Mar 199317.00%––
From 24 Jun 199316.00%––
From 2 Sep 199315.00%––
From 18 Oct 199414.00%––
From 15 Feb 199515.00%––
From 24 Apr 199515.50%––
From 10 Nov 199516.50%––
From 15 Jul 199616.00%––
From 6 Sep 199615.50%––
From 1 Nov 199614.50%––
From 16 Apr 199714.00%––
From 1 Jul 199713.50%––
From 1 Nov 199713.00%––
From 22 Jan 199814.00%––
From 2 Apr 199813.50%––
From 1 May 199813.00%––
From 1 Mar 199912.00%––
From 1 Apr 200011.25%––
From 12 Aug 200012.00%––
From 5 Mar 200111.50%––
From 1 Apr 200211.00%––
From 1 Nov 200210.75%––
From 5 May 200310.50%––
From 1 Jan 200410.25%––
From 1 May 200610.75%––
From 2 Aug 200611.00%––
From 27 Dec 200611.50%––
From 20 Feb 200712.25%––
From 9 Apr 200712.75%––
From 16 Feb 200812.50%––
From 27 Feb 200812.25%––
From 27 Jun 200812.75%––
From 12 Aug 200813.75%––
From 10 Nov 200813.00%––
From 1 Jan 200912.25%––
From 29 Jun 200911.75%––
From 1 Jul 201011.75%7.50%–
From 17 Aug 201012.25%7.50%–
From 21 Oct 201012.50%7.60%–
From 3 Jan 201112.75%8.00%–
From 14 Feb 201113.00%8.25%–
From 25 Apr 201113.25%8.50%–
From 12 May 201114.00%9.25%–
From 11 Jul 201114.25%9.50%–
From 13 Aug 201114.75%10.00%–
From 20 Sep 201214.75%9.75%–
From 27 Sep 201214.50%9.75%–
From 4 Feb 201314.45%9.70%–
From 19 Sep 201314.55%9.80%–
From 7 Nov 201314.75%10.00%–
From 10 Apr 201514.60%9.85%–
From 8 Jun 201514.45%9.70%–
From 5 Oct 201514.05%9.30%–
From 1 Apr 201614.05%9.30%9.20%
From 1 May 201614.05%9.30%9.15%
From 1 Jun 201614.05%9.30%9.15%
From 1 Jul 201614.05%9.30%9.15%
From 1 Aug 201614.05%9.30%9.10%
From 1 Sep 201614.05%9.30%9.10%
From 1 Oct 201614.05%9.30%9.05%
From 1 Nov 201614.05%9.30%8.90%
From 1 Dec 201614.05%9.30%8.90%
From 1 Jan 201714.00%9.25%8.00%
From 1 Feb 201714.00%9.25%8.00%
From 1 Mar 201714.00%9.25%8.00%
From 1 Apr 201713.85%9.10%8.00%
From 1 May 201713.85%9.10%8.00%
From 1 Jun 201713.85%9.10%8.00%
From 1 Jul 201713.75%9.00%8.00%
From 1 Aug 201713.75%9.00%8.00%
From 1 Sep 201713.75%9.00%8.00%
From 1 Oct 201713.70%8.95%8.00%
From 1 Nov 201713.70%8.95%7.95%
From 1 Dec 201713.70%8.95%7.95%
From 1 Jan 201813.40%8.65%7.95%
From 1 Feb 201813.40%8.65%7.95%
From 1 Mar 201813.40%8.65%8.15%
From 1 Apr 201813.45%8.70%8.15%
From 1 May 201813.45%8.70%8.15%
From 1 Jun 201813.45%8.70%8.25%
From 1 Jul 201813.70%8.95%8.25%
From 1 Aug 201813.70%8.95%8.25%
From 1 Sep 201813.70%8.95%8.45%
From 1 Oct 201813.75%9.00%8.50%
From 1 Nov 201813.75%9.00%8.50%
From 10 Dec 201813.80%9.05%8.55%
From 10 Jan 201913.80%9.05%8.55%
From 10 Feb 201913.80%9.05%8.55%
From 10 Mar 201913.80%9.05%8.55%
From 10 Apr 201913.80%9.05%8.50%
From 10 May 201913.80%9.05%8.45%
From 10 Jun 201913.80%9.05%8.45%
From 10 Jul 201913.80%9.05%8.40%
From 10 Aug 201913.80%9.05%8.25%
From 10 Sep 201913.70%8.95%8.15%
From 10 Oct 201913.70%8.95%8.05%
From 10 Nov 201913.70%8.95%8.00%
From 10 Dec 201913.70%8.95%7.90%
From 16 Dec 201913.20%8.45%7.90%
From 10 Jan 202013.20%8.45%7.90%
From 10 Feb 202013.20%8.45%7.85%
From 10 Mar 202012.90%8.15%7.75%
From 10 Apr 202012.90%8.15%7.40%
From 10 May 202012.90%8.15%7.25%
From 10 Jun 202012.15%7.40%7.00%
From 10 Jul 202012.15%7.40%7.00%
From 10 Aug 202012.15%7.40%7.00%
From 10 Sep 202012.15%7.40%7.00%
From 10 Oct 202012.15%7.40%7.00%
From 10 Nov 202012.15%7.40%7.00%
From 10 Dec 202012.05%7.30%7.00%
From 10 Jan 202112.05%7.30%7.00%
From 10 Feb 202112.05%7.30%7.00%
From 10 Mar 202112.15%7.40%7.00%
From 10 Apr 202112.15%7.40%7.00%
From 15 Apr 202112.15%7.40%7.00%
From 15 May 202112.15%7.40%7.00%
From 15 Jun 202112.25%7.50%7.00%
From 15 Jul 202112.25%7.50%7.00%
From 15 Aug 202112.25%7.50%7.00%
From 15 Sep 202112.20%7.45%7.00%
From 15 Oct 202112.20%7.45%7.00%
From 15 Nov 202112.20%7.45%7.00%
From 15 Dec 202112.30%7.55%7.00%
From 15 Jan 202212.30%7.55%7.00%
From 15 Feb 202212.30%7.55%7.00%
From 15 Mar 202212.30%7.55%7.00%
From 15 Apr 202212.30%7.55%7.10%
From 15 May 202212.30%7.55%7.20%
From 15 Jun 202212.75%8.00%7.40%
From 15 Jul 202212.75%8.00%7.50%
From 15 Aug 202212.75%8.00%7.70%
From 15 Sep 202213.45%8.70%7.70%
From 15 Oct 202213.45%8.70%7.95%
From 15 Nov 202213.45%8.70%8.05%
From 15 Dec 202214.15%9.40%8.30%
From 15 Jan 202314.15%9.40%8.40%
From 15 Feb 202314.15%9.40%8.50%
From 15 Mar 202314.85%10.10%8.50%
From 15 Apr 202314.85%10.10%8.50%
From 15 May 202314.85%10.10%8.50%
From 15 Jun 202314.85%10.10%8.50%
From 15 Jul 202314.85%10.10%8.55%
From 15 Aug 202314.85%10.10%8.55%
From 15 Sep 202314.85%10.10%8.55%
From 15 Oct 202314.85%10.10%8.55%
From 15 Nov 202314.85%10.10%8.55%
From 15 Dec 202315.00%10.25%8.65%
From 15 Jan 202415.00%10.25%8.65%
From 15 Feb 202415.00%10.25%8.65%
From 15 Mar 202415.00%10.25%8.65%
From 15 Apr 202415.00%10.25%8.65%
From 15 May 202415.00%10.25%8.65%
From 15 Jun 202415.15%10.40%8.75%
From 15 Jul 202415.15%10.40%8.85%
From 15 Aug 202415.15%10.40%8.95%
From 15 Sep 202415.15%10.40%8.95%
From 15 Oct 202415.15%10.40%8.95%
From 15 Nov 202415.15%10.40%9.00%
From 15 Dec 202415.15%10.40%9.00%
From 15 Jan 202515.15%10.40%9.00%
From 15 Feb 202515.15%10.40%9.00%
From 15 Mar 202515.15%10.40%9.00%
From 15 Apr 202515.15%10.40%9.00%
From 15 May 202515.15%10.40%9.00%
From 15 Jun 202515.05%10.30%9.00%
From 15 Jul 202515.05%10.30%8.80%
From 15 Aug 202515.05%10.30%8.75%
From 15 Sep 202514.75%10.00%8.75%
From 15 Oct 202514.75%10.00%8.75%
From 15 Nov 202514.75%10.00%8.75%
From 15 Dec 202514.65%9.90%8.70%
From 15 Jan 202614.65%9.90%8.70%
From 15 Feb 202614.65%9.90%8.70%
From 15 Mar 202614.65%9.90%8.70%
From 15 Apr 202614.65%9.90%8.70%
From 15 May 202614.65%9.90%8.70%
From 15 Jun 202614.65%9.90%8.70%
From 15 Jul 202614.65%9.90%8.70%

The rate RBI sets

The Reserve Bank’s repo rate is the rate it lends to banks at, and the one it moves to steer the rest. Its highest was 9.00%, from 30 Jul 2008. It fell to 4.00% from 22 May 2020 until 4 May 2022, and has been 5.25% since 5 Dec 2025, the latest change in RBI’s table. When the repo rate hit its low, SBI’s one-year rate was 7.25%; it is 8.70% today, 3.45 points above the repo rate.

The repo rate and SBI’s lending ratesEach rate by the date it took effect, from the repo rate’s first listing in 2008. SBI still lists a base rate, so that line runs on.
  • RBI repo rate
  • SBI base rate
  • SBI one-year MCLR
View as a table
DateRBI repo rateSBI base rateSBI one-year MCLR
From 12 Jun 20088.00%––
From 25 Jun 20088.50%––
From 30 Jul 20089.00%––
From 20 Oct 20088.00%––
From 3 Nov 20087.50%––
From 8 Dec 20086.50%––
From 5 Jan 20095.50%––
From 5 Mar 20095.00%––
From 21 Apr 20094.75%––
From 19 Mar 20105.00%––
From 20 Apr 20105.25%––
From 1 Jul 20105.25%7.50%–
From 2 Jul 20105.50%7.50%–
From 27 Jul 20105.75%7.50%–
From 16 Sep 20106.00%7.50%–
From 21 Oct 20106.00%7.60%–
From 2 Nov 20106.25%7.60%–
From 3 Jan 20116.25%8.00%–
From 25 Jan 20116.50%8.00%–
From 14 Feb 20116.50%8.25%–
From 17 Mar 20116.75%8.25%–
From 25 Apr 20116.75%8.50%–
From 3 May 20117.25%8.50%–
From 12 May 20117.25%9.25%–
From 16 Jun 20117.50%9.25%–
From 11 Jul 20117.50%9.50%–
From 26 Jul 20118.00%9.50%–
From 13 Aug 20118.00%10.00%–
From 16 Sep 20118.25%10.00%–
From 25 Oct 20118.50%10.00%–
From 17 Apr 20128.00%10.00%–
From 20 Sep 20128.00%9.75%–
From 29 Jan 20137.75%9.75%–
From 4 Feb 20137.75%9.70%–
From 19 Mar 20137.50%9.70%–
From 3 May 20137.25%9.70%–
From 19 Sep 20137.25%9.80%–
From 20 Sep 20137.50%9.80%–
From 29 Oct 20137.75%9.80%–
From 7 Nov 20137.75%10.00%–
From 28 Jan 20148.00%10.00%–
From 15 Jan 20157.75%10.00%–
From 4 Mar 20157.50%10.00%–
From 10 Apr 20157.50%9.85%–
From 2 Jun 20157.25%9.85%–
From 8 Jun 20157.25%9.70%–
From 29 Sep 20156.75%9.70%–
From 5 Oct 20156.75%9.30%–
From 1 Apr 20166.75%9.30%9.20%
From 5 Apr 20166.50%9.30%9.20%
From 1 May 20166.50%9.30%9.15%
From 1 Jun 20166.50%9.30%9.15%
From 1 Jul 20166.50%9.30%9.15%
From 1 Aug 20166.50%9.30%9.10%
From 1 Sep 20166.50%9.30%9.10%
From 1 Oct 20166.50%9.30%9.05%
From 4 Oct 20166.25%9.30%9.05%
From 1 Nov 20166.25%9.30%8.90%
From 1 Dec 20166.25%9.30%8.90%
From 1 Jan 20176.25%9.25%8.00%
From 1 Feb 20176.25%9.25%8.00%
From 1 Mar 20176.25%9.25%8.00%
From 1 Apr 20176.25%9.10%8.00%
From 1 May 20176.25%9.10%8.00%
From 1 Jun 20176.25%9.10%8.00%
From 1 Jul 20176.25%9.00%8.00%
From 1 Aug 20176.25%9.00%8.00%
From 2 Aug 20176.00%9.00%8.00%
From 1 Sep 20176.00%9.00%8.00%
From 1 Oct 20176.00%8.95%8.00%
From 1 Nov 20176.00%8.95%7.95%
From 1 Dec 20176.00%8.95%7.95%
From 1 Jan 20186.00%8.65%7.95%
From 1 Feb 20186.00%8.65%7.95%
From 1 Mar 20186.00%8.65%8.15%
From 1 Apr 20186.00%8.70%8.15%
From 1 May 20186.00%8.70%8.15%
From 1 Jun 20186.00%8.70%8.25%
From 6 Jun 20186.25%8.70%8.25%
From 1 Jul 20186.25%8.95%8.25%
From 1 Aug 20186.50%8.95%8.25%
From 1 Sep 20186.50%8.95%8.45%
From 1 Oct 20186.50%9.00%8.50%
From 1 Nov 20186.50%9.00%8.50%
From 10 Dec 20186.50%9.05%8.55%
From 10 Jan 20196.50%9.05%8.55%
From 7 Feb 20196.25%9.05%8.55%
From 10 Feb 20196.25%9.05%8.55%
From 10 Mar 20196.25%9.05%8.55%
From 4 Apr 20196.00%9.05%8.55%
From 10 Apr 20196.00%9.05%8.50%
From 10 May 20196.00%9.05%8.45%
From 6 Jun 20195.75%9.05%8.45%
From 10 Jun 20195.75%9.05%8.45%
From 10 Jul 20195.75%9.05%8.40%
From 7 Aug 20195.40%9.05%8.40%
From 10 Aug 20195.40%9.05%8.25%
From 10 Sep 20195.40%8.95%8.15%
From 4 Oct 20195.15%8.95%8.15%
From 10 Oct 20195.15%8.95%8.05%
From 10 Nov 20195.15%8.95%8.00%
From 10 Dec 20195.15%8.95%7.90%
From 16 Dec 20195.15%8.45%7.90%
From 10 Jan 20205.15%8.45%7.90%
From 10 Feb 20205.15%8.45%7.85%
From 10 Mar 20205.15%8.15%7.75%
From 27 Mar 20204.40%8.15%7.75%
From 10 Apr 20204.40%8.15%7.40%
From 10 May 20204.40%8.15%7.25%
From 22 May 20204.00%8.15%7.25%
From 10 Jun 20204.00%7.40%7.00%
From 10 Jul 20204.00%7.40%7.00%
From 10 Aug 20204.00%7.40%7.00%
From 10 Sep 20204.00%7.40%7.00%
From 10 Oct 20204.00%7.40%7.00%
From 10 Nov 20204.00%7.40%7.00%
From 10 Dec 20204.00%7.30%7.00%
From 10 Jan 20214.00%7.30%7.00%
From 10 Feb 20214.00%7.30%7.00%
From 10 Mar 20214.00%7.40%7.00%
From 10 Apr 20214.00%7.40%7.00%
From 15 Apr 20214.00%7.40%7.00%
From 15 May 20214.00%7.40%7.00%
From 15 Jun 20214.00%7.50%7.00%
From 15 Jul 20214.00%7.50%7.00%
From 15 Aug 20214.00%7.50%7.00%
From 15 Sep 20214.00%7.45%7.00%
From 15 Oct 20214.00%7.45%7.00%
From 15 Nov 20214.00%7.45%7.00%
From 15 Dec 20214.00%7.55%7.00%
From 15 Jan 20224.00%7.55%7.00%
From 15 Feb 20224.00%7.55%7.00%
From 15 Mar 20224.00%7.55%7.00%
From 15 Apr 20224.00%7.55%7.10%
From 4 May 20224.40%7.55%7.10%
From 15 May 20224.40%7.55%7.20%
From 8 Jun 20224.90%7.55%7.20%
From 15 Jun 20224.90%8.00%7.40%
From 15 Jul 20224.90%8.00%7.50%
From 5 Aug 20225.40%8.00%7.50%
From 15 Aug 20225.40%8.00%7.70%
From 15 Sep 20225.40%8.70%7.70%
From 30 Sep 20225.90%8.70%7.70%
From 15 Oct 20225.90%8.70%7.95%
From 15 Nov 20225.90%8.70%8.05%
From 7 Dec 20226.25%8.70%8.05%
From 15 Dec 20226.25%9.40%8.30%
From 15 Jan 20236.25%9.40%8.40%
From 8 Feb 20236.50%9.40%8.40%
From 15 Feb 20236.50%9.40%8.50%
From 15 Mar 20236.50%10.10%8.50%
From 15 Apr 20236.50%10.10%8.50%
From 15 May 20236.50%10.10%8.50%
From 15 Jun 20236.50%10.10%8.50%
From 15 Jul 20236.50%10.10%8.55%
From 15 Aug 20236.50%10.10%8.55%
From 15 Sep 20236.50%10.10%8.55%
From 15 Oct 20236.50%10.10%8.55%
From 15 Nov 20236.50%10.10%8.55%
From 15 Dec 20236.50%10.25%8.65%
From 15 Jan 20246.50%10.25%8.65%
From 15 Feb 20246.50%10.25%8.65%
From 15 Mar 20246.50%10.25%8.65%
From 15 Apr 20246.50%10.25%8.65%
From 15 May 20246.50%10.25%8.65%
From 15 Jun 20246.50%10.40%8.75%
From 15 Jul 20246.50%10.40%8.85%
From 15 Aug 20246.50%10.40%8.95%
From 15 Sep 20246.50%10.40%8.95%
From 15 Oct 20246.50%10.40%8.95%
From 15 Nov 20246.50%10.40%9.00%
From 15 Dec 20246.50%10.40%9.00%
From 15 Jan 20256.50%10.40%9.00%
From 7 Feb 20256.25%10.40%9.00%
From 15 Feb 20256.25%10.40%9.00%
From 15 Mar 20256.25%10.40%9.00%
From 9 Apr 20256.00%10.40%9.00%
From 15 Apr 20256.00%10.40%9.00%
From 15 May 20256.00%10.40%9.00%
From 6 Jun 20255.50%10.40%9.00%
From 15 Jun 20255.50%10.30%9.00%
From 15 Jul 20255.50%10.30%8.80%
From 15 Aug 20255.50%10.30%8.75%
From 15 Sep 20255.50%10.00%8.75%
From 15 Oct 20255.50%10.00%8.75%
From 15 Nov 20255.50%10.00%8.75%
From 5 Dec 20255.25%10.00%8.75%
From 15 Dec 20255.25%9.90%8.70%
From 15 Jan 20265.25%9.90%8.70%
From 15 Feb 20265.25%9.90%8.70%
From 15 Mar 20265.25%9.90%8.70%
From 15 Apr 20265.25%9.90%8.70%
From 15 May 20265.25%9.90%8.70%
From 15 Jun 20265.25%9.90%8.70%
From 15 Jul 20265.25%9.90%8.70%

What banks must hold back

Two other rules decide how much of a bank’s deposits it can lend. The cash reserve ratio, the share of deposits kept with RBI, reached 9.00% from 30 Aug 2008 and has been 3.00% since 29 Nov 2025. The statutory liquidity ratio, the share held in government securities and similar assets, was 25.00% from 7 Nov 2009 and has been 18.00% since 11 Apr 2020.

Reserve requirements on banksEach ratio by the date it took effect, from the first change in RBI’s table
  • Statutory liquidity ratio
  • Cash reserve ratio
View as a table
DateStatutory liquidity ratioCash reserve ratio
From 26 Apr 2008–7.75%
From 10 May 2008–8.00%
From 24 May 2008–8.25%
From 5 Jul 2008–8.50%
From 19 Jul 2008–8.75%
From 30 Aug 2008–9.00%
From 11 Oct 2008–6.50%
From 25 Oct 2008–6.00%
From 8 Nov 200824.00%5.50%
From 17 Jan 200924.00%5.00%
From 7 Nov 200925.00%5.00%
From 13 Feb 201025.00%5.50%
From 27 Feb 201025.00%5.75%
From 24 Apr 201025.00%6.00%
From 18 Dec 201024.00%6.00%
From 28 Jan 201224.00%5.50%
From 10 Mar 201224.00%4.75%
From 11 Aug 201223.00%4.75%
From 22 Sep 201223.00%4.50%
From 3 Nov 201223.00%4.25%
From 9 Feb 201323.00%4.00%
From 14 Jun 201422.50%4.00%
From 9 Aug 201422.00%4.00%
From 7 Feb 201521.50%4.00%
From 2 Apr 201621.25%4.00%
From 9 Jul 201621.00%4.00%
From 1 Oct 201620.75%4.00%
From 7 Jan 201720.50%4.00%
From 24 Jun 201720.00%4.00%
From 14 Oct 201719.50%4.00%
From 5 Jan 201919.25%4.00%
From 13 Apr 201919.00%4.00%
From 6 Jul 201918.75%4.00%
From 12 Oct 201918.50%4.00%
From 4 Jan 202018.25%4.00%
From 28 Mar 202018.25%3.00%
From 11 Apr 202018.00%3.00%
From 27 Mar 202118.00%3.50%
From 22 May 202118.00%4.00%
From 21 May 202218.00%4.50%
From 14 Dec 202418.00%4.25%
From 28 Dec 202418.00%4.00%
From 6 Sep 202518.00%3.75%
From 4 Oct 202518.00%3.50%
From 1 Nov 202518.00%3.25%
From 29 Nov 202518.00%3.00%

What the government pays to borrow

The yield on a 10-year government security was 6.74% at the end of Jun 2026. Over the 39 months from Apr 2023 it was highest at 7.38% in Oct 2023 and lowest at 6.22% in May 2025. At the end of Jun 2026 the curve ran 1-year 5.68%, 2-year 5.98%, 5-year 6.44%, 10-year 6.74%, 30-year 7.32%. The 10-year yield was 1.49 points above the repo rate of 5.25%, which subtracts one published figure from another.

Yields on government securitiesMonth-end yield by years left to maturity, as RBI publishes them
  • 1-year
  • 10-year
  • 30-year
View as a table
Month1-year10-year30-year
Apr 20236.997.187.26
May 20236.957.067.16
Jun 20236.857.137.36
Jul 20236.897.207.36
Aug 20236.997.167.34
Sep 20237.067.247.41
Oct 20237.117.387.51
Nov 20237.137.327.46
Dec 20237.097.207.42
Jan 20247.097.167.28
Feb 20247.137.087.15
Mar 20247.147.077.12
Apr 20247.077.187.30
May 20247.017.017.13
Jun 20246.937.057.06
Jul 20246.806.987.03
Aug 20246.746.907.02
Sep 20246.636.776.91
Oct 20246.636.846.98
Nov 20246.696.797.04
Dec 20246.666.787.03
Jan 20256.586.717.03
Feb 20256.546.747.11
Mar 20256.426.616.95
Apr 20256.036.406.79
May 20255.656.226.81
Jun 20255.556.377.06
Jul 20255.636.427.10
Aug 20255.656.647.28
Sep 20255.636.647.19
Oct 20255.656.637.23
Nov 20255.546.607.29
Dec 20255.556.667.27
Jan 20265.646.787.37
Feb 20265.506.717.36
Mar 20265.657.087.68
Apr 20265.637.087.63
May 20265.927.037.64
Jun 20265.686.747.32

Who has been borrowing

By Jan-Mar 2026 households owed 49.1% of GDP, against 56.0% for non-financial companies. In Apr-Jun 2007 companies were ahead by 16.0 points of GDP; the gap is now 6.9 points.

Credit as a share of GDPCredit from all lenders (banks, non-bank lenders and bonds) at the end of each quarter, as a share of GDP
  • Households
  • Non-financial companies
View as a table
QuarterHouseholdsNon-financial companies
Apr-Jun 200745.461.4
Jul-Sep 200746.263.1
Oct-Dec 200745.264.3
Jan-Mar 200845.369.6
Apr-Jun 200844.967.7
Jul-Sep 200844.169.8
Oct-Dec 200844.270.3
Jan-Mar 200943.273.8
Apr-Jun 200941.971.6
Jul-Sep 200941.772.9
Oct-Dec 200940.172.0
Jan-Mar 201039.175.2
Apr-Jun 201037.774.0
Jul-Sep 201038.573.2
Oct-Dec 201039.376.5
Jan-Mar 201138.976.3
Apr-Jun 201137.874.9
Jul-Sep 201137.274.4
Oct-Dec 201137.676.7
Jan-Mar 201237.376.9
Apr-Jun 201235.675.8
Jul-Sep 201236.376.6
Oct-Dec 201237.177.7
Jan-Mar 201336.575.0
Apr-Jun 201336.472.9
Jul-Sep 201336.270.6
Oct-Dec 201336.368.5
Jan-Mar 201435.969.0
Apr-Jun 201434.869.0
Jul-Sep 201435.170.0
Oct-Dec 201435.771.5
Jan-Mar 201535.270.3
Apr-Jun 201534.368.6
Jul-Sep 201535.168.5
Oct-Dec 201535.668.1
Jan-Mar 201634.564.8
Apr-Jun 201635.263.0
Jul-Sep 201633.159.1
Oct-Dec 201635.258.7
Jan-Mar 201733.260.0
Apr-Jun 201734.664.1
Jul-Sep 201734.366.7
Oct-Dec 201736.571.0
Jan-Mar 201835.267.6
Apr-Jun 201835.765.6
Jul-Sep 201835.863.5
Oct-Dec 201836.962.3
Jan-Mar 201936.359.5
Apr-Jun 201936.457.1
Jul-Sep 201937.355.4
Oct-Dec 201939.154.7
Jan-Mar 202038.153.4
Apr-Jun 202040.756.6
Jul-Sep 202042.558.0
Oct-Dec 202044.358.9
Jan-Mar 202142.757.5
Apr-Jun 202140.755.0
Jul-Sep 202139.853.8
Oct-Dec 202141.555.0
Jan-Mar 202241.354.0
Apr-Jun 202240.952.3
Jul-Sep 202241.852.0
Oct-Dec 202241.650.9
Jan-Mar 202342.450.8
Apr-Jun 202341.949.7
Jul-Sep 202343.350.1
Oct-Dec 202343.850.0
Jan-Mar 202444.150.3
Apr-Jun 202444.150.4
Jul-Sep 202443.950.0
Oct-Dec 202444.550.8
Jan-Mar 202544.851.2
Apr-Jun 202545.551.9
Jul-Sep 202545.551.9
Oct-Dec 202547.754.5
Jan-Mar 202649.156.0

The share of income that goes on repayments

For households and companies together, interest and repayments took 9.0% of income in Jan-Mar 1999. The ratio peaked at 16.0% in Oct-Dec 2012 and was 12.5% in Jan-Mar 2026.

Debt service ratioInterest and principal repayments as a share of income, private non-financial sector, by quarter
View as a table
Quarter% of income
Jan-Mar 19999.0
Apr-Jun 19998.5
Jul-Sep 19998.6
Oct-Dec 19999.0
Jan-Mar 20009.0
Apr-Jun 20009.1
Jul-Sep 20009.2
Oct-Dec 20009.5
Jan-Mar 20019.6
Apr-Jun 20019.4
Jul-Sep 20019.2
Oct-Dec 20019.2
Jan-Mar 20029.3
Apr-Jun 20029.7
Jul-Sep 20029.4
Oct-Dec 20029.3
Jan-Mar 20039.3
Apr-Jun 20039.0
Jul-Sep 20038.6
Oct-Dec 20038.5
Jan-Mar 20048.7
Apr-Jun 20048.5
Jul-Sep 20048.4
Oct-Dec 20048.9
Jan-Mar 20059.2
Apr-Jun 20059.3
Jul-Sep 20059.9
Oct-Dec 200510.1
Jan-Mar 200611.2
Apr-Jun 200611.1
Jul-Sep 200611.7
Oct-Dec 200611.8
Jan-Mar 200713.0
Apr-Jun 200712.8
Jul-Sep 200713.2
Oct-Dec 200713.4
Jan-Mar 200814.4
Apr-Jun 200814.2
Jul-Sep 200814.9
Oct-Dec 200815.4
Jan-Mar 200915.7
Apr-Jun 200914.7
Jul-Sep 200914.3
Oct-Dec 200913.6
Jan-Mar 201013.7
Apr-Jun 201013.3
Jul-Sep 201013.3
Oct-Dec 201014.1
Jan-Mar 201114.5
Apr-Jun 201114.6
Jul-Sep 201114.7
Oct-Dec 201115.4
Jan-Mar 201215.7
Apr-Jun 201215.5
Jul-Sep 201215.8
Oct-Dec 201216.0
Jan-Mar 201315.6
Apr-Jun 201315.2
Jul-Sep 201315.0
Oct-Dec 201314.7
Jan-Mar 201414.8
Apr-Jun 201414.7
Jul-Sep 201414.8
Oct-Dec 201415.0
Jan-Mar 201514.7
Apr-Jun 201514.2
Jul-Sep 201514.2
Oct-Dec 201514.0
Jan-Mar 201613.3
Apr-Jun 201613.0
Jul-Sep 201612.0
Oct-Dec 201612.0
Jan-Mar 201711.9
Apr-Jun 201712.4
Jul-Sep 201712.6
Oct-Dec 201713.3
Jan-Mar 201812.8
Apr-Jun 201812.6
Jul-Sep 201812.4
Oct-Dec 201812.4
Jan-Mar 201912.0
Apr-Jun 201911.7
Jul-Sep 201911.5
Oct-Dec 201911.5
Jan-Mar 202011.0
Apr-Jun 202011.5
Jul-Sep 202011.6
Oct-Dec 202011.6
Jan-Mar 202111.0
Apr-Jun 202110.3
Jul-Sep 202110.0
Oct-Dec 202110.2
Jan-Mar 202210.0
Apr-Jun 20229.8
Jul-Sep 202210.0
Oct-Dec 202210.1
Jan-Mar 202310.4
Apr-Jun 202310.4
Jul-Sep 202310.8
Oct-Dec 202311.0
Jan-Mar 202411.2
Apr-Jun 202411.3
Jul-Sep 202411.4
Oct-Dec 202411.6
Jan-Mar 202511.7
Apr-Jun 202511.8
Jul-Sep 202511.7
Oct-Dec 202512.2
Jan-Mar 202612.5

What this can and cannot tell you

SBI’s rates are its own, not a banking-system average. Other banks set theirs differently and move on their own dates. RBI’s table lists only the dates on which a rate changed, so each policy series starts at its first listed change and says nothing about what came before. The last rate on each chart is shown as holding to the date the table was retrieved, because the table lists no end date. The credit figures come from the Bank for International Settlements, which counts credit from every kind of lender and includes non-profit institutions that serve households, so its totals are wider than the household debt figure RBI publishes. The two should not be blended.

The debt service ratio covers households and companies together. BIS publishes no household-only ratio for India. Quarters here are calendar quarters, as BIS reports them, not the April-to-March quarters RBI uses.

A lending rate is a nominal rate. To see what borrowing costs after inflation, the rate would need to be set against a price index, which this page does not do.

Where the numbers come from