SBI Raises The Benchmark Prime Lending Rate By 70 Basis Points To 13.45%

SBI Raises The Benchmark Prime Lending Rate By 70 Basis Points To 13.45%

Updated on 15 Sep, 2022: Apart from interest rates on loans, SBI is also raising interest rates on fixed deposits. Last month raised his FD interest rate for a specific period.

The new SBI FD tariffs have been in effect since last week. SBI Term Deposit Interest Rates are applicable for Domestic Term Deposits less than INR 20 Million.

This is because the Reserve Bank of India raised the repo rate by 50 basis points in early August. He raised his FD interest rate on deposits with maturities between 180 and 210 days by 15 basis points from 4.40% for the public to 4.55%.

Interest rates on other maturities were held unchanged by the bank. For deposits with a maturity of 1 year or more but less than 2 years, SBI’s term deposit interest rate also increased by 15 basis points to 5.45%. For all other maturities, the SBI FD interest rate was also increased by 15 basis points.

Increased EMI India’s largest lender, State Bank of India (SBI), raised its policy rate (BPLR) by 70 basis points (0.7 percentage points) to 13.45 per cent.

The move will make BPLR-linked credits more expensive, pushing PMI up. His current BPLR rate is 12.75%, last revised in June 2022.

“From September 15, 2022, the Benchmark Prime Lending Rate (BPLR) has been revised to 13.45% per annum,” he said on its website. It also raised the base rate to 8.7% on a similar basis point from Thursday (September 14, 2020).

Borrowers who borrow at the base rate will have an increased EMI amount. These are the old benchmarks for banks to lend. Most banks currently lend at external benchmark-based lending rates (EBLR) or repo-linked lending rates (RLLR).

Banks review both the BPLR and the base rate quarterly. Other banks are likely to follow suit with his SBI repricing in the coming days.

The rate hike comes weeks before the Reserve Bank of India (RBI) monetary policy meeting, with another rate hike slated to keep inflation in check.

The next three-day monetary policy meeting is scheduled for September 28-30. Apart from interest rates on loans, SBI is also raising interest rates on fixed deposits.

Last month raised his FD interest rate for a specific period. The new SBI FD tariffs have been in effect since last week.

SBI Term Deposit Interest Rates are applicable for Domestic Term Deposits less than INR 20 Million. This is because the Reserve Bank of India raised the repo rate by 50 basis points in early August.

He raised his FD interest rate on deposits with maturities between 180 and 210 days by 15 basis points from 4.40% for the public to 4.55%.

Interest rates on other maturities were held unchanged by the bank. For deposits with a maturity of 1 year or more but less than 2 years, SBI’s term deposit interest rate also increased by 15 basis points to 5.45%.

For all other maturities, the SBI FD interest rate was also increased by 15 basis points. “The amended interest rate applies to new deposits and rollovers of maturity deposits.

The interest rate for NGO term deposits matches the interest rate for domestic term deposits. This interest rate also applies to cooperative domestic term deposits.

The prepayment penalty for all maturity lump sum term deposits is 1%, which applies to all new deposits, including renewals,” SBI said on its website.

Read more Business News at SugerMint. Follow us on Twitter, Instagram, Facebook, LinkedIn