Mumbai: State Bank of India (SBI) has hiked its base rate by 0.10% or 10 basis points (bps). SBI has revised the prime lending rate to 12.3% from 12.2% and the base rate to 7.55% from 7.45%. The new base rate will be effective from December 15, 2021.
The Reserve Bank of India decided the minimum rate of interest in the country. All the banks in the country have to follow this rate and they are not allowed to lend at a rate lower than the RBI’s rate.
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SBI also increased the interest of fixed deposits above Rs 2 crore. The new interest rate will be effective from 15 December 2021.The revised interest rates will apply to new deposits as well as renewals of maturing deposits. The interest rates of fixed deposits below Rs 2 crore have been kept unchanged.
The largest public sector bank in the country has also updated that the NRO term deposit interest rates will be matched with domestic term deposit interest rates. These interest rates will also apply to domestic term deposits held by cooperative banks.
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