Mumbai: The largest public sector bank in the country has hiked the minimum interest rates for home loans. The interest rates for home loans were hiked to 7.55%.
SBI has also hiked its External Benchmark-based Lending Rate (EBLR) to a minimum of 7.55%. The EBLR was at 7.05% and also added a credit risk premium over the EBLR. SBI also increased its Marginal Cost of funds-based Lending Rate (MCLR) by 20 basis points.
Also Read: Public sector bank hikes interest rates on term, savings deposits
On Tuesday, SBI hiked the interest rates by up to 20 basis points on domestic term deposits of below Rs 2 crore for select tenors. For deposits of 211 days to less than 1 year, it will offer interest rate at 4.60%. At present the rate is at 4.40%.
For domestic term deposits of 1 year to less than 2 years, customers can earn an interest of 5.30%, up by 0.20%. On tenor of 2 years to less than 3 years, SBI has raised the interest rate to 5.35% from 5.20%. The interest rates on domestic bulk term deposits of Rs 2 crore and above for select tenors were hiked by up to 75 bps. For tenors of 1 year to less than 2 years, customers having bulk deposits will earn an interest of 4.75% from 4%.
Earlier on last week, the Reserve Bank of India (RBI) had hiked the repo rate. RBI had hiked the repo rate by 0.50% to 4.90%. Repo is the short term lending rate RBI charges to the banks.
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