Mumbai: Largest nationalized bank in the country, State Bank of India (SBI) has announced to reduce its lending rate by 25 basis points. SBI has reduced the External Benchmark Based Lending Rate (EBLR) by 25 basis points to 8.65%. The new rates will be effective from April 15, 2025. The latest the Repo Linked Lending Rate (RLLR) of SBI stands at 8.25 per cent now. Several loans including home, personal and automobile will get cheaper for both existing and new borrowers.
It comes after the Reserve Bank of India (RBI) in its April MPC meeting announced unanimously to cut the repo rate by 25 bps to 6 per cent from 6.25 per cent.
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Meanwhile, SBI also announced to cut FD interest rates on selected tenures. The bank has cut interest rates by 10 basis points for select medium-term deposits, specifically in the 1 to 3-year range, applicable to both general customers and senior citizens. Moreover, it reintroduced its special “Amrit Vrishti” FD Scheme with modified rates for a 444-day tenure. New rates are also effective from April 15, 2025.
With the revision, for fixed deposits up to Rs 3 crore, the interest rate on 1-2 year term deposits will be lower by 10 basis points at 6.7%, and deposits having two years to less than three years’ maturity will attract 6.9% as against 7%. In case of fixed deposits over Rs 3 crore, term deposits of maturity 180 days to 210 days have been reduced by 20 basis points to 6.4%, and for 211 days to less than 1 year by 25 basis points to 6.5%. Similarly, for 1-2 years, the new interest rate would be 6.8% from 7%, and for 2-3 years would be 6.75% from 7%, a reduction of 25 basis points.