New Delhi, April 14 (PTI) The country’s largest lender State Bank of India (SBI) has reduced its lending rate into 25 basis points after the Reserve Bank’s policy rate reduction, which has made the loan cheaper for both existing and new borrowers.
With the latest round of deficiency, SBI’s repo linked lending rate (RLR) will be reduced by 25 basis points.
It has reduced the external benchmark based lending rate (EBLR) by 8.65 percent from a similar basis points. According to the updated rate information on the SBI website, the revised rate is applicable from April 15, 2025.
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The rate reduction is in response to the previous week RBI, which is slashing the important interest rate for the second time in one line to support the development of the US by the US.
In addition, the bank also cut the deposit rates 10-25 base digits, which will again be effective from April 15.
With the amendment, for fixed deposits up to Rs 3 crore, the interest rate for a period of 1-2 years will be reduced by 10 basis points, and maturity of less than two years of amount of less than two years will be attracted to the maturity of 6.90 percent to 7 percent.
In the case of fixed deposits of more than Rs 3 crore, the duration of maturity has decreased by 20 basis digits from 180 days to 210 days, while for 211 days from 1 year 25 basis points to 6.50 percent for 211 days.
Similarly, for 1-2 years, the new interest rate will be 7 percent to 6.80 percent, and 7 percent to 6.75 percent for 2-3 years, there will be a reduction of 25 basis digits.
SBI Green Rupee is available for three distinguished tenors of 1111, 1777 and 2222 days at 10 bps at a term deposit card rate.
The specific tenner scheme of ‘444 days’ (Amrit Taurus) at the rate of 7.05 percent is effective from April 15, 2025, and senior citizens are offered an interest rate of 7.55 percent and super senior citizens are offered an interest rate of 7.65 percent.
Meanwhile, the private sector head HDFC Bank has dropped the interest rate on savings accounts by 2.75 percent with a decline of 25 basis points, the lowest among peers in the private sector.
For the balance amount above Rs 50 lakh, this rate is now 3.25 percent. According to HDFC Bank’s website, the rate reduction is effective from April 12.
Another public sector Bank of India has withdrawn its 400-day special deposit scheme which has offered 7.3 percent. Mumbai -based Bank of India has announced a 25 -base points in their home loan interest rates, benefiting both new and existing customers.
With this amendment, home loan rate is 7.9 percent per year depending on the CIBIL score.
The revised rates are applicable from April 15, 2025.
Apart from home loans, Bank of India has also reduced the interest rates of 25 basis points in existing retail loan products, including vehicle loan, personal loan, loan against property, education loans and star reverse morgase loans. PTI DP Sri
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