SBI ups rates by 0.25 pc
PRESS TRUST OF INDIA
New Delhi, Feb 13: The country's largest lender State Bank of India on Friday hiked lending and deposit rates on select maturities by 0.25 percentage points in response to policy rate hike announced by Reserve Bank last month.
SBI revised the base rate or the minimum lending rate 0.25 percentage points to 8.25 per cent, the bank said in a statement. With the increase in base rate, all kinds of loans excluding housing and auto loans would be dearer by at least 25 basis points (0.25 per cent). At the same time, SBI's Benchmark Prime Lending Rate (BPLR) for the existing customers has been increased by 25 basis points to 13 per cent.
Besides, the bank has also increased fixed deposit rates on two select maturities by 25 basis points. Both 555 days and 1,000 days fixed deposits would attract 9.25 per cent from existing 9 per cent. The new rates would be effective from February 14. Banks have been raising interest rates following a 0.25 percentage point hike in short-term lending (repo) and borrowing (reverse repo) rates announced by the Reserve Bank in its third quarterly review of monetary policy last month.
More than a dozen banks including Punjab National Bank, Bank of Baroda, Union Bank of India and Indian Overseas Bank has already revised interest rates since the third quarterly review of the monetary policy on January 25.
While the higher deposit rates would provide better returns to savers, rise in lending rate would increase the EMIs for auto and home loan borrowers. Besides, corporate loans too would become expensive.
Lastupdate on : Sun, 13 Feb 2011 21:30:00 Makkah time
Lastupdate on : Sun, 13 Feb 2011 18:30:00 GMT
Lastupdate on : Mon, 14 Feb 2011 00:00:00 IST
- MORE FROM BUSINESS
'Without wages, compensation; 45 electrocuted, 165 amputated since 1994'
Srinagar, Feb 13: Scores of casual laborers, working with Power Development Department (PDD), who suffered permanent disability after being electrocuted while carrying out the repair works, have been left More
- Srinagar City
Parents, separatist leader pestered; say place not worth for minors’ amusement
Srinagar, Feb 13: Something unexpected of for kids to see is doing the rounds of the City’s sole Children’s Park at Hazuri Bagh. The recreation spot, meant exclusively for minors, with all swings, toons More
GK NEWS NETWORK
Jammu, Feb 13: Three Interlocutors, appointed by New Delhi to hold discussions with different shades of opinion in Kashmir, are expected to arrive here on a week long visit of the state on February 21 More
GK NEWS NETWORK
Srinagar Feb 13: Minister for Tourism Nawang Ringzin Jora today called for joint efforts by government and tourism stakeholders to create “a congenial atmosphere for attracting more and more tourists to More
Cairo, Feb 13: In a major move to dismantle the vestiges of the Mubarak era, Egypt's military today dissolved the parliament and suspended the country's constitution, accepting the major demands of the More