State Bank of India (SBI) has increased the minimum interest rates for home loans to 7.55 percent.
SBI Home Loan: The country’s largest public sector bank State Bank of India (SBI) has increased the minimum interest rates for home loans to 7.55 percent. The new rates have come into effect from today i.e. Wednesday. The Reserve Bank of India (RBI) last week increased the repo rate by 0.50 percent to 4.90 percent. After which many banks have increased the interest rates on loans. In May also, RBI had increased the repo rate by 40 basis points.
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New rates applicable from today
According to the SBI website, the bank has increased its external benchmark based lending rate (EBLR) to a minimum of 7.55 percent. Earlier this rate was 7.05 percent. Banks also add credit risk premium on top of EBLR. The bank has increased the marginal cost of funds based lending rate (MCLR) by 0.20 percent, which is effective from June 15.
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SBI increased interest on FD
Earlier, on Tuesday, SBI announced a higher rate of interest on FDs of less than Rs 2 crore for a select period. However, this increase is not applicable for all tenures. According to the information given on SBI’s website, for deposits of 211 days to less than 1 year, interest will be available at the rate of 4.60 percent, as against 4.40 percent earlier. Similarly, on FDs of more than 1 year but less than 2 years, customers will get interest at the rate of 0.20 percent more i.e. 5.30 percent. SBI has increased the interest rate from 5.20 percent to 5.35 percent for a period of more than 2 years but less than 3 years.