SBI Interest Rates Hiked: State Bank Of India Hiked Interest Rates On Both Loans And Deposits
State Bank of India has increased interest rates on both deposits and loans.
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SBI Interest Rates Hiked: The country's largest lender State Bank of India has increased interest rates on deposits and loans. SBI has taken this step after the Reserve Bank of India increased the policy repo rate last week. SBI has increased the interest rates by 0.20 percent on fixed deposits of less than Rs 2 crore for select maturity periods.
Revised interest rates effective from June 14
According to the information posted on SBI's website, the revised interest rate on retail domestic term deposits of less than Rs 2 crore will be effective from June 14, 2022. According to the information available on the website, the interest rate on deposits ranging from 211 days to less than one year will be 4.60 percent, which is 4.40 percent at present.
Senior citizens will now get 5.80 percent interest
Senior citizens will get 5.10 percent interest, which is 4.90 percent at present. Similarly, customers will get 5.30 percent interest on deposits of one year to less than two years. It has increased by 0.20 percent. At the same time, senior citizens will get 5.80 percent interest.
0.15 percent increase in interest rate on deposits of less than three years
Apart from this, SBI has increased the interest rate from 5.20 percent to 5.35 percent on deposits from two years to less than three years. In this, senior citizens will get 5.85 percent interest, which was 5.70 percent earlier.
Lending rate hiked to 7.15 percent
At the same time, the bank has increased the interest rate by up to 0.75 percent on domestic wholesale fixed deposits of Rs 2 crore and above. The public sector bank has increased the repo rate linked lending rate (RLLR) to 7.15 percent. It was 6.65 percent earlier.
Bank gives home loan at 7.05 percent interest
State Bank is currently giving home loan at the rate of 7.05 percent. The bank gives interest at the rate of 2.70 percent on the savings account. Gold loan is given by the bank at the rate of 7.70 percent. For education loan, 8.65 percent interest is charged, while auto loan gives at the rate of 7.45 percent. The bank pays 5.45 per cent interest on fixed deposits for less than three years, while 5.50 per cent for tenures ranging from 5 years to 10 years.