Fintotal News Analysis | SBI Lowers Rates On Deposits, Keeps Loan Rates Unchanged
SBI Lowers Rates On Deposits, Keeps Loan Rates Unchanged
, 23 Mar 2012

24 April 2012

India's largest lender State Bank of India has slashed interest rate on domestic term deposits of various maturities by 25 to 100 basis points. New rates will apply from 24 April.

Rates on deposits have been reduced for most tenures, except for certain tenures which have seen an increase of 25 basis points. 100 basis points make a percentage.

SBI's borrowing and lending rate cut was anticipated by the industry, following RBI's repo rate slash of 50 basis points in the last week. Surprisingly, lending rates for home and auto loans have not come down in this revision but it is expected to follow suit. SBI has kept the base rate and benchmark prime lending rate, to which loans are linked, the same.

SBI has announced the biggest cut so far after the repo rate cut. ICICI Bank, Punjab National Bank, Syndicate Bank, Bank of Baroda and IDBI slashed base rate by 25 basis points in the last week. Bank of Maharashtra cut rate by 10 basis points.

More banks are expected to follow SBI's course soon.

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