SBI increases base rate by 0.1%; new rate effective from December 15 this year

SBI increases base rate by 0.1%; new rate effective from December 15 this year

AgenciesUpdated: Friday, December 17, 2021, 12:38 PM IST
article-image
The rate hike will not affect those who have taken loans since January 2019 but those before that. / Representational Image |

State Bank of India (SBI) has increased benchmark lending rate or base rate by 0.1 per cent.

With the increase, the revised base rate is 7.55 per cent, as per the information posted on SBI's website. The new rate is effective from December 15, 2021, it said.

The decision is not going to affect those who have taken loan since January 2019 but those before that.

SBI has migrated to External Benchmark Lending Rate (EBLR) linked to repo rate since January 2019. There is no change in EBLR rate and this rate changes with change in benchmark interest rate of Reserve Bank of India (RBI).

In the December monetary policy, RBI decided to keep the repo rate unchanged at 4 per cent.

This was the ninth time in a row when the central bank decided to maintain the status quo on benchmark lending rate to support growth rate.

The bank has also revised the benchmark prime lending rate to 12.3 per cent from 12.2 per cent.

With regard to domestic term deposits, the bank has decided to raise it by 0.1 per cent for high value deposits over Rs 2 crore.

(With inputs from PTI)

RECENT STORIES

India's Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

India's Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

Mumbai: Back Pain A 'Silent Epidemic' In India, Says Gautam Adani At Spine Surgery Conference...

Mumbai: Back Pain A 'Silent Epidemic' In India, Says Gautam Adani At Spine Surgery Conference...

Tesla Gears Up For India Debut With Opening Of 1st Store In Mumbai

Tesla Gears Up For India Debut With Opening Of 1st Store In Mumbai

Coconut Oil Prices Triple In A Year; SEA Seeks Urgent Govt Nod For Short-Term Oil, Copra Imports

Coconut Oil Prices Triple In A Year; SEA Seeks Urgent Govt Nod For Short-Term Oil, Copra Imports

Microsoft Makes AI Skills Mandatory, 15,000 Jobs Cut As Company Shifts Focus To Future Tech

Microsoft Makes AI Skills Mandatory, 15,000 Jobs Cut As Company Shifts Focus To Future Tech