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Base rate and BPLR rates cut by SBI
Posted on: 02/Jan/2018 10:31:45 AM
SBI - State Bank of India, has reduced the base rate and benchmark prime lending rates, BPLR, by 0.3 per cent each, which will benefit nearly 80 lakh of its existing customers.
Says a senior official, We had done the rate review in the last week of December, and based on whatever deposits rates we had, our base rate was brought down by 30 basis points to 8.65 per cent now. The MCLR was reduced earlier also as the gap between MCLR and base rate had become quite wide. This move will help in reducing that gap. The revision will ensure transmission of reduction in the policy rates in the recent past.
In an official statement, SBI said, While all new customers are offered marginal cost-based lending rate (MCLR), more than half of SBI customers and old home loans are still linked to the base rate and some corporate loans to PLR. The one-year MCLR of the bank stands unchanged at 7.95 per cent. The new rates will be effective today, the bank said in a statement. The reduction in base rate is a New Year gift to the bank`s loyal customers as a large number of consumers who have their loans linked to base rate will be benefited by a decrease in rates.
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