An important announcement from SBI to its customers!!
Posted on: 17/Dec/2021 9:26:22 AM
Leading public sector bank in India, SBI or State Bank of India has raised the base rate by 10 basis points or bps now. By this, the loans for the borrowers would become slightly expensive.
According to an official website, it was clear that the SBI base rate has increased by 10 bps. This new rate would come into effect from15th of December 2021.In the month of September, SBI has cut its base rate by 5 basis points to 7.45% is known to us. The Reserve Bank of India or RBI has decided to maintain the status quo on fundamental issues. Point to be noted is that a few days after these announcements SBI has taken steps to raise its base rate.
On 8th of December in 2020, RBI grabbed the attention when it announced its decision to maintain the current level of base rates. It is worthy to note that the repo rate and reverse repo rate are now 4% and 3.35% respectively. The base points of SBI have come into effect from 15th December and based on that SBI has increased the interest rates on fixed deposits of above Rs 2 crores.
Information collected is that interest rates for fixed deposit amounts of less than Rs 2 crores would remain the same.
