State Bank of India (SBI) hikes base rate. Check details here
Earlier, in September, SBI lowered the base rate by 5 basis points, to 7.45 per cent
Loans to existing borrowers are set to get a little expensive with the State Bank of India (SBI) hiking its base rate by 10 basis points (bps). SBI has increased the base rate by10 bps, according to its website. The new rate will be effective from December 15, 2021. Earlier, in September, the bank lowered the base rate by 5 basis points, to 7.45 per cent.
SBI’s move to hike the base rate comes just a few days after the Reserve Bank of India (RBI) announced its decision to maintain the status quo on rates
On 8 December 2021, the RBI announced its decision to maintain the status quo on rates. The repo rate and reverse repo rate are currently at 4% and 3.35 per cent, respectively.
SBI also hiked the interest of fixed deposits above ₹2 crore, with effect from 15 December 2021. The interest rates of FDs below ₹2 crore have been kept unchanged by SBI.
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