SBI Loan Expensive: There is big news for the customers of State Bank of India (SBI), which may shock them. SBI loans are going to be expensive because SBI has increased the base rate of its loans. State Bank’s base rate has increased by 10 basis points and through this now all the loans of the bank are going to be expensive. According to the SBI website, the new rates have been implemented from tomorrow i.e. from 15 December 2021.
SBI had reduced the base rate in September
In September, SBI reduced its base rate by 5 basis points to 7.45 per cent. After the announcement of the new rates, there has been an increase of 10 basis points, after which the base rate of SBI has gone up to 7.55 percent.
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The decision came a few days after the announcement of RBI
The Reserve Bank of India did not change the policy rates on December 8 and kept the repo rate and reverse repo rate constant. After this it was believed that some banks may increase the rates and today SBI has made this possibility come true. Explain that RBI had retained the repo rate at 4 percent and the reverse repo rate at 3.35 percent.
One side blow from SBI, one side gift
While SBI has given a shock to the customers by increasing the base rate, while increasing the interest rate on fixed deposits (FD) has also given a gift to some customers. SBI has increased the interest rates on FDs above Rs 2 crore. There has been no change in the interest rates on FDs below Rs 2 crore.
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