State Bank of India hiked BPLR by 1%

The State Bank of India (SBI) today increased its benchmark prime lending rate (BPLR) by one percentage point to 13.75 per cent.SBI said the rate hike would have no impact on borrowers who have taken home loans of up to Rs 30 lakh.Depositors can also rejoice as the SBI has decided to revise interest rates on deposits by 25 to 75 basis points.The interest rate on deposits of 1 year to less than 2 years has been raised to 10 per cent from 9.5 per cent earlier.
All of them had raised the interest rates on their loans after the Reserve Bank of India raised the repo rate by a hefty 50 basis points and the Cash Reserve Ratio(CRR) by 25 basis points to 9 per cent each after reviewing its monetary policy on July 29.
PNB revised its BPLR by 100 basis points to 14 per cent. Apart from PNB, the Bank of Baroda and the Bank of India were the others who raised the benchmark rate by 75 basis points to 14 per cent.
In a statement, the SBI said it was insulating both its existing and new home loan borrowers from the BPLR hike.


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