Business

SBI gave a shock with joy, increased interest on FD but made loans expensive

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SBI

Highlights

  • Increased interest rates by 0.20 percent on fixed deposits of less than Rs 2 crore
  • As per the information available on the website, the revised interest rate will be effective from June 14, 2022.
  • SBI hikes repo linked lending rate (RLLR) to 7.15 percent

SBI has increased interest rates on deposits (FD) and loans. SBI has taken this step after the Reserve Bank of India (RBI) increased the policy rate repo last week. SBI has increased interest rates by 0.20 percent on fixed deposits of less than Rs 2 crore with select maturity periods. According to information posted on SBI’s website, the revised interest rate on retail domestic term deposits of less than Rs 2 crore will be effective from June 14, 2022.

Interest not increased on all deposits

As per the information available on the website, the interest rate on deposits ranging from 211 days to less than one year will be 4.60 percent as against 4.40 percent at present. Senior citizens will get 5.10 percent interest as against 4.90 percent at present. Similarly, customers will get 5.30 per cent interest on deposits with tenures ranging from one year to less than two years. It has increased by 0.20 percent. At the same time, senior citizens will get 5.80 percent interest. Apart from this, SBI has increased the interest rate from 5.20 percent to 5.35 percent on deposits of two years to less than three years. In this, senior citizens will get 5.85 percent interest, which was 5.70 percent earlier. At the same time, the bank has increased the interest rate by up to 0.75 percent on domestic wholesale fixed deposits of Rs 2 crore and above.

loan too expensive

Public sector bank SBI has increased the repo linked lending rate (RLLR) to 7.15 percent. Earlier it was 6.65 percent. The impact of this decision will be on new and old customers taking loans from the bank. The EMI of their loan will increase.

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