New Delhi: The largest lender in this country Bank of India (SBI) has increased interest rates for benchmark loans or equal tariffs by 0.1 percent, a step that can be followed by other lenders.
With the increase in the revised basic tariff is 7.55 percent, according to the information posted on the SBI website.
This new level is valid from December 15, 2021, he said.
The decision would not affect those who had taken loans since January 2019 but they were before that.
The SBI has migrated to an external benchmark loan rate (EBLR) which was linked to the Repo Rate since January 2019.
There was no change in the EBLR level and changes in this level with changes in the benchmark reserve bank of India (RBI) interest rate.
In the December monetary policy, RBI decided to keep the repo level unchanged at 4 percent.
This is the ninth time in a row when the central bank decided to maintain the status quo in the benchmark loan interest rate to support the growth rate.
The bank has also revised the main loan tariff for benchmarks to 12.3 percent from 12.2 percent.
With regard to domestic time deposits, the Bank has decided to raise 0.1 percent for high-value savings over Rs 2 Crore.