State Bank of India has given special gifts to its customers on New Year. SBI reduced interest rates by 0.30%. The benefit of this reduction from the bank will be directly available to the common man. SBI has reduced interest rates based on base rates from January 1, 2018. The bank's benchmark has reduced the interest rates on loan based on rental rate ie BPLR.
After this downfall, it will benefit people who have taken loan on the basis of BPLR. The EMI amount of these people will now come down. SBI has collected 13.70% BPLR before, now the bank has made it 13.40%. The bank also reduced the base rate by 0.30%.
After the downturn, the base rate fell to 8.65% for SBI. Earlier it was 8.95%. The bank has not made any changes in MCLR among these changes. SBI's home loan and car loan are based on a base rate, in which case the direct benefit of decreasing the base rate will be as a savings in your EMI. Home and car loans will be cheaper for new customers.
Prior to SBI, Punjab National Bank has given its customers new year gifts by increasing the interest rate of FD. PNB has increased interest rates on deposits of up to 10 crore of different maturity. The interest rates have been increased by up to 1.25%.