SBI Home Loans Get Dearer
The country’s largest lender has increased the spread it charges over its external benchmark rate (EBR) by 20 basis points for floating rate home loans for new borrowers with, effect from May 1. With market leader SBI making the move, other lenders are also likely to follow suit. Apart from altering loan rates, SBI has further lowered interest rates on its fixed deposits (FDs) by 20 bps. These lower rates are applicable for FDs of up to three years and the cut will be effective from May 12, 2020. Even though the bank has cut interest rates on certain FDs, it has also launched an FD product to "safeguard the interests of senior citizens in the current falling rate regime." The product, SBI Wecare Deposit, is a retail term deposit for senior citizens. This scheme would be in effect up to September 30, 2020.
Tags : News/Views Home Loans SBI bank SBI Wecare Deposit loan rates FDs 20 basis points lowered interest rates