State Bank of India (SBI), lowered its lending rates by 25 basis points after the Reserve Bank of India’s (RBI) second consecutive policy rate cut, in a move to make loans cheaper for existing and new borrowers.
RBI’s second rate cut in the year was aimed towards boosting economic growth amid concerns over reciprocal tariffs by the United States.
The revised rates, which would be effective from April 15, 2025, will see SBI’s repo linked lending rate (RLLR) drop to 8.25 per cent, while the external benchmark based lending rate (EBLR) will now stand at 8.65 per cent.
The SBI also trimmed its deposit rates by 10 to 25 basis points. Fixed deposits up to Rs 3 crore with a 1–2 year tenure will now have 6.70 per cent interest while deposits for two to less than three years will earn 6.90 per cent, a reduction from the earlier 7 per cent.
For fixed deposits exceeding Rs 3 crore, maturing in 180–210 days will now earn 6.40 per cent (down 20 bps), while 1–2 year deposits will fetch 6.80 per cent, down from 7 per cent.
SBI green rupee term deposit is available for three specific tenors of 1111, 1777 and 2222 days, at 10 bps below card rate.
SBI’s specialised deposit schemes have also seen adjustments. The 'Amrit Vrishti' deposit scheme for 444 days will now offer 7.05 per cent, with senior citizens earning 7.55 per cent and super senior citizens 7.65 per cent.
Meanwhile, private sector heavyweight HDFC Bank also trimmed interest rates on its savings accounts by 25 basis points. As of April 12, balances up to Rs 50 lakh will earn 2.75 per cent, one of the lowest among private banks, while balances above Rs 50 lakh will earn 3.25 per cent, bank’s website reported.
Public sector lender Bank of India also followed suit, withdrawing its 400-day special deposit scheme which earlier offered 7.3 per cent. It also lowered its home loan interest rates by 25 basis points to 7.9 per cent per annum, linked to customers’ CIBIL scores.
Alongside, the Bank of India also cut rates on several retail loan products, including personal loans, vehicle loans, loans against property, education loans, and its Star reverse mortgage scheme.
RBI’s second rate cut in the year was aimed towards boosting economic growth amid concerns over reciprocal tariffs by the United States.
The revised rates, which would be effective from April 15, 2025, will see SBI’s repo linked lending rate (RLLR) drop to 8.25 per cent, while the external benchmark based lending rate (EBLR) will now stand at 8.65 per cent.
The SBI also trimmed its deposit rates by 10 to 25 basis points. Fixed deposits up to Rs 3 crore with a 1–2 year tenure will now have 6.70 per cent interest while deposits for two to less than three years will earn 6.90 per cent, a reduction from the earlier 7 per cent.
For fixed deposits exceeding Rs 3 crore, maturing in 180–210 days will now earn 6.40 per cent (down 20 bps), while 1–2 year deposits will fetch 6.80 per cent, down from 7 per cent.
SBI green rupee term deposit is available for three specific tenors of 1111, 1777 and 2222 days, at 10 bps below card rate.
SBI’s specialised deposit schemes have also seen adjustments. The 'Amrit Vrishti' deposit scheme for 444 days will now offer 7.05 per cent, with senior citizens earning 7.55 per cent and super senior citizens 7.65 per cent.
Meanwhile, private sector heavyweight HDFC Bank also trimmed interest rates on its savings accounts by 25 basis points. As of April 12, balances up to Rs 50 lakh will earn 2.75 per cent, one of the lowest among private banks, while balances above Rs 50 lakh will earn 3.25 per cent, bank’s website reported.
Public sector lender Bank of India also followed suit, withdrawing its 400-day special deposit scheme which earlier offered 7.3 per cent. It also lowered its home loan interest rates by 25 basis points to 7.9 per cent per annum, linked to customers’ CIBIL scores.
Alongside, the Bank of India also cut rates on several retail loan products, including personal loans, vehicle loans, loans against property, education loans, and its Star reverse mortgage scheme.
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