Bringing the New Year cheer to its customers, SBI or State Bank of India today cut its base rate and Benchmark Prime Lending Rate (BPLR) by 30 basis points (bps). The new rates will be effective from January 01, 2018, said SBI, India's biggest bank. SBI cut the base rate to 8.65 per cent from 8.95 per cent for existing customers and BPLR to 13.40 per cent from 13.70 per cent. Approximately, 80 lakh customers will benefit from this move, SBI noted.
- SBI cut base rate to 8.65 per cent from 8.95 per cent
- Nearly 80 lakh customers will benefit from this move
- SBI has also extended on-going waiver on home loan processing fees
SBI has also extended an ongoing waiver on home loan processing fees till March 31, 2018 for new customers as well as other customers looking to switch their existing loans to SBI.
"The reduction in base rate is a new year gift to the bank's loyal customers as a large number of consumers who have their loan linked to base rate will be benefitted by decrease in rates. This reduction is part of bank's efforts to ensure transmission of reduction in the policy rates in the recent past. Approximately 80 lakh customers will be benefitted by this move," said PK Gupta, managing director for retail and digital banking at SBI.
State Bank of India (SBI) is the largest commercial bank in India, ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of July 2017. It has a sizeable overseas presence with 198 offices in 35 countries across the world. SBI has a significant presence across the broad spectrum of the financial sector in India with subsidiaries/joint ventures in the area of life insurance, general insurance, investment banking, mutual funds, broking and depository services, custodial services, credit cards, pension fund management, factoring services etc.
On April 1, 2017, SBI merged five of its associate banks - State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore - and Bharatiya Mahila Bank with itself.