- 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.
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.