Bank of India has cut the rates of interest on auto and home loans by 5 basis points which will be effective from the 1st of November, 2017. SBI has lowered home loan interest rates to 8.30% after this revision from 8.35% previously. Car loans are being offered at 8.70% in comparison to 8.75% previously.
For home loans, rates will be 8.30% for loans up to Rs.30 lakh. In case customers are eligible, they can get the PMAY subsidy up to Rs.2.67 lakhs over and above this rate. The subsidy amount will be credited into the beneficiary’s loan account. This will reduce the loan’s principal amount. Interest rates between 8.70-9.20% are being offered for car loans as compared to 8.75%-9.25% previously.
SBI has reduced FD rates for new customers by 25 basis points with effect from the 1st of November, 2017. The 1-year SBI FD now has 6.25% as the interest rate as compared to 6.50% previously. Senior citizens will be eligible to get 6.75% in comparison to 7% previously. The FD rates stand at 6% and 6.5% for individual customers and senior citizens respectively for deposits between 2 years to less than 3 years. The same quantum is used for deposits between 3 years to less than 5 years and between 5-10 years.
SBI is India’s biggest commercial bank with regard to its deposits, assets, branches, profits, employees and customers. The bank has Rs.26.02 lakh crore as its deposit base with more than 23 thousand branches in the country along with 194 offices across 35 countries globally.