SBI expected to cut interest rates soon
The country’s largest lender State Bank of India is expected to cut its interest rates soon. The rate cut is expected before a meeting with acting finance minister Pranab Mukherjee on Monday, when the issue of interest rates is expected to be taken up. Earlier today Punjab National Bank reduced its prime lending rate to 11.5% the lowest in the industry. It has also cut interest rates on retail lending schemes such as housing loan, car loan and personal loans.
PNB has also decided to revise the retail deposit rates downwards by 25 to 100 bps across all the maturity buckets. With this reduction, the peak retail deposit rate would be reduced from 8.50% in the time bucket of “1 year to less than 3 years” to 8 % in the time bucket of “1 year to less than 5 years”.Traditionally, SBI’s interest rates have been the lowest in the banking industry.
However, in recent weeks its rates have turned out to be higher than other nationalised banks. One reason for the rates being higher were the high interest rates offered by State Bank of India.
source: Economictimes
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