New Delhi, August 12: Existing home, auto and education loans from the country’s largest lender, SBI, are set to become dearer, with the bank today saying that it will soon decide on hiking its benchmark lending rates by at least 25 basis points.
Saving one’s hard-earned money with the bank may also fetch better returns, with the bank planning to review deposit rates as well.
“There is an upward bias on interest rates… We are looking at that… Now that our quarterly results are out, we shall review our interest rates,” SBI Chairman O P Bhatt told reporters here.
Asked about the likely hike in rates, he said: “It has to be a minimum 25 basis points.”
He said all banks are increasing their deposit and benchmark prime lending rates (BPLR) and the bank is “waiting in the wings”.
–Agencies