The country's largest lender, the
State Bank of India (SBI) has trimmed interest rates on gold and auto loans amid festive seasons. Not just borrowers, but also, depositors are in for a treat. SBI has also increased interest rates on deposits.
For auto and gold loans, SBI has reduced its interest rates by 25 basis points and 75 basis points respectively. With this cut, both the loans will now have an interest rate of 7.5%.
Furthermore, SBI has declared a 100% waiver on processing fees for car loans across all channels. Also, car loan customers can enjoy 0% on-road financing.
In the case of gold loans, apart from 75 basis points cut, SBI has also waived off the processing fee for customers applying for a gold loan via its digital application, YONO.
Additionally, a 100% waiver in processing fees on Personal & Pension loan customers across channels is also announced. There are 50 basis points special interest concessions to covid warriors such as ‘frontline healthcare workers’ that opt for Personal loans.
In terms of deposits, SBI has launched the ‘Platinum Term Deposit’ scheme during India's 75th year of Independence.
Under the Platinum term deposits, SBI depositors can avail additional interest of 0.15% on term deposits for tenures like 75 days, 75 weeks, and 75 months. The scheme is valid till September 14, 2021.
At around 11.29 am, SBI is trading at Rs422 per piece broadly flat compared to the previous closing on Sensex. The stock has touched an intraday high and low of Rs424.30 per piece and Rs420.10 per piece earlier today.