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SBI ups lending & deposit rate by 25 bps.

THE State Bank of India ( SBI), India's largest bank, on Friday hiked the base rate, benchmark prime lending rate ( BPLR) and deposit rates by 0.25 per cent from Monday, setting the tone for other banks to hike lending rate hikes. Home and auto loan borrowers will have to bear the brunt of this hike in the coming months.

SBI has hiked its base rate and BPLR by 0.25 per cent to 8.25 per cent and 13 per cent, respectively.

Base rate is the new way of calculating the lowest lending rate, that came into effect from July 1, 2010. It replaced the BPLR, which was the best lending rate offered to clients of highest credit worthiness.

This comes within three weeks from the time the Reserve Bank of India ( RBI) hiked the policy rates by 0.25 per cent.

SBI also hiked deposit rates of two special deposit schemes by 0.25 per cent. Investors could get 9.25 per cent interest on deposits of 555 days and 1000 days from Monday, up from nine per cent since January 3, 2011. Rates for all other slabs remained the same.

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Publication:Mail Today (New Delhi, India)
Date:Feb 12, 2011
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