State Bank of India – the country’s largest lender has planned to increase its base rate of interest to 9.8%. This accounts to 0.10 percentages of increase from its previous rate which is 9.7 percent per annum. In addition, they have also hiked the rates on retail term deposits.
SBI stands first in the list of banks that have increased the lending rates further to the increase in short term rates. The decision on the increase will be made during the mid quarter review.
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