State Bank of India announced a reduction in its base rate and Benchmark Prime Lending Rate (BPLR) by 30 basis points(bps). Base rate has been reduced to 8.65% from 8.95% for existing customers. BPLR is down to 13.40% from 13.70%.
SBI's rate now becomes the lowest among lenders.
This move will benefit nearly 80 lakh existing customers as long-term loans like education and home loans linked to base rate.
It has also extended an ongoing waiver on home loan processing fees till March 31st, 2018. This waiver applies to new customers and others looking to switch their existing loans to SBI.
In April, SBI merged five of its associate banks State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore and Bharatiya Mahila Bank. The cheque books of these banks are invalid from today.