The biggest home loan lender of the country, State Bank of India will shortly be increasing its deposit and lending rates, at least by 25 basis points.
SBI’s chairman O P Bhatt said, “There is an upward bias on interest rates … on the both deposit and lending rates. We will review deposit rates and benchmark prime lending rate”.
Discussing the amount of increase in rates, he said , “It has to be minimum 25 basis points.” He, however, did not comment on when the bank would review the rates.
He said further, “The deposit rates have almost bottomed out for the industry and there is definitely an upward bias as far as advances are concerned because of the way the RBI is managing the inflation and liquidity”.
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