Personal loanlender and the biggest subsidiary bank of State Bank of India, State Bank of Bikaner and Jaipur has increased its deposit and lending rates by 25-50 basis points and 50 basis points respectively.
SBBJ’s benchmark prime lending rate (BPLR) is now 12.75% effective from 20th August.
This hike in BPLR will introduce a subsequent hike in home, car and corporate loans.
The bank took the decision to increase due to the rate increase by the country’s biggest lender, State Bank of India.
For FD, the bank has increased interest rates on term deposits of duration 15-45 days to 3.5%, a 50 bps increase.
Deposits whose tenor lies from 181 days to below a year will undergo an interest rate increase to 6.25% from previous 6% while 1-2 year FDs will now have an interest rate of 7.25%.
Interest rate will be 7.5% on deposits with tenure of 2 – 3 years while interest rate on the 5-10 years’ deposits has been gone up to 7.75%.