SBI made bank loans cheaper but gave a big shock to those who made FDs, Do you know what are the new rates now

SBI Lowers Interest Rate: The bank has made the loan given to the customers cheaper by reducing the policy repo rate by 0.25%. After this new cut, the lending rate linked to the SBI repo rate decreased by 0.25% to 8.25%.

SBI Lowers Interest Rate: Amidst the threat of tariffs and RBI's reform initiative regarding the economy, the State Bank of India (SBI) has given a big relief to its customers. The bank has made the loan given to the customers cheaper by reducing the policy repo rate by 0.25 percent. After this new cut, the lending rate linked to the SBI repo rate decreased by 0.25 percent to 8.25 percent.

SBI has reduced the external benchmark based lending rate i.e. EBLR by 0.25 percent, after which it has come down to 8.65 percent. The revised new rates will be effective from April 15. It is worth noting that last week, RBI announced a 0.25 percent cut in the repo rate for the second time in a row as part of its initiative to speed up the economy. After this, the interest rates given by RBI to banks became cheaper.

However, the bank has also given a shock to the depositors. Now the interest rates on deposits in the bank have been reduced from 0.10 percent to 0.25 percent. After the implementation of this new rate, the interest rate on fixed deposits up to three crores for a period of one to two years has been reduced from 0.10 percent to 6.70 percent. Along with this, the interest rate on FDs of two years or less than three years has also been reduced from 7 percent to 6.90 percent.

Private bank HDFC has also given a shock to its customers by reducing the interest rates on savings accounts by 0.25 percent. After this, the new rates have become 2.75 percent, which is the lowest compared to any other private bank. Now the interest rate for deposits of more than Rs 50 lakh has become 3.25 percent as against the earlier 3.5 percent. According to HDFC's website, this reduction is effective from April 12.

Similarly, Bank of India has reduced the interest rates of housing loans by 0.25 percent. Also, the bank has announced the withdrawal of the four hundred day special deposit scheme, in which 7.3 percent interest was given.