🏦 SBI Announces Dual Surprise for Customers on Poila Boishakh
On the occasion of Poila Boishakh, State Bank of India (SBI), the country’s largest public sector bank, has rolled out a dual announcement for its customers. The bank has reduced interest rates on home, car, and personal loans linked to the repo rate, offering much-needed relief in EMIs. However, it has also cut fixed deposit (FD) interest rates, impacting those who rely on savings income.
As per the official announcement, SBI has slashed interest rates on repo-linked loans by 25 basis points (0.25%), bringing down the annual rate to 8.25%. These new rates have been implemented from April 15, aligning with the Bengali New Year celebrations.
📉 How Much Can You Save on Your EMI?
Let’s understand with an example:
If a borrower has taken a home loan of ₹50 lakh for 30 years, earlier at 8.5% interest, their monthly EMI would be ₹38,491.
After the new rate cut to 8.25%, the EMI drops to ₹37,598.
💸 Monthly savings: ₹893
📆 Annual savings: ₹10,716
📊 Total savings over 30 years: Over ₹3.2 lakh
However, this benefit is applicable only for floating interest rate loans. Borrowers with fixed interest rates will not experience any change in EMI.
📉 FD Rates Also Cut: Bad News for Savers
While loan borrowers get relief, SBI has reduced interest rates on certain fixed deposits.
The bank has cut FD interest rates by 10 basis points on selected tenures between 1 to 3 years. Even senior citizens are not exempt from this revision.
Additionally, SBI has also released the revised rate for its special “Amrit Kalash” FD scheme of 444 days, effective from April 15.