- By Aditya Pratap Singh
- Tue, 15 Apr 2025 09:08 AM (IST)
- Source:JND
SBI Home Loan Interest Rate: Following the Reserve Bank of India’s policy rate cut, the State Bank of India (SBI) has cut lending rates by 25 basis points, making loans cheaper for existing and new borrowers. With the latest round of reductions, SBI’s repo-linked lending rate (RLLR) will fall by 25 basis points to 8.25 per cent. Also, public sector banks have reduced their external benchmark-based lending rate (EBLR) to 8.65 per cent. The revised rates will come into effect from April 15, 2025, according to the updated rate data on the SBI website.
Rates Reduce After RBI's Repo Rate Cut
The rate cut was in response to RBI’s second consecutive 25 basis point cut in key interest rates last week to support growth in the face of the threat of reciprocal tariffs from the US. The bank has also cut deposit rates by 10-25 basis points, retroactive to April 15.
With this revision, Rs. For fixed deposits up to Rs 3 crore, the interest rate on term deposits of 1-2 years will be reduced by 10 basis points to 6.70 per cent and on deposits with maturity of less than two to three years will be reduced by 7 per cent to 6.90 per cent.
In the case of fixed deposits above Rs 3 crore, term deposits with maturities of 180 days to 210 days will be reduced by 20 basis points to 6.40 per cent, and term deposits with maturities of less than 211 days to 1 year will be reduced by 25 basis points to 6.50 per cent.
Similarly, the new interest rate for 1-2 years will be 7 per cent to 6.80 per cent and for 2-3 years from 7 per cent to 6.75 per cent, down 25 basis points. SBI green rupee term deposits are available for three fixed tenors of 1111, 1777 and 2222 days, 10 basis points lower than card rates.
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The fixed tenor scheme '444 Days' (Amrit Brishti) at an interest rate of 7.05 per cent will come into effect from April 15, 2025, and will offer an interest rate of 7.55 per cent for senior citizens and 7.65 per cent for super senior citizens.
Meanwhile, private sector major HDFC Bank cut its savings account interest rate by 25 basis points to 2.75 per cent, the lowest among its peers.
For balances above Rs 50 lakh, the rate is now 3.5 per cent to 3.25 per cent. According to HDFC Bank's website, the rate cut will come into effect from April
Bank of India, another public sector bank, has withdrawn its 400-day special deposit scheme, which offered 7.3 per cent. Mumbai-based Bank of India (BOI) announced a 25 basis point cut in interest rates on domestic loans, benefiting new and existing customers.
The Revised Rate Will Come Into Effect From Today
With this revision, home loan rates based on CBIL scores have come down to 7.9 per cent per annum. The revised interest rates will come into effect from April 15 i.e. Tuesday.
Apart from home loans, the Bank of India has reduced interest rates on select existing retail loan products including vehicle loans, personal loans, loans against property, education loans and star reverse mortgage loans by 25 basis points.