State Bank of India, the country’s largest bank on Monday raised benchmark prime lending rate by 50 basis points to 12.25 per cent. This may result in home, vehicle and other corporate loans linked with the rate becoming costlier to existing borrowers.
The decision comes after the Reserve Bank of India (RBI) hiked the repo and reverse repo rate by 0.25 per cent and 0.50 per cent respectively on July 27, 2010.
Meanwhile, the country’s largest bank, also hiked deposit rates under different maturities by 0.25-1.50 per cent. The rates would be applicable for term deposits below Rs 1 crore, according to a statement issued by the bank on Monday.
The new rates would come in effect from August 17, 2010.
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