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In a first, SBI links pricing of loans, deposits to repo rate

In a first of its kind, the country's largest lender, SBI has announced linking of its savings deposit rate and short term loan rates to the external benchmark rate, the RBI's repo rate with effect from May 1. The move will help transmit benefits of rate cuts announced by the central bank from time to time. The new rates will be applicable to depositors with a balance of over Rs 1 lakh in their account. The bank has linked cash credit and overdraft accounts with limits above Rs 1 lakh to the repo rate along with a spread of 2.25%.

Read More at Economic Times News date : 8 Mar 2019, Friday

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