Friday, May 20, 2022
HomeBusinessInterest Rates on Loan and FD: After the decision of RBI, many...

Interest Rates on Loan and FD: After the decision of RBI, many banks made loans expensive and some increased returns on FD, know the details here

New Delhi: After the decision of the Reserve Bank of India (RBI) to increase the policy rate (Repo Rate), many banks have increased the external standard rate i.e. Repo Based Interest Rate (EBLR). ICICI Bank has increased it to 8.10 percent. At the same time, Bank of Baroda has increased the EBLR to 6.90 percent. Apart from this, two public sector banks Bank of India and Central Bank of India have also announced an increase in their interest rates after the hike in the repo rate.


RBI has increased by 0.40 percent


RBI on Wednesday announced to increase the policy rate by 0.40 percent to 4.40 percent to control inflation. After this the banks have taken this decision. The increase in EBLR rate will make personal loans, car loans and home loans costlier for customers. Private sector ICICI Bank said, “ICICI-EBLR is being revised along with the repo rate. It will now be 8.10 percent. It is applicable from May 4.


See also


BOB and BOI also increased interest rates

Apart from this, the public sector Bank of Baroda has also revised the interest rate based on the external standard rate. The bank said, “The BRLLR (Baroda Repo Linked Rate) applicable for retail loans has been increased to 6.90 percent with effect from May 5, 2022. This includes RBI’s 4.40 per cent repo rate and 2.50 per cent ‘markup’. At the same time, Bank of India has also increased its RBLR to 7.25 percent with effect from May 5, 2022, with an increase in the repo rate.


Central Bank increased by 0.40 percent


The Central Bank has also increased its RBLR by 0.40 percent and reduced it to 7.25 percent. It will come into effect from May 6, 2022. EBLR is the sum of the external benchmark rate and the credit risk premium.



Kotak increased returns on FD


Kotak Mahindra Bank Limited (Kotak) has increased the interest rates on fixed deposits (FDs) of various tenors by up to 0.35 percent for its retail customers. Kotak Bank said in a release on Thursday that the FD interest rates have been increased after the Reserve Bank of India announced a 0.40 percent increase in the repo rate. The private sector bank said, “The increase in interest rates on FD is effective from May 6, 2022. This increase is for FDs below Rs 2 crore. According to the bank, the interest rate on FDs for a period of 390 days has been increased by 0.30 percent to 5.50 percent.

(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

Html code here! Replace this with any non empty raw html code and that's it.
AUTO
MOBILE
TECH NEWS

Entertainment

Most Popular