SBI Revises Benchmark Prime Lending Rate, increases interest rates for Super Saver Term Deposits

State Bank of India (SBI) has announced that the Bank has decided to revise Benchmark Prime Lending Rate (SBAR) and Interest rates on Super Saver Term Deposit Scheme:

1. Revision in Benchmark Prime Lending Rate (SBAR):

The Bank has revised upwards the Benchmark Prime Lending Rate (referred as SBAR) as under:

a) Benchmark Prime Lending Rate (referred to as SBAR) is revised upwards by 75 bps from 11.50 p.a. to 12.25% p.a. with effect from February 20, 2007.

b) Considering the importance of providing cost-effective credit to the important sectors of the economy, the following sectors will be excluded from the impact of the above change in SBAR by appropriate adjustment of spreads above/below SBAR wherever applicable:

- All existing Housing Loans under Priority Sector
- All existing Educational Loans.
- All Existing and Future Agricultural Production Loans less than Rs 3 Lacs and
- New Educational Loans up to Rs 4 Lacs.

2. Revision in Interest Rates on Super Saver Term Deposit Scheme:

The Bank has also decided to improve the rates offered on the existing Super Saver Term Deposits Scheme by modifying the terms of the scheme as under:

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				Revised Rates
------------------------------------------------------------------------------------------
Tenor		Public	Senior Citizens		SBI Staff (Including SBI Pensioners of age
		Interest (60 years and		60 years and above) 
		Rate	above)			(% p.a.)
		(%p.a.)	Interest Rate
			(% p.a.)
------------------------------------------------------------------------------------------

4 Years and up	9.50	9.75			9.75
to Less than
5 Years

5 Years and up	8.25	8.75			9.00
to 10 Years
------------------------------------------------------------------------------------------

These rates are available for a limited period up to March 31, 2007.

Source : Equity Bulls

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