The country's largest lender State Bank of India on June 15 said it has raised the minimum interest rate for home loans to 7.55 percent from June 15 following the Reserve Bank of India's repo rate hike last week.

Earlier, the lender said interest rates have been raised by 0.20 percent on domestic term deposits of below Rs 2 crore for select tenors. The revised interest rates on retail domestic term deposits (below Rs 2 crore) come into effect from June 14, 2022, State Bank of India (SBI) said on its website.

For deposits of 211 days to less than 1 year, the lender will offer an interest rate of 4.60 percent, as against 4.40 percent earlier. Senior citizens will be offered an interest of 5.10 percent as against 4.90 percent earlier.

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Likewise, for domestic term deposits of one year to less than less years, customers can earn interest of 5.30 percent, up by 0.20 percent. For senior citizens, the interest rate will be higher by a similar margin at 5.80 percent.

For a tenor of two years to less than three years, SBI has raised the interest rate to 5.35 percent from 5.20 percent, while senior citizens can earn 5.85 percent as against 5.70 percent earlier.

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The lender has also revised the interest rates on domestic bulk term deposits of Rs 2 crore and above for select tenors by up to 0.75 percent. For tenors of one year to less than two years, customers having bulk deposits will earn interest at 4.75 percent from 4 percent earlier, with effect from June 14, 2022. For senior citizens, the new rate will be 5.25 percent as against 4.50 percent.

First Published:Jun 15, 2022 6:44 PM IST