EMI's to Rise

sunandaC

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The two major lenders raise their lending rates - ICICI and SBI

ICICI banks new benchmark lending rate is 16.25% SBI also announced a hike in deposit rates by up to 150 basis points and introduced a floating rate fixed deposit plan under which the rate of interest that the FD holder gets will vary according to the change in the bank's base rate.

The hike in the lendign rates came after RBI's raised two key policies - repo and reverse repo. SBI's customers will benefit from the higher rates. In case the base rate is revised downward, then the rate on FD's will also fall. Market players pointed that retired people prefer safer heavens and so would probably go for fixed rates. On the other those who are bullish on the prevailing interest rate scenario would look at SBI's floating rate FD's.

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