SBI announces higher rate on term deposits, fees waiver on car, gold loans

State Bank of India has come up with concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate the Independence day of India.

The bank said in a statement that it will waive processing fees for its car loan customers, and has provided up to 90% on-road financing for their car loans. Those customers who are looking to apply for a car loan with the bank's YONO app will be eligible for a special interest concession of 25 basis points (bps). YONO users will also be able to avail car loans at an interest rate starting at 7.5 per cent per annum, SBI said.

Those who are looking for gold loans will eventually get a 75 basis point reduction in the interest rates at 7.50%. One basis point is 0.01 percentage point. There will be no processing fees charged for customers applying for gold loans via the YONO app.

The bank had further announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

Notably, there won’t be any processing fees charged on personal and pension loan customers.

When it comes to frontline healthcare workers, they are supposed to get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI has also come with a 'platinum term deposits' for retail depositors further providing customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

"We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations," the bank's managing director for retail and digital banking C S Setty said in a release.