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

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.

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.