State Bank of India has hiked the minimum interest rates for home loans to 7.55 per cent effective Wednesday.

The move follows a 50 basis points hike in the repo rate to 4.90 per cent by the Reserve Bank of India (RBI) last week. In May the RBI had hiked the repo rate by 40 basis points.

The lender has hiked its external benchmark-based lending rate (EBLR) to a minimum of 7.55 per cent from 7.05 per cent earlier, according to the bank’s website. The lender also adds a credit risk premium over the EBLR.

The bank has increased its Marginal Cost of funds-based Lending Rate (MCLR) by 20 basis points effective June 15.

BoB deposit rates

Bank of Baroda (BoB) on Wednesday raised interest rates on domestic term deposits, including non-resident ordinary (NRO) and non resident external (NRE) term deposits of below Rs 2 crore by up to 40 basis points.

The PSU bank also hiked interest rates on saving deposits of between Rs 100 crore and above to less than Rs 200 crore to 2.90 per cent from 2.85 per cent, savings deposits of Rs 500 crore and above to less than Rs 1,000 crore to 3.35 per cent from 3.25 per cent and those above Rs 1,000 crore to 3.35 per cent from 3.30 per cent. These rates are applicable from Wednesday.

For domestic term deposits of above 1 year to up to 400 days, the rates have been revised to 5.45 per cent from 5.20 per cent earlier. Deposits maturing beyond 2 years to up to 3 years will now get an interest rate of 5.50 per cent from 5.20 per cent earlier.

Lenders such as SBI, IDBI Bank and Kotak Mahindra are among the few who have either announced a revision in domestic term deposit rates or saving bank deposits.