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When will the EMI of the home loan be reduced, and when will the loan from the bank become cheaper? People have been waiting for this for the last one and a half to two years. Now this time is getting closer. CS Setty, Chairman of the country's largest bank SBI, hopes that RBI will cut interest rates by a nominal 25 basis points in February 2025. He said, "We believe that the first cut in interest rates is possible in February next year. In such a situation, customers will continue to get returns on bank savings schemes as per the current interest rates, but people taking loans from the bank may have to wait till February for a cut in interest rates. "SBI Chairman said that interest rates on bank savings schemes are at their peak.

Interest rate cut in America

Some central banks of the world, including America, have started the process of cutting interest rates. However, RBI has not made any change in the policy rate so far, so it is believed that the Reserve Bank can make an announcement on this in the upcoming monetary policy. However, RBI Governor Shaktikanta Das says that as long as inflation control does not come within the limit set by the Reserve Bank, there will be no change in the policy rate.

Recently, the US central bank cut interest rates by 25 basis points. Now the interest rate will be between 4.50% to 4.75%. Earlier on September 18, the Fed had reduced interest rates by 50 basis points. Let us tell you that the Federal Reserve cut interest rates in September 2024 after March 2020. Now all eyes are on the reduction of interest rates in the upcoming meeting of RBI.