Updated By: LatestGKGS Desk
SBI New Rules For Customers Comes Into Effect From 1st May 2019
SBI New Rules For Customers Comes Into Effect From 1st May 2019: Details, Highlights
The State Bank of India (SBI) has st new rules for customers & banking that will come into effect from 1st May 2019.
SBI savings account will get less interest on deposits of more than one lakh rupees. The interest rates on deposits above one lakh rupees will stand at 3.25 percent, which will be 2.75 percent below the repo rate,
Earlier this month, Reserve Bank of India (RBI) cut the repo rate by 25 basis points from 6.25 percent to 6 percent. Repo rate is the interest rate at which the central bank lends money to commercial banks such as SBI.
According to the SBI officials, the step is in order to address the concern of rigidities in the balance sheet structure and for quick transmission of changes in RBI's policy rates.
For balances up to Rs. 1 lakh, SBI will offer an interest rate of 3.50 percent per annum, the lender said.
SBI also reduced its interest rate by 10 basis points or 0.10 percent on home loans of up to Rs. 30 lakh.
The interest rate on SBI housing loans or home loans below Rs. 30 lakh now stands in the range of 8.60-8.90%.
SBI also reduced its benchmark marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percent) across all tenors.
