The Reserve Bank of India has made it possible for banks to lend more to Home buyers, and at lower rates, in a move that should benefit customers as well as real estate developers. The central bank did this by reducing the amount of money banks have to set aside (as security) on home loans. The reduction also means lower home loan rates. Previously, the banks had to set aside 0.4% or Rs. 400 per lakh . This has now been reduced to 0.25%, or Rs. 250 per lakh.
For more Updates and latest news, please subscribe Newspaper Cuttings.
Mumbai: State Bank of India(SBI) has cut its term deposit rates by up to 50 basis points for various maturities. The rates have been revised for medium and long term deposits and for amount below rs. 1 crore . For two to less than three years deposits, SBI will offer 6.25%, compared to 6.75% earlier, for a similar maturity period, the deposit rates for senior citizens have been cut to 6.75% from 7.25%. For deposits maturing between three years and ten years, the rates have been lowered by 25 basis points to 6.50%. The lender will be offering the new rates for fresh deposits and renewals and are applicable from April 29,2017. The bank is offering 6.90% for one year to 455 days term deposits.
# Short stories
for more updates and latest news , please subscribe newspaper cuttings.