Tag Archives: sbi

SBI likely to move from a system of average monthly balance to an average quarterly balance

The State Bank of India (SBI) is likely to make changes to its rules for maintaining minimum balance in savings accounts and slash the penalties for going under the limit, officials familiar with the matter said on Thursday.

The officials said that the country’s largest lender is likely to move from a system of average monthly balance to an average quarterly balance.

“The charges for non-maintenance of minimum balance will be reduced by two-thirds of the current penalty,” said an official, who asked not to be named.

Currently, the monthly average balance (MAB) for SBI savings accounts in urban and metro centres is ₹3,000, in semi urban centres ₹2000, and ₹1,000 in rural centres.

The monthly penalty for nonadherence is between ₹30 and ₹50 in urban and metro centres, and ₹20 to ₹40 in semi-urban and rural areas.

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IRDAI approved SBI life’s IPO worth 6000-7000 cr.

MUMBAI/CHENNAI: The Insurance Regulatory and Development Authority of India has approved SBI Life Insurance Co Ltd’s application for an initial public offering (IPO), which is likely to be worth rs.6,000-7,000 crore, the largest public share sale thus far in the life insurance business. An IRDAI official said on condition of anonymity that the insurance regulator approved SBI Life’s IPO a few days back.

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EPFO allows pvt. banks to transact pension fund

NEW DELHI: India’s retirement fund body EPFO allowed private banks to transact Provident Fund payments, a move that is aimed to help millions of salaried people at a time when it has reduced the interest rate from last year. Earlier, India’s largest public sector bank, SBI, was the sole channel for payments for pension. On Wednesday, the EPFO signed pacts with ICICI Bank, HDFC Bank,
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SBI CUTS TERM DEPOSIT RATES BY UP TO 50 BPS

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.

 

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