Tag Archives: state bank of india

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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SBI cuts interest on home loans above rs. 75 lakh

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Mumbai : Close on the heels of RBI’s policy action, India’s largest lender State Bank of India has lowered interest rates by 10 basis points on home loans above rs. 75 lakh. The new rates are effective June 15, the bank said in a statement here on Friday. For the salaries Woman, the news rate will be 8.55 % while for others, it is 8.60%.

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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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