The minutes of the August 22 Monetary Policy Committee of the RBI highlights that inflation continues to remain the key concern for the MPC members despite a deceleration in the overall price momentum after a peak of 7.8 per cent recorded in April, Acuite Ratings said in a note.
Mumbai: Private lender ICICI Bank on Wednesday raised interest rates on term deposits of less than Rs 1 crore by 10-25 basis points (bps), effective from November 15. The bank said in a statement that the rate hike is applicable across various maturities of domestic term deposits and also on Non Resident Ordinary (NRO) and […]
New Delhi: The State Bank of India on Wednesday raised interest rates on fixed deposits across various tenures by 10-25 basis points. On deposits of less than Rs 1 crore for a tenure of two to three years, the interest rate has been raised to 6.60 per cent from 6.50 per cent, according to the […]
Mumbai: India’s largest lender State Bank of India (SBI) on Thursday announced reduction of interest rates on home and automobile loans by five basis points (bps). In a statement, the bank said, it has reduced home loan interest rates to 8.30 per cent. Similarly, automobile loan is now offered at a starting interest rate of […]
Mumbai: Public sector lender State Bank of India (SBI) on Wednesday became the first Indian bank to link its saving and loan interest rates to the Reserve Bank of India (RBI)’s repo rate. The move assumes significance as the effective interest rate from May 1 on savings deposit above Rs 1 lakh will come down […]
New Delhi: SBI Chairman Rajnish Kumar on Saturday said that banks cannot lower interest rates beyond a threshold due to asset-liability mismatch issues. “We can’t lower the interest rates without lowering the interest rate for depositors and there is a threshold below which we cannot reduce the interest rate for deposits,” he said at the […]
New Delhi: The government on Tuesday kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the fourth quarter of 2019-20 despite moderating bank deposit rates. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.9 per cent, while Kisan Vikas Patra […]