SBI Customer Care! Rules to give interest on savings account in bank will be changed in May! Less profits will get!
Updated: April 13, 2019, 10:38 AM
Let's learn about the work related to it …
What will change from May one
>> Balance up to Rs 1 lakh will now be available at 3.5% rate. At the same rate, the rate of interest on the bank's over 1 lakh will be 3.25 per cent. This new rate will be applicable from May 1, 2019.>> All cash credit and overdraft accounts above 1 lakh have been linked to the repo rate by SBI. In view of this, the bank has cut the interest rate by 0.25 per cent recently by the Reserve Bank.
New arrangement will be applicable from May>> For a long time people had complained that after the RBI's interest rate reduction, the bank's interest rate did not show its effect. That's why SBI will remove customer complaints.
>> Bank chairman Rajneesh Kumar has said that loans and deposits below Rs 1 lakh will remain linked to MCLR ie Marginal cost of funds based lending rate. This has been done to protect the small customers from the market volatility.
How will the rates determine
>> The country's largest bank has said that all Savings Bank deposits and short-term loans of more than Rs 1 lakh will be linked to RBI's benchmark repo rate from May.
>> The repo rate is now 6%. RBI lends itself to banks at the repo rate, while the savings bank rates will be 2.75 per cent lower than the repo rate. At the same time, the repo rate on short-term loans of more than Rs 1 lakh will be kept 2.25% more interest.
>> This is the first time that the bank has linked the savings, small loans and deposit rates directly with the repo rate.
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