On Nov 7, 2017, the State Bank of India tweeted the launch of two savings accounts (Pehli Udaan and Pehla Kadam) for children. Pehla Kadam is meant for children below 18 years of age and Pehli Udaan will be for to children above 10 years of age. The aim behind launching the savings accounts […]
To promote digital economy, HDFC bank has made RTGS and NEFT transactions free of cost and cheque-related transactions costly. The bank has revised RTGS and NEFT online transactions fees and charges for savings, salary and non-resident accounts. As per the bank, nothing will be charged from customers for RTGS and NEFT online transactions from November […]
As per an NDTV.com article, the Cheque books of the State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank now stand invalid. After the merger of these six banks with the State Bank of India (SBI) in April […]
The State Bank of India (SBI) has announced a waiver of account closing charges for savings accounts that are at least a year old according to a Business Today (BT) news report. This announcement comes only a few days after India’s largest public sector bank announced a revision of the minimum balance requirements for savings […]
The country’s largest public sector bank, State Bank of India, has reduced the limit of Minimum Average Monthly Balance (MAB) in metro cities from Rs 5000 to Rs 3000. The bank has decided to treat bank accounts in metros on the lines of those in urban centres. This move will directly benefit more than 5 […]
As per the latest report, 4 PSU banks have reduced their Marginal Cost of Fund based Lending Rate (MCLR) on 6th September, 2017. Punjab & Sind Bank lowered the overnight MCLR by 45 basis points from 8.65% to 8.15%. The one-month MCLR was reduced by 40 basis points to 8.20% and the one-year MCLR was reduced […]
Savings accounts are one of the simplest and the most widely availed services offered by banks. The government of India made it simpler for people to open savings accounts through the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme which is the biggest financial inclusion scheme of the world till date. But savings accounts opened through […]
Most public sector as well as private sector banks have started reducing the interest rates offered on their range of savings accounts. The rate cut followed by other banks was initiated by the State Bank of India and it got impetus after the Reserve Bank of India reduced the repo rate. Let us have an […]
India’s largest lender, ICICI Bank has cut the interest rate on savings accounts by 50 basis points. This rate cut is applicable on those accounts that have account balance below Rs 50 lakhs. Thus account holders of these accounts will get interests at a rate of 3.5% with effect from 19th August 2017. However, those […]
