HDFC Bank on Thursday reduced the interest rates on most of its saving accounts. Earlier these accounts earned interest at the rate of 4 percent, but it has now been reduced to 3.5 percent. Customers who maintain a balance of more than Rs 50 Lakhs in their savings account will continue to earn interest […]
Axis bank has reduced the interest rate offered on savings accounts by 50 basis points. After the rate cut, account holders having less than Rs 50 lakhs in their savings account will get interests at a rate of 3.5% per annum. However, those account holders who have more than Rs 50 lakhs in their […]
The Monetary Policy Committee (MPC) has slashed the repo rate by 25 basis points to 6% from 6.25% on grounds of persistent moderation in price trends and lowering of inflation. Repo rate is the rate at which RBI gives loans to banks and NBFCs. The MPC consists of six members headed by the RBI governor. […]
The State Bank of India has reduced the interest rate on savings accounts by 0.50% on deposits below Rs 1 Crore. However, the rate of interest for those accounts that maintain a balance of more than Rs 1 Crore would not be affected. Prior to this move, the bank offered an interest rate of 4% […]
In order to promote small ticket size transactions, State Bank of India has removed charges on transactions made through IMPS (Immediate Payment System). From now, there will be no charges for IMPS transaction under Rs. 1000. For transactions between Rs. 1,000 to Rs. 1 lakh, Rs. 5 will be charged. For remitting amounts between Rs. […]
As per new government rules, bank accounts not linked with Aadhaar will be closed after December 31st, 2017. Applicants would also need to provide their Aadhaar to get new accounts opened in both private and public sector banks. The regulation that was issued by the revenue department on June 1st has been amended under the […]
After the merger of State Bank of India and its associate banks, Indian banking industry is working on the next round of consolidation and public offers so that the banks can raise fresh capital. Next in the line is Punjab National Bank and Bank of Baroda, which might take over small lenders. According to the […]
Kotak Mahindra Bank has launched zero balance 811 savings account on Wednesday. This is India’s first paperless, real-time, app-based savings account that can be opened from the bank's app in 5 minutes using Aadhaar and PAN number. This account can be used like any other regular account for such services as transaction, managing investments and […]
On Monday, the cabinet approved the merger of Bhartiya Mahila Bank with the country’s largest lender State Bank of India. The decision was taken to ensure that better banking services reach to more women at a faster pace. This approval has come after last month’s approval for the merger of SBI’s five associate banks with […]
Opening a savings account, for most people, is a no-brainer. And with processes easing, and going digital, people usually only consider the interest rate being offered, for choosing a savings account. However, it’s also important to know about the various charges and fees the banks may charge because in most cases, a little bit of […]
