IndiaCatalog.com
India News
Search Web Directory
News Home
After lending rate cut, SBI makes steeper cut in deposit rates
Posted on 10th September 2019
State Bank of India (SBI) has reduced its lending rates by 10 basis points, but has slashed its deposit rates by up to 25 basis points.

The one year lending rate, to which most of the loans, both corporate and retail, are linked, would come down to 8.15% from 8.25% with effect from September 10, 2019. SBI has also realigned interest rate on term deposits (TD) from September 10.

The bank has slashed retail term deposit rates by 20-25 bps and bulk term deposit rates by 10-20 bps across tenors. For premature withdrawal, the depositor will have to pay 1% of the deposit amount as a penalty. In the one year but less than two years term deposits the bank has cut rates by 20 bps to 6.50% From October 1, 2019, all banks will have to link their home, auto, personal and SME loans to an external benchmark after Reserve Bank of India asked banks to do so.

This is the fifth consecutive cut in the marginal cost-based lending rate (MCLR) in this fiscal. The overnight lending rate of the bank is now at 7.80%, six-month deposit is at 8%, one-year at 8.15% two-year is at 8.25% and three-year deposits are priced at 8.35%.

Though it has reduced the lending rates the deposit rates have come down by double the amount and it has also hiked a number of service charges.

The bank has hiked some of its service charges like the locker charges, which have gone up steeply with charges being at Rs 1,500 plus GST for a locker in the metro area, which works out to Rs 1,700 and Rs 9,000 plus GST for an extra large locker in a metro region. A small locker of the bank is now at Rs 1,200. An extra large locker in a rural area will now cost Rs 7,000 plus GST. For these rates, the customer will be allowed 12 visits free, but after that he will be charged Rs 100 plus GST for every visit.

As on June 30, 2019, the bank has a deposit base of over Rs 28 lakh crore with current account savings account (CASA) ratio of 45.1% and advances of over Rs 19 lakh crore. SBI has a market share of 35% in home loans and 36% market share in auto loans.

Though the interest rates on SBI's repo linked home loans, which were the first products in the market, are the cheapest, it has steep processing fees, which is 0.35% of the loan amount with service tax, where the bank will charge a minimum of Rs 2,000 plus service tax and maximum of Rs 10,000 plus service tax. This is over and above the out of pocket expenses for valuation report and registration charges.

Related Companies: State Bank of India   

Other Latest News
India slams Pakistan over its comments on Ram Temple construction, says should be embarrassed even to mention minorities
Posted on 29th May 2020
A day after Pakistan said that the Narendra-Modi governement in India was advancing its Hindutva agenda by commencing the construction of Ram Temple in Ayodhya amid the coronavirus pandemic, India has slammed Pakistan saying that it has no locus standi on the matter.

Taking strong note of the statement, Spokesperson of the Minsitry of External Affairs Anurag Srivastava said that Pakistan should be embarassed to even mention minorities.

Wanted Jamaat-ul-Mujahideen Bangladesh terrorist Abdul Karim nabbed by Kolkata Police STF
Posted on 29th May 2020
In a successful capture, the Kolkata Police's Special Task Force on Friday nabbed Bangladesh-based terror group Jamaat-ul-Mujahideen Bangladesh’s (JMB) top operative Abdul Karim.

Also known as Boro Karim, he is next only to Salauddin Salehin in Jamaat-ul-Mujahideen Bangladesh’s terror network in India.

Drug combination of HCQ and azithromycin lethal for COVID-19 patients with cancer: Study
Posted on 29th May 2020
Cancer patients suffering from coronavirus who are being administered a drug combination of hydroxychloroquine with the antibiotic azithromycin to counter the infection are more likely to die within 30 days than those who infecteed patients who got either drug alone.

Treatment with hydroxychloroquine and azithromycin were strongly associated with increased risk of death, Dr. Howard Burris, president of the American Society of Clinical Oncology (ASCO) stated in a press conference.

'Very bad gift' from China, says Trump as death toll crosses 100,000-mark
Posted on 29th May 2020
The US President Donald Trump said on Thursday that coronavirus was a “very bad gift” from China to the rest of the world, as America surpassed the grim milestone of over 100,000 Covid-19-linked deaths.

All over the World the coronavirus, a very bad ‘gift’ from China, marches on. Not good! Trump said in a tweet.

Covid-19 impact: Auto biggies face low-liquidity risk, says study
Posted on 29th May 2020
The disruptions caused by the Covid-19 pandemic and subsequent lockdowns are leading to cash crunch in many companies.

Domestic brokerage firm Equirus has analysed companies based on the debt-to-equity ratio and debt-to-Ebitda ratio to assess companies that are at high-risk or ones that are relatively comfortable.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for After lending rate cut, SBI makes steeper cut in deposit rates
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for After lending rate cut, SBI makes steeper cut in deposit rates

Most Read News

RBI extends loan moratorium by three more months to August 31

PM Modi's economic package 'cruel joke on country': Sonia Gandhi

Mercury in Delhi crosses 45 degrees Celsius-mark, records highest temperature of season

Chennai Police arrests DMK MP RS Bharathi for alleged hate speech, interim bail granted

Stop sending 'Shramik Special' trains till May 26: West Bengal to Indian Railways in view of Cyclone Amphan

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement