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 […]
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 Goods and Services Tax Council has come to a consensus on raising the cess levied on luxury cars from 15% to 25%. However, the new cess percentage can be implemented only after making an amendment in the GST Compensation Law which can take some time. Cars have been kept in the 28% slab under […]
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% […]
With the recent rise in credit card frauds it is but natural to wonder who is liable – you or the bank? Does the cardholder bear the brunt of the fraud or should the banks absorb the expenses? To end this suspense, the Reserve Bank of India (RBI) recently revised the draft guidelines on Customer […]
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. […]
