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SBI reduces lending rates on home and vehicle loans

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SBI reduces lending rates on home and vehicle loans

India’s largest lender State Bank of India (SBI) on Thursday announced reduction of interest rates on home and automobile loans by five basis points (bps).

In a statement issued here the bank said, it has reduced home loan interest rates to 8.30 per cent. Similarly, automobile loan is now offered at a starting interest rate of 8.70 per cent per annum compared to earlier 8.75 per cent.

With this reduction, SBI’s offering in home loan is the lowest in the market. The new rates will be effective from November 01, the SBI claimed. The effective interest rate for all eligible salaried customers will be 8.30 per cent per annum for loans upto Rs 30 lakh.

Rates have been reduced by five bps in all the brackets. Over and above of 8.30 per cent rate, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme.

For car loan customers, the loan amount ranges from 8.70 per cent per annum to 9.20 per cent per annum compared to earlier range of 8.75 per cent to 9.25 per cent. The exact rate depends on the amount of loan and the credit score of the individual.(IANS)

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SBI Waives Charges on RTGS and NEFT Transactions

State Bank of India (SBI), the largest commercial bank in the country has waived RTGS and NEFT charges

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SBI, RTGS, NEFT
In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1. Pixabay

Lending major State Bank of India on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1.

In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1.

“In order to provide an impetus to digital funds movement, State Bank of India (SBI), the largest commercial bank in the country has waived RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer System) charges for YONO (an integrated digital and lifestyle platform by SBI), internet banking (INB) and mobile banking (MB) customers from July 1, 2019,” it said.

SBI, RTGS, NEFT
Lending major State Bank of India (SBI) on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1. Pixabay

The SBI used to charge between Rs 1-5 for transactions through NEFT, and Rs 5-50 for RTGS transactions before July 1.

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The Reserve Bank of India (RBI) decided not to impose charges on RTGS and NEFT transactions on banks from July and also urged the banks to pass on the benefit to the customers. (IANS)

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