SBI waives minimum balance charges on all savings bank accounts
4 years, 9 months ago

SBI waives minimum balance charges on all savings bank accounts

Live Mint  

India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. India's biggest bank has also rationalised interest rate on savings bank account to a flat 3% per annum for all buckets. Earlier in the day, SBI had announced a cut in its MCLR or marginal cost of fund-based lending rate by up to 15 basis points across various tenors effective March 10, a move which will make home and auto loans cheaper.

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History of this topic

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here
1 month, 3 weeks ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024; details here

Live Mint  

The State Bank of India, India's largest public sector bank, is planning to raise up to $1.25 billion, marking the biggest dollar-denominated loan in the country's financial sector. Dollar loan volume declines The report said that despite these loans, India's dollar loan volume has declined 27 per cent to $14.2 billion this year due to the absence of large company …

At India’s largest bank, all eyes on premium customers
2 months ago

At India’s largest bank, all eyes on premium customers

Live Mint  

Mumbai: State Bank of India may be taking the higher road as it joins the scramble for customer funds without resorting to a rate war, but its outlook signals an extended industry struggle for deposit growth. India’s largest bank on Friday tempered its guidance on deposit growth to 10-11% from 12-13% for 2024-25 as customers might have now found more …

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?
4 months, 3 weeks ago

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?

India TV News  

The State Bank of India, the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. Introduced in April 2016 as a replacement for the base rate system, the MCLR is used as a benchmark for setting lending rates unless specific exceptions are approved by the …

Which bank is charging how much for not maintaining minimum balance? Check details here
4 months, 3 weeks ago

Which bank is charging how much for not maintaining minimum balance? Check details here

India TV News  

New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. Full details of SBI, HDFC, ICICI, Yes Bank and PNB here: Here are the details regarding the charges for not maintaining the minimum balance in savings accounts across different banks: State Bank of India Since 2020, …

SBI Q1 2024-25 results: Net profit up 5.04%, net NPAs down by 6.26%, ₹25,000 crore bond fundraise approved
5 months ago

SBI Q1 2024-25 results: Net profit up 5.04%, net NPAs down by 6.26%, ₹25,000 crore bond fundraise approved

Hindustan Times  

State Bank of India Ltd has announced its first quarter results for the financial year 2024-25 on Saturday, August 3, 2024 and its board has also approved a ₹25,000 crore fundraising through bonds. SBI recorded a net profit of ₹19,680.80 crore in Q1 2024-25, an increase of 5.04% or ₹944.85 crore, compared to ₹18,735.95 crore during Q1 2023-24 or the …

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara
6 months, 3 weeks ago

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara

Hindustan Times  

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. During the financial year 2023-24, the bank infused additional capital of ₹489.67 crore in SBI General Insurance Company Ltd. SBI General Insurance reported a 30.4% rise in net profit to …

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore
7 months ago

SBI Share price: State Bank of India’s stocks surge to all-time high, market cap crosses ₹8 lakh crore

The Hindu  

The market capitalisation of the State Bank of India crossed the ₹8 lakh crore mark on June 3 after the bank's shares surged to a record high of ₹907. Finance Minister Nirmala Sitharaman has recently posted on social media that India's banking sector has achieved a significant milestone by recording its highest-ever net profit, exceeding ₹3 lakh crore. In the …

Bank of Baroda becomes second PSB after SBI to hit ₹1 lakh crore market cap
1 year, 6 months ago

Bank of Baroda becomes second PSB after SBI to hit ₹1 lakh crore market cap

Live Mint  

Bank of Baroda share price: Despite sell off in key benchmark indices, Bank of Baroda shares continued to attract buying interest by stock market bulls. While ascending to this intraday high, Bank of Baroda share came close to its 52-week high of ₹197.20 per share levels and hit an important milestone of ₹1 lakh crore market capital. After achieving this …

SBI hikes recurring deposit rates. Check latest RD rates here
1 year, 10 months ago

SBI hikes recurring deposit rates. Check latest RD rates here

Live Mint  

The country's largest lender State Bank of India has increased interest rates on recurring deposits. SBI Recurring Deposit SBI RD interest rates vary between 6.5%-7% for the general public and an additional interest rate hike of 50 basis points for senior citizens. SBI RD rates effective 15 February 2023 1 year to less than 2 years - 6.80% 2 years …

SBI Q2 results 2022: Net profit jumps 74%, net interest income rises 16.8%
2 years, 2 months ago

SBI Q2 results 2022: Net profit jumps 74%, net interest income rises 16.8%

Live Mint  

SBI Q2 results 2022: The State Bank of India has announced its quarterly results for recently ended September 2022 quarter. The largest commercial bank of India has posted highest ever quarterly net profit at ₹13,265 crores whereas its year-on-year net profit has risen around 74 per cent. SBI's net interest income for the recently ended July to September 2022 quarter …

SBI savings bank account for children: Eligibility, benefits and other details
2 years, 4 months ago

SBI savings bank account for children: Eligibility, benefits and other details

Live Mint  

SBI savings bank account for children: The State Bank of India offers two types of savings accounts for minors - Pehla Kadam and Pehli Udaan. SBI offers Pehla Kadam and Pehli Udaan savings account for children Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but …

SBI Annuity Deposit: Invest Once in This Scheme to Get High Monthly Returns; See Details
2 years, 6 months ago

SBI Annuity Deposit: Invest Once in This Scheme to Get High Monthly Returns; See Details

News 18  

The State Bank of India, which is the country’s largest public sector lender, offers a host of schemes for those who want a safe and secure future without having to risk their money. What is SBI Annuity Deposit Scheme The SBI annuity deposit scheme is a policy whereby customers can get a monthly income by depositing a one-time lumpsum amount. …

December Alert: For pensioners, investors, salaried employees and credit cardholders
3 years, 1 month ago

December Alert: For pensioners, investors, salaried employees and credit cardholders

Live Mint  

The first day of every month usually brings changes. SBI Credit Card EMI Transaction Expensive Customers purchasing products on SBI’s credit card EMI facility is going to become expensive from 1 December 2021. PNB revises savings account interest rates Punjab National Bank has announced its decision to cut the savings account interest rate from 1 December 2021. PNB has reduced …

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here
3 years, 6 months ago

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here

News 18  

Starting from next month, State Bank of India is all set to change the rules and charges for cash withdrawals from its ATMs and bank branches. Know new rules 1) The changes will be applicable for SBI Basic Savings Bank Deposit account holders. Touted as zero balance savings account, SBI Basic Savings Bank Deposit account is meant for poorer sections …

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date
3 years, 7 months ago

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date

India TV News  

SBI Customer Alert: India's largest lender, State Bank of India is all set to revise the service charges for SBI Basic Savings Bank Deposit account holders. Cash withdrawal at SBI ATMs: The service charges will be recovered beyond four free cash withdrawals, including withdrawal at the ATM and Branch. The new service charge beyond four free withdrawals will be Rs …

SBI clarifies on excessive charges on transactions in zero-balance accounts
3 years, 8 months ago

SBI clarifies on excessive charges on transactions in zero-balance accounts

Hindustan Times  

The State Bank of India on Thursday released a clarification on reports stating that the bank, along with several others, has been levying ‘excessive charges’ on some services provided to those with zero-balance accounts or Basic Savings Deposit Accounts. SBI has stopped recovering charges in such accounts on all digital transactions w.e.f. According to the Reserve Bank of India's decision …

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 8 months ago

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study

India TV News  

Several banks, including State Bank of India, have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts, a study by the IIT-Bombay has revealed. The study observed that the SBI's decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot …

Insufficient balance: How much SBI will charge for failed ATM transaction
4 years, 4 months ago

Insufficient balance: How much SBI will charge for failed ATM transaction

Live Mint  

State Bank of India has revised its ATM withdrawal rules with effect from 1 July. As per the information available on the official website of the State Bank of India sbi.co.in, in metro cities, SBI allows 8 free transactions to its regular savings account holders to transact in a month. The bank allows its customers maintaining an average balance of …

SBI new ATM withdrawal rules: Transaction limits, charges and other details
4 years, 6 months ago

SBI new ATM withdrawal rules: Transaction limits, charges and other details

Live Mint  

State Bank of India has revised its ATM withdrawal rules with effect from 1 July. In view of the coronavirus pandemic, SBI had waived service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs on account of exceeding free number of transactions. "In view of the announcement made by Finance Minister on 24th March, …

SBI cuts savings bank deposit rates by 5 basis points to 2.70%
4 years, 7 months ago

SBI cuts savings bank deposit rates by 5 basis points to 2.70%

India TV News  

The country's largest lender State Bank of India has reduced interest rate on savings bank deposits by 5 basis points to 2.70 per cent per annum across all brackets. In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs. For deposits maturing in seven days to …

SBI cuts savings deposit rates by 5 bps to 2.7%
4 years, 7 months ago

SBI cuts savings deposit rates by 5 bps to 2.7%

Live Mint  

India’s largest lender State Bank of India has reduced its savings deposit interest rate by 5 basis points to 2.7%, according to the bank’s website. The cut has been effective for all deposits from 31 May and is the second reduction in savings deposit rates in FY21 after the last reduction of 25 bps in April. It was the bank’s …

Jolt to SBI account holders: Bank reduces interest rate on savings account
4 years, 9 months ago

Jolt to SBI account holders: Bank reduces interest rate on savings account

India TV News  

India's largest bank, the State Bank of India took a decision on Tuesday that is likely to impact crores of its customers across the country. The bank reduced interest rates on savings accounts on Tuesday. Though the image hasn't been hurt, the reduction in interest rates is a development worth taking note of. SBI has decreased interest rate on savings …

SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps
4 years, 9 months ago

SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps

Firstpost  

The country’s largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits New Delhi: The country’s largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits. In view of adequate liquidity in the system, SBI realigned its interest rates on …

Bank savings accounts: No minimum balance charges for three months
4 years, 9 months ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account
5 years ago

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account

India TV News  

SBI Zero Balance Account: Country's largest lender, State Bank of India offers a range of savings accounts to retail customers. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI Zero Balance Account: Other SBI zero balance savings account State Bank of …

SBI zero balance savings account: 10 things to know
5 years ago

SBI zero balance savings account: 10 things to know

Live Mint  

Top lenders including State Bank of India, ICICI, HDFC Bank and Axis Bank, among others provide zero balance savings facility for their account holders. Here is all you need to know about SBI zero balance savings account: 1) SBI BSBD account can be opened by all individuals having valid know-your-customer documents. 5) There is no cheque book facility available with …

SBI flexi deposit scheme interest rate, minimum deposit explained in 5 points
5 years, 1 month ago

SBI flexi deposit scheme interest rate, minimum deposit explained in 5 points

Live Mint  

State Bank of India offers various saving schemes to its customers, one of them is flexi deposit scheme. Here is all you need to know about the SBI flexi deposit scheme: 1) The amount required for deposit in a single instance is ₹500 or in multiples thereof, according to SBI’s website. In a financial year, the minimum deposit amount required …

SBI annuity deposit scheme to earn monthly income: 5 things to know
5 years, 1 month ago

SBI annuity deposit scheme to earn monthly income: 5 things to know

Live Mint  

Country's largest lender State Bank of India offers Annuity Deposit Scheme in which the customers can get a fixed amount every month after depositing a one-time lumpsum payment. Here are five things to know about SBI Annuity Deposit Scheme 1) Deposit amount Customers are required to deposit a minimum of ₹25,000 in SBI annuity deposit scheme:. 2) Tenure Maturity options …

SBI Customers Attention! Bank to cut interest rates on its savings account from November 1; check details
5 years, 2 months ago

SBI Customers Attention! Bank to cut interest rates on its savings account from November 1; check details

India TV News  

SBI Bank Customers Alert: Are you SBI customer and have saving account with the bank? Then this news is very important for you as State Bank of India, India's largest public sector bank is all set to reduce the interest rates on deposits in retail savings accounts from November 1, 2019. The bank, in a statement last week said that …

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
5 years, 2 months ago

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty

India TV News  

The country's largest lender State Bank of India has revised the minimum balance rules that all customers should know. The customers who hold savings accounts at metros or semi-urban branches are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in. 1,000 Penalty Charges Applicable In SBI Metro And Urban Branches Shortfall …

Attention ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks
5 years, 3 months ago

Attention ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks

India TV News  

Bank ATM users alert: Bank of Baroda and State Bank of India have put cash withdrawal limitations for customers at micro-ATM terminals of other banks, in a move that would majorly impact banking services in rural areas. According to Economic Times reports, under new rules, BoB has limited its withdrawals for customers from micro-ATM terminals of other banks to four …

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty
5 years, 3 months ago

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty

India TV News  

SBI bank account holders alert: Are you State Bank of India account holder? To be noted, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent the individual will be charged Rs 10 plus GST. SBI account holders of semi-urban branches need to maintain an average monthly balance of Rs 2,000. Meanwhile, …

SBI waives processing fee on car loans in festival season
5 years, 4 months ago

SBI waives processing fee on car loans in festival season

India TV News  

State Bank of India, the country's largest lender, on Tuesday announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest. The bank is offering the lowest interest rate starting 8.70 …

SBI Savings Plus Account: Minimum balance, interest rates, other details
5 years, 5 months ago

SBI Savings Plus Account: Minimum balance, interest rates, other details

Live Mint  

The country's largest lender, State Bank of India, provides different types of accounts where customers can invest their hard-earned money. Apart from the regular savings account, fixed deposit and recurring deposit accounts, the bank also offers SBI Savings Plus Account. According to SBI, a savings bank account linked to multi option deposit account is called 'Savings Plus Account'. Here are …

SBI revises fixed deposit (FD) rates. Check out the latest rates here
5 years, 7 months ago

SBI revises fixed deposit (FD) rates. Check out the latest rates here

Live Mint  

The country’s largest lender State Bank of India has revised interest rates on its fixed deposits for second time this year. SBI pays interest rates to the tune of 5.75-7% to the general public for FDs over a maturity period of seven days to 10 years. Earlier this month, SBI reduced its marginal cost of funds based lending rate by …

India needs few mega banks to to compete globally: CEA Krishnamurthy V Subramanian
5 years, 7 months ago

India needs few mega banks to to compete globally: CEA Krishnamurthy V Subramanian

India TV News  

Batting for PSU banks' consolidation, chief economic advisor Krishnamurthy V Subramanian has said having a few good banks is a good idea as they can compete and their quality can get enhanced to compete globally with the best in the world. Taking that line of action forward, state-run Bank of Baroda became India's third largest bank after its merger with …

How to get the most out of your savings bank account
5 years, 7 months ago

How to get the most out of your savings bank account

The Hindu  

Letting huge sums lie in your savings account may not be the most efficient way to manage your money. Worse, banks such as SBI offer only 3.5% and following its recent decision to link SB interest with the RBI’s repo rate for balances above ₹1 lakh, it may go down even further, at times when there is a repo rate …

SBI cuts home loan rate twice in a month
5 years, 7 months ago

SBI cuts home loan rate twice in a month

Live Mint  

The country’s largest lender State Bank of India today reduced its marginal cost of funds based lending rate, or MCLR, by 5 basis points across all tenors, bringing down the home loan interest rate for its borrowers. From May 1, India’s largest bank State Bank of India moved to a new interest rate regime on large savings account deposits as …

SBI links interest rate of large savings accounts to repo rate: 5 points
5 years, 8 months ago

SBI links interest rate of large savings accounts to repo rate: 5 points

Live Mint  

From May 1, India’s largest bank State Bank of India has moved to a new interest rate regime on large savings account deposits as well as short-term loans. In March, SBI had announced that it will link its interest rate on savings account with balance above ₹1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank …

To cut costs, SBI may rethink role of branches
5 years, 8 months ago

To cut costs, SBI may rethink role of branches

Live Mint  

State Bank of India is planning to optimise costs by rethinking the role of branches to see what activities and processes currently performed there can be centralised. As part of the exercise, the nation’s largest lender will appoint a consultant to suggest strategies to optimize balance sheet and maximize return on asset and pre-provisioning operating profit, a document seeking bids …

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 8 months ago

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained

Live Mint  

New Delhi: Regular savings accounts require customers to maintain a minimum average balance. State Bank of India, Bank of Baroda and other leading banks have fixed their monthly minimum average balance requirements according to the location of a customer's account. Here are the MAB requirements and penalty charges levied for non-maintenance of balance by SBI, and Bank of Baroda : …

SBI revises interest rate of large savings accounts, cuts home loan rates
5 years, 8 months ago

SBI revises interest rate of large savings accounts, cuts home loan rates

Live Mint  

India’s biggest bank State Bank of India or SBI has cut its benchmark lending rates by 5 basis points across all tenors, making home, auto and other loans linked to the benchmark rate cheaper. From 1st May, the interest rate on large SBI savings accounts and other short-term loans like overdraft will also get revised. Starting 1 May, SBI will …

SBI links savings account, short-term loan interest rates to RBI repo rate
5 years, 10 months ago

SBI links savings account, short-term loan interest rates to RBI repo rate

Live Mint  

Mumbai: State Bank of India on Friday linked its interest rate on savings account with balance above ₹1 lakh and short-term loans to Reserve Bank of India's repo rate, effective 1 May 2019. While home loan interest rates will still be determined by the marginal cost of funds-based lending rate, or MCLR, rates are expected to fall as savings deposit …

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