SBI will start from May this new service, now customers will get direct advantage!
The country's largest bank, State Bank of India (SBI), has taken a big step to take advantage of customers' convenience. The bank has changed interest rates on home and auto loans. The meaning is clear that after the RBI's immediate reduction of repo rate (interest rates), the bank will lower its interest rates. On the other hand, increasing it will increase immediately. Let us tell you that the Reserve Bank of India (RBI) decided to change this rule in its policy.
The rule will be applicable from 1st May - SBI said in a statement late evening that new rates will be effective from May 1. With this step, the benefit of the cut in the Reserve Bank's policy rate (repo rate) will be available to consumers immediately. The Reserve Bank is repeatedly raising the issue with banks that they reduce the repo rate, the bank does not give its benefit to its customers.
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SBI said in its statement that to resolve the issue of giving repatriation to RBI in an instant, from 1st May, 2019, we have decided to add interest rate for savings bank deposits and short-term loans with the Reserve Bank's repo rate.
What will be the impact on customers?
- With this step all the depositors will not get the benefit, as the new rate will be applicable to the same accounts whose account will be credited more than one lakh rupees.
- Repo rate is currently 6.25 percent. The central bank has reduced the repo rate by 0.25 percent on February 7.
- Bank said that they will link the interest rate with a repo rate of over one lakh rupees. At present, the interest on this is 3.5%, which is 2.75% less than the current repo rate. It is clear that the customer account will have one lakh rupees, they will get the benefit only.
The bank has tied up all the cash loan accounts and the overdraft limit of over Rs one lakh rupees to the repo rate deposited at the rate of 2.25%.
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