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Banking

SBI revised its benchmark prime lending rate as well as base rate on December 15, 2022.
Updated : Mar 14, 2023

SBI to hike lending rate by 70 bps from March 15; check latest rates here 

The public lender, however, decided to keep the marginal cost of funds-based lending rates unchanged.

Higher than SBI, HDFC Bank, ICICI Bank: These small finance banks offer up to 9% on FDs
Updated : Mar 14, 2023

Higher than SBI, HDFC Bank, ICICI Bank: These small finance banks offer up to 9% on FDs

The good part is whenever RBI increases the repo rate, the interest rate on fixed deposits also goes up, thereby making it an attractive savings option.

BI has increased the overnight MCLR rate by 10 bps to 7.95 per cent from 7.85 per cent.
Updated : Feb 15, 2023

SBI hikes lending rates across tenures; check revised rates for HDFC, PNB, BoB

The MCLR is the minimum lending rate below which a bank is not permitted to lend. With the increase in MCLR, most consumer loan rates, like personal loans, auto loans, home loans, go up.

It is the sixth time the interest rate has been hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of increase to 250 basis points.
Updated : Feb 10, 2023

RBI repo rate hike: HDFC, Punjab National Bank, Bank of Baroda raise lending rates, home, car loan EMIs

On Wednesday, RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.5 per cent highlighting sticky core inflation.

RBI's repo rate hike: Home loan EMIs set to go up by 2-4%
Updated : Feb 08, 2023

RBI's repo rate hike: Home loan EMIs set to go up by 2-4%

This was the first MPC meeting after Union Finance Minister Nirmala Sitharaman presented Budget 2023 in Parliament on February 1.

The good news is interest rates have been on an upward trajectory with the increase in repo rates -- the rate at which banks borrow from the central bank -- by the Reserve Bank of India (RBI)
Updated : Feb 07, 2023

Top 15 banks giving highest interest rate on FDs to senior citizens; check them out

The good news is interest rates have been on an upward trajectory with the increase in repo rates -- the rate at which banks borrow from the central bank -- by the Reserve Bank of India (RBI).

Vikram Credit Card was launched ahead of the 74th Republic Day celebrations to honour the protectors of our nation
Updated : Jan 24, 2023

Vikram Credit Card: BoB Financial launches lifetime free card with Rs 20 lakh cover for defence personnel

In a statement, BFSL said that the focused credit card will support its commitment to address the credit needs of defence personnel who are selflessly guarding us and serving our country.

RBI extends deadline for new bank locker agreement; check details
Updated : Jan 24, 2023

RBI extends deadline for new bank locker agreement; check details

In cases where operations in lockers have been frozen for non-execution of agreement, the same needs to be unfrozen with immediate effect.

SBI offers a 30 basis point discount on credit scores between 700 and 800.
Updated : Jan 15, 2023

SBI increases MCLR by 10 bps; home loan concessions ending January 31

According to SBI's website, the 1-year MCLR has been raised to 8.4% from 8.30% as of January 15. Other tenures' MCLR has remained unchanged.

Experts say that locker is not a subject that customers engage with daily unlike a mobile app or a savings account or a debit or a credit card, and consumers do not respond to every communication immediately
Updated : Jan 13, 2023

What is the new bank locker agreement and why banks must get you to sign it?

Experts say that locker is not a subject that customers engage with daily unlike a mobile app or a savings account or a debit or a credit card, and consumers do not respond to every communication immediately

Here is the list of 10 banks giving the highest interest rates on fixed deposits
Updated : Jan 12, 2023

Ujjivan SFB vs IDFC First Bank vs RBL Bank: 10 banks offering high fixed deposit rates

Here is the list of 10 banks giving the highest interest rates on fixed deposits

The impact of the rate hike is much more significant if you compare the tenure of your loan
Updated : Jan 12, 2023

Your 20-year home loan is now 45 years long. Here is how

The impact of the rate hike is much more significant if you compare the tenure of your loan

Nainital Bank Limited was founded in 1922.
Updated : Dec 31, 2022

Nainital Bank raises FD rates up to 7.10%, celebrates 100 years of existence

The bank has also introduced the New Scheme Naini 2023 Deposit, on which it guarantees to provide a maximum standard rate of 7.10 per cent.

Illegal for banks, NBFCs to offer loans for tuition via edtech firms like BYJU’S, clarifies NCPCR chief
Updated : Dec 29, 2022

Illegal for banks, NBFCs to offer loans for tuition via edtech firms like BYJU’S, clarifies NCPCR chief

Talking to BT, Priyank Kanoongo, head of National Commission for Protection of Child Rights (NCPCR), said, it is illegal for financial institutions to get into corporate tie-ups with edtech platforms like BYJU’s to enable education loans.

The bank offers a 3.75 per cent interest rate on FDs maturing in 600 days
Updated : Dec 25, 2022

HSBC India raises interest rates on FDs; senior citizens earn 7.50% on select tenure

HSBC India is currently providing senior citizens with a maximum standard interest rate of 7 per cent and 7.50 per cent.

Union minister Nitin Gadkari launches India's first-ever surety bond from Bajaj Allianz; check details here
Updated : Dec 19, 2022

Union minister Nitin Gadkari launches India's first-ever surety bond from Bajaj Allianz; check details here

A surety bond is a risk transfer tool for the Principal and shields the Principal from the losses that may arise in case the contractor fails to perform their contractual obligation.

Yes Bank completes transfer of bad loans worth Rs 48,000 cr to JC Flowers (Photo: Reuters)
Updated : Dec 19, 2022

Yes Bank completes transfer of bad loans worth Rs 48,000 cr to JC Flowers

Yes Bank's gross bad loan ratio edged down to 12.89% at the end of the September quarter from 13.45% at the end of June. The number had risen to 18.87% as of December 2019.

Kotak Mahindra Bank revises FD rates for the second time in less than a week. Check new interest rates here
Updated : Dec 14, 2022

Kotak Mahindra Bank revises FD rates for the second time in less than a week. Check new interest rates here

The bank will now offer interest rate of 7 per cent for 390-days, 391 days-less-than-23 months, and the 23-month schemes.

SimplyCLICK Credit Card is one of the cost-effective basic point-based credit cards available for online shopping
Updated : Dec 14, 2022

SBI Credit Card new rules: Redemption of voucher, reward points on SimplyCLICK Cards to be tweaked from Jan 2023

SBI Credit Card new rules from January 2023: From next month, 10X Reward Points on online spends for SimplyCLICK Cardholders at Amazon.in will be slashed to 5X Reward Points.

Equitas Small Finance Bank increases interest rates for savings, FDs and Recurring Deposit; check details here
Updated : Dec 14, 2022

Equitas Small Finance Bank increases interest rates for savings, FDs and Recurring Deposit; check details here

The bank said that the hike will allow savings account customers to gain 7 percent interest who have a closing balance above Rs. 5 crore upto Rs. 30 crore. There is also an increase in interest rates on Fixed Deposits and Recurring Deposits with the peak rate being at 8 per cent and 7.75 per cent, respectively.

Savings account interest is calculated on a daily basis on the account's end-of-day total amount and paid out monthly or quarterly.
Updated : Dec 13, 2022

Savings account interest rate vs PPF interest rate: 3 banks that are offering inflation-beating rates

Savings accounts: Opening a savings account is the first basic step of wealth management and is mostly followed by all. Just like fixed deposit schemes, savings accounts are considered secure investment platforms.