NEWS 18 GUJARATI
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)
This step will not give any benefit to all the depositors, as the new rate will be applicable to those accounts whose deposit amount is 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. tipsinfosite , 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%. tipsinfosite,com