IDFC Bank to Merge with Capital First to form a Banking Entity Jan 14 2018 9:11 AM | IDFC Bank on Saturday announced that Capital First Ltd will merge with the bank to form a banking entity with combined assets under management of Rs 88,000 crore and a market capitalisation of over Rs 31,000 crore.
State Bank of India (SBI) raised its interest rates on Fixed deposit. SBI offers savings, recurring and fixed deposit (FD) accounts to its 42 crore customers as on March 31, 2018. SBI also offers zero balance savings accounts, which do not require any particular minimum balance to be maintained by the customer.
SBI requires its savings bank account customers to maintain an average monthly balance in the range of Rs. 1,000 in rural, Rs.2000 in Semi-urban and to Rs. 3,000 in Urban and metro cities. SBI levied penalty for insufficient balance for SBI accounts in metro and urban branches balance equal to or less than Rs. 1,500 are charged Rs. 10 per month plus the applicable GST (Goods and Services Tax) rate. If their average monthly balance is less than 50-75 per cent of the required monthly balance, they will have to pay Rs. 12 per month plus GST. If the balance falls below 75 per cent of Rs. 3,000, SBI charges a penalty of Rs. 15 per month plus GST. Similarly for SBI accounts in semi-urban branches average monthly balance less than Rs. 1,000 of Rs. 2,000, SBI charges Rs. 7.50 per month plus GST and if your monthly average balance is less than 50-75 percent of Rs. 2,000, the penalty levied is Rs. 10 per month plus GST and if the minimum average balance falls short of 75 percent, the charge is Rs. 12 plus GST. For rural areas monthly balance falls short by up to or less than Rs. 500 of Rs. 1,000, the penalty levied is Rs. 20 per month plus GST.
Fixed deposit interest rates of SBI on deposits below Rs. 1 crore: For General Public
|Tenors||Existing for Public w.e.f. 28.05.2018||Revised For Public w.e.f. 30.07.2018|
|7 days to 45 days||5.75||5.75|
|46 days to 179 days||6.25||6.25|
|180 days to 210 days||6.35||6.35|
|211 days to less than 1 year||6.4||6.4|
|1 year to less than 2 year||6.65||6.7|
|2 years to less than 3 years||6.65||6.75|
|3 years to less than 5 years||6.7||6.8|
|5 years and up to 10 years||6.75||6.85|
Fixed deposit interest rates of SBI on deposits below Rs. 1 crore: For Senior Citizen
|Tenors||Existing for Senior Citizens w.e.f. 28.05.2018||Revised for Senior Citizens w.e.f. 30.07.2018|
|7 days to 45 days||6.25||6.25|
|46 days to 179 days||6.75||6.75|
|180 days to 210 days||6.85||6.85|
|211 days to less than 1 year||6.9||6.9|
|1 year to less than 2 year||7.15||7.2|
|2 years to less than 3 years||7.15||7.25|
|3 years to less than 5 years||7.2||7.3|
|5 years and up to 10 years||7.25||7.35|