Against the security of their self-acquired, self-occupied houses, senior citizens can avail of a loan that will be released in monthly or quarterly installments or as a lump sum payment at the beginning based on their need. The loan will be given jointly if the spouse is alive, provided he/she is above 58 years of age. The loan need not be repaid by the borrowers during their lifetime.
SBI home loans are now cheaper by 0.50-1 per cent depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available. The interest rates on new car loans and two-wheeler loans have been reduced by 1 per cent depending on the amount and maturity of loan.
The bank is considering a share-purchase scheme for all employees.
Wait for some days, as other lenders are likely to follow suit. You can also negotiate for a lower rate before deciding on a change of bankers.
State Bank of India (SBI) on Wednesday reduced the processing fee on home and auto loans by 50 per cent to cash in on festive season demand.
rediffGURU Sunil Lala answers your MF-related queries.
In a massive push for cashless transaction, State Bank of India, the country's largest bank, plans to increase the number of its ATMs by over three times to 25,000 in the next three years.
The committee members asked if SBI was waiting for private sector banks to announce their rates before it takes a call on the issue.
State Bank of India plans to open its office in Dubai International Finance Centre in a few weeks, a move which will boost India's largest bank's presence in the Gulf region.
'To achieve a corpus of Rs 10 crores in the coming years, I would suggest you increase your SIP, advises Nikunj Saraf, vice president, Choice Wealth.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
India's largest lender SBI on Thursday said it plans to hire this fiscal about 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of GDP budgeted for FY23, they said, pegging the Budget figure for the next fiscal in the range of 5.8 - 6 per cent. Given the fact that this will be the last full Budget of the present government, there may be a temptation to make it into an expansionist one.
Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
'My suspicion is that most of the bonds were given by companies who had got contracts or who had benefited from policy changes by the government.'
Air Deccan announced on Tuesday its tie-up with State Bank of India for on-line ticket booking.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
'The rate cut will reduce the stress on customers and help the bank reduce its provisioning bill.'
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
SBI raised Rs 8,032 crore (Rs 80.32 billion selling 5.13 crore shares through a QIP in January.
Mop-up misses target as big FIIs skip issue.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
Kingfisher Airlines needs to invest at least Rs 2,000 crore to restart its operations, said one of its lender SBI's Chairman Pratip Chaudhuri.
In January, banks had rejected SBI Caps' initial proposal on Air India's debt recast, which suggested converting a part of the carrier's debt into cumulative redeemable preference shares, with an eight per cent dividend.
RBI Governor Raghuram Rajan asked banks to follow suit and pass on the rate cuts.
State Bank of India has become the first Indian bank to start commercial operations in China, confident of tapping and aiding the booming trade and commercial linkages between the two Asian giants.
Among the Sensex firms, ITC, SBI, Titan, Power Grid, Larsen & Toubro, Tata Motors, Hindustan Unilever and UltraTech Cement were the major laggards.
SBI blamed poor coal prices for the decision to turn down the loan request.
A senior SBI official dealing with the retail business confirmed the country's largest lender's decision.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
Insiders say some issues that demand immediate attention include improving asset quality and conservation of capital.
The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18
The State Bank has won the prestigious Asian Banker Achievement Award for being the strongest bank in Asia Pacific region, instituted by the Qatar Financial Centre Authority and the Asian Banker magazine.
Bank will charge floating rates of interest from January.
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