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Teaser home loans can be freely pre-paid during floating rate phase

Teaser home loans can be freely pre-paid during floating rate phase

Borrowers who availed of dual rate home loans, which were hugely popular between 2009 and 2011, will be allowed to pre-pay loans during the floating rate phase without a penalty.…

BSE Sensex up 189 pts at one-month high on reform hopes

BSE Sensex up 189 pts at one-month high on reform hopes

Bolstered by Finance Minister’s statements, the BSE Sensex on Tuesday surged by nearly 189 points – its highest level since July 10 – with investors buying shares in banking, auto,…

SBI cuts rates on NRE/NRO deposits

SBI cuts rates on NRE/NRO deposits

State Bank of India on Monday said it has reduced interest rates in NRE/NRO deposits of five years and more maturity, to 8.50 per cent. “The bank has decided to…

Most consumers feel bank loan rates are high

Most consumers feel bank loan rates are high

The Reserve Bank of India’s decision to leave key policy rates unchanged in its latest quarterly review is likely to leave not just industry but also consumers disappointed. The RBI’s…

SBI cuts interest rates on term deposits of over 5 years

State Bank of India, the country’s largest lender, has announced that it will reduce interest rates on domestic term deposits of five year period, or more, to 8.5 per cent…

US raises pressure for euro zone crisis action

US raises pressure for euro zone crisis action

The United States raised pressure on euro zone leaders to take decisive action to solve the region’s debt crisis, notably by lowering troubled members’ borrowing costs, on the eve of…

RBI maintains status quo on interest rates, focus back on inflation

RBI maintains status quo on interest rates, focus back on inflation

For the second consecutive time, Reserve Bank of India (RBI) Governor D Subbarao left key interest rates unchanged to fight inflation. The key lending (repo) rate, at which banks borrow…

RBI monetary policy review: SBI expects 0.5 percentage point cut in CRR

RBI monetary policy review: SBI expects 0.5 percentage point cut in CRR

State Bank of India (SBI) on Friday said it expects Reserve Bank to lower the mandatory cash reserve requirement of banks or CRR by 0.5 percentage point on July 31.…

HDFC Bank cuts base rate by 20 bps

HDFC Bank cuts base rate by 20 bps

HDFC Bank has decided to cut its benchmark lending rate by 0.2 per cent, making loans cheaper for borrowers. The base rate, or the minimum lending rate, of HDFC Bank…

No minimum balance required for SBI savings a/c

No minimum balance required for SBI savings a/c

In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving banks account . The bank will not levy any charge…