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PNB lowers rates on savings account deposits by 50 bps

Deposits of Rs 50 lakh and above will earn interest of 3.25 per cent as against 3.75 per cent currently.

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  • SBI Chairman Rajnish Kumar on Friday said close to 20% of the bank's borrowers have opted for moratorium on repayment of term loans instalments.

    Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning.

    The Yes Bank debacle has brought the focus back on the book-keeping practices of private lenders.

    Savings bank accounts with deposits up to Rs 50 lakh will earn 3.25 per cent interest as against existing 3.5 per cent, ICICI said. At the same time, it said, savings bank account with deposit over Rs 50 lakh but less than Rs 2 crore will fetch 3.75 per cent, from the current rate of 4 per cent.

    Account aggregators are responsible for transferring, but not storing, client data. An AA ecosystem, as envisaged by the Reserve Bank of India (RBI), would be a platform for financial services companies to reach out to the consumer to seek consent before using their personal data to optimise their product offerings.

    Here is the process that is to be followed to delete the name of a joint bank account holder.

    Announcing the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in view of the ongoing 21-day countrywide lockdown due to the coronavirus outbreak, FM Nirmala Sitharaman had said on March 26 that ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.

    The country’s largest lender, SBI, has reduced the interest rate on all staff loans (housing, education, vehicle, computer and personal) by 1%. The extra day’s salary will be paid to frontline staff until the nationwide lockdown ends.

    There are two ways to access and download the statement of your post office savings account - Internet banking and mobile banking.

    The top court said there are two aspects under consideration in this matter - no interest payment on loans during the moratorium period and no interest to be charged on interest. It said that these are challenging times and it is a serious issue as on one hand moratorium is granted and on other hand interest is charged on loans.

    RBI’s Covid-19 regulatory package was announced to mitigate the debt-servicing burden of stressed borrowers. But the moratorium has also raised default risks, making lenders more risk averse.

    The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent, a reduction of by 25 bps as against the existing 3.25 per cent.

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