SBI cuts long-term FD interest rates by 15 bps
Tuesday, January 14, 2020, 2:58 PM
The country's largest lender, the State Bank of India(SBI), has reduced interest rates on fixed deposits(FDs) for certain tenures by 15 basis points (bps) ( 1 bps = 100 percentage points). The new rates came into effect from January 10, 2020 and for those FDs below Rs.2 crore. The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years.
PMC Bank assures to protect depositors interest; meets RBI
Wednesday, October 16, 2019, 6:45 PM
Amid instances of deaths and also a suicide, of depositors, troubled PMC Bank's administrator met RBI brass including Governor Shaktikanta Das on Wednesday. "It was assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders," the statement from J B Bhoria, who was placed as the administrator last month by RBI, said.
Labour Ministry notifies 8.65% interest rate on EPF for 2018-19
Wednesday, September 25, 2019, 11:55 AM
The Labour Ministry has notified 8.65% interest rate on employees provident fund for 2018-19, which will now be credited to the accounts of more than 6 crore subscribers of retirement fund body EPFO, Santosh Gangwar said. The EPFO has been settling EPF withdrawal claims at 8.55% interest rate, approved for 2017-18. Now, the EPFO will settle accounts at a higher-rate of 8.65% for 2018-19.