With the new month starting today (November 1, 2019), there are a couple of changes going to happen which may affect our monthly household budget. These progressions incorporate reduced interest rates on State Bank of India (SBI) deposits, no charges on digital payments.
SBI Savings Account Interest Rates Changed From Today, 1st November
State Bank of India (SBI), the nation’s biggest lender, to slice the interest rates on the deposits in retail savings accounts from today. It might be noticed that last week bank in its announcement said that in perspective on sufficient liquidity in the system, interest rates on savings accounts with equalizations up to Rs 1 lakh would be brought down by 25 basis points (bps) or 0.25 percentage points. The savings account holders will acquire 3.25 percent interest against 3.5 percent prior. SBI has a deposit base of over Rs 28 crore. On the deposits accounts with a balance up to Rs 1 lakh will earn 3.25 percent interest per annum.
However, the interest rate on the deposits with a balance above Rs 1 lakh has been kept the same. It will keep on bringing the interest at the pace of 3 percent per annum (2.75 percent below RBI’s repo rate, with a minimum of 3 percent) for the entire balance.
As indicated by a report, the government said banks or system providers won’t impose charges or Merchant Discount Rate on clients and also on merchants on digital payments made to establishments having a turnover in excess of Rs 50 crore from November 1. Account Minister Nirmala Sitharaman in her Budget discourse had said business foundations with a yearly turnover of in excess of 50 crore could offer low-cost digital modes of payment to their clients and the RBI and banks ought to retain the cost of transactions. Following the declaration, revisions have been made in the income tax act go about just as in the Payment and Settlement Systems Act 2007.