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SBI New Rules From April 2019 | 3 Big Changes for Customers Min Balance

SBI New Rules From April

Check SBI New Rules From April 2019 from here!! You must know about the 3 Big Changes that has been made by State Bank of India for Customers Min Balance. From now, there will be limit in the interest rates for Retail Domestic Term Deposit. To check Revised Interest Revised Rate and other changes, you need to check this page.

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SBI New Rules From April 2019

3 Big Changes in SBI Rules

  • Marginal Cost Of Funds Based Lending Rate (MCLR) With Effect From – 10.12.2018
  • Benchmark Prime Lending Rate (BPLR) increased from 13.75% p.a. to 13.80% p.a.
  • Base Rate increased from 9.00% p.a. to 9.05% p.a.

Latest SBI Rules Highlights

  • New home, auto loan rules
  • SBI cease to be EPFO fund manager from March-end: Labour minister
  • SBI blames adverse policies for missing private capital in infrastructure
  • SBI extends deadline for free 5 litre petrol scheme
  • SBI gives 42 million subscribers a shock, expensive home and car loan, will increase your EMI
  • Increase in base rate and BPLR along with MCLR
  • Bad News for the customers of State Bank of India, limit of Withdrawal of Cash for ATM’s

Check Here, Details On: Upcoming Bank Exams

Revision in Interest Rates On Retail Domestic Term Deposits (Below Rupees One Crore)

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore ‘have been revised. The revised interest rates are as under:

(All figures in % per annum)

TenorsExisting for Public w.e.f. 30.07.2018Revised For Public w.e.f. 28.11.2018
7 days to 45 days5.755.75
46 days to 179 days6.256.25
180 days to 210 days6.356.35
211 days to less than 1 year6.406.40
1 year to less than 2 year6.706.80
2 years to less than 3 years6.756.80
3 years to less than 5 years6.806.80
5 years and up to 10 years6.856.85

Check Out Here: Eligibility for Bank

  • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
  • The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
TenorsExisting for
Senior
Citizens
w.e.f.
30.07.2018
Revised for
Senior
Citizens
w.e.f.
28.11.2018
7 days to 45 days6.256.25
46 days to 179 days6.756.75
180 days to 210 days6.856.85
211 days to less than 1 year6.906.90
1 year to less than 2 year7.207.30
2 years to less than 3 years7.257.30
3 years to less than 5 years7.307.30
5 years and up to 10 years7.357.35

Know More About: Career in Banking Sector

Marginal Cost Of Funds Based Lending Rate (MCLR) With Effect From – 10.12.2018

Tenor-wise MCLR effective from 10th December, 2018 will be as under:

TenorExisting MCLR (In %)Revised MCLR (In %)
Over night8.158.20
One Month8.158.20
Three Month8.208.25
Six Month8.358.40
One Year8.508.55
Two Years8.608.65
Three Years8.708.75

SBI RD Interest Rates

Last Updated 11th Dec 2018 SBI Interest Rate on RD, 2018

TenureGeneral RatesSenior Citizen Rates
5 years to 10 years6.85%7.35%
1 year to 1 year 364 days6.80%7.30%
2 years to 2 years 364 days6.80%7.30%
3 years to 4 years 364 days6.80%7.30%

SBI Recurring Deposit

  • SBI offers RD interest rates up to 6.85%
  • Interest on RD with SBI is compounded quarterly.
  • SBI accepts minimum deposits starting at 1000.
  • For senior citizens SBI offers RD rate upto 7.35%.

SBI Recurring Deposit Interest Rates – Special Features

  • Nomination facility is available
  • loan facility is available up to 90% of your RD amount
  • The deposit tenure ranges from 6 month to 120 month
  • Visit any SBI branch to avail this service
  • TDS deductions are subject to the existing income tax rules as at the time of opening the RD account

Check Out Latest: SBI Recruitment 2019

New Home, Auto Loan Rules – Details 

The move to external benchmarking of floating interest rates was suggested by a committee set up by the RBI to review the working of the current MCLR or marginal cost of funds-based lending rate based loan pricing system.

from April 1, banks have to benchmark retail floating rate loans such as auto and home loans to any one of these four external benchmarks: RBI’s repo rate, 91/182 Treasury Bill yield or any other benchmark market interest rate produced by Financial Benchmarks India Pvt Ltd (FBIL).

For the borrower, the new system will bring in more transparency, RBI deputy governor NS Vishwanathan said.

Commenting on the new pricing system PK Gupta, managing director of SBI, said: “Most of the retail portfolios like personal loans and auto loans are fixed rate loans, and, therefore, there will be no change.

The new system of pricing of loans will apply to new floating rate retail loans (such as housing and auto loans) and floating rate loans to micro and small enterprises extended by banks from April 1, 2019.

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SBI’s 24X7 Helpline

State Bank of India provides information on the various Interest rates offered by it on various loans and deposit schemes. To be updated with latest updates or submitting your issues as well. You may take help of given helpline numbers.

  • “Please call SBI’s 24X7 helpline through
  • Toll free 1800 11 2211, 1800 425 3800 or
  • Toll number 080-26599990
  • These are accessible from all landlines and mobile phones in the country”

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Filed in: Articles, SBI

8 Responses to "SBI New Rules From April 2019 | 3 Big Changes for Customers Min Balance"

  1. amita singh

    thanks for this use full information,,

    but i am so sad that, perhaps i had never see the the rules and regulation which favor the middle and lower class people.

    this is for increasing internet use. but if someone is in very emergency specially in hospitals, and have limited amount in her/his account then he will sorry these day of life.

  2. jithendra

    need Locations wise Requirement of Minimum Balance?

  3. Joseph

    This will affect the people a lot in their day- to- day life.

  4. Smrutirekha

    The rules should not be there for student accounts Holder atleast

  5. Lance

    Hi to every one, the contents existing at this
    site are actually amazing for people knowledge, well, keep up the good work fellows.

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  6. Ward

    Unquestionably believe that which you said. Your favorite reason seemed to be
    on the net the easiest thing to be aware of. I say to
    you, I definitely get irked while people consider worries that they just do not know
    about. You managed to hit the nail upon the top and defined
    out the whole thing without having side-effects , people can take a signal.
    Will likely be back to get more. Thanks

  7. Gopala Iyer

    ATM withdrawals. Totally we can withdraw 5 in SBI ATM and 3 in other ATM thus we can withdraw 8 times totally. Similarly many times, cash is not available or paper is not there for printout. Will this will be considered as withdrawal. What about obtaining cash balance etc. Will that also will be considered as one transaction.?

  8. Isaac

    Nice post. I used to be checking constantly this blog and I am inspired!
    Extremely useful information particularly the last part 🙂
    I maintain such information a lot. I used to be looking for this
    certain info for a very lengthy time. Thank you and good luck.

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