SBI lowers FD rates, IDBI home and deposits
Mumbai: The State Bank of India (SBI) on Monday cut deposit rates by up to 0.5% across maturities, while IDBI Bank slashed its home loan rates by 1%. IDBI Bank has also cut its deposit rate by 0.5%. “We expect the housing loan demand to pick up rapidly in the coming months as government’s fiscal stimulus packages will help to regain the consumer confidence,’’ IDBI Bank’s head of personal banking, C S Jain, said. “In terms of fresh housing loan disbursals, IDBI Bank is the third largest in the country and we are confident to improve our performance with the rate cut,’’ Jain said. Floating rate for IDBI Bank’s home loans up to Rs 20 lakh, now stands reduced by 1% while for loans above Rs 20 lakh the reduction will be by 0.5%, the bank said. SBI’s reduction is effective from March 9. The revision in IDBI Bank’s home loan rates will come into effect from Tuesday. IDBI’s cut in deposits is effective from March 6. IDBI Bank’s customers can avail of home loans up to Rs 20 lakh for 9.75% interest rate per annum and loans above Rs 20 lakh at 10.25% rate. The bank also reduced the rate on margin on home loans. AGENCIES * SBI hikes interest rates on NRI A/Cs * Mumbai: State Bank of India on Monday announced a hike in interest rates on deposits of non-residents, with effect from March 1. On FCNR (B) dollar-denominated deposits for one to less than two years period, the rate has been increased to 3.12% from 2.98% per annum, a release said. For two to less than three years period and three to less than four years period, the rates have been increased to 2.69% from 2.57% and 3.07% from 2.93%, respectively, it added. The interest rate for four years and above but less than five years is increased to 3.4% from 3.24%, while for five years, the rate has been upped to 3.66% from 3.45%, the release said. For NRE (rupee) term deposits, the rate has been increased to 3.87% from 3.73% for a duration of one year to less than two years, while it has been upped to 3.44% from 3.32% for a duration of two years to less than three years. For 3-5 years, the rate has been increased to 3.82% from 3.68%, the release said. AGENCIES --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
