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  ICICI Bank slashes interest rate on savings account by 25 bps

  Business | April 01, 2020 22:23 IST

  Private sector lender ICICI Bank on Wednesday cut interest rates on savings accounts by 25 basis points for deposits up to Rs 2 crore. The new rates will be effective from April 8, ICICI Bank said in a regulatory filing. Savings bank accounts with deposits up to Rs 50 lakh will earn 3.25 per cent interest as against existing 3.5 per cent.

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  Wrong time to reduce interest rates on small savings: P Chidambaram

  Business | April 01, 2020 13:54 IST

  Former Union Finance Minister P. Chidambaram has slammed the government for reducing the interest rates on small savings and PPF and said it may be "technically correct but it's wrong time" as the country is amid lockdown due to fear of Covid-19 and people have no way of income.

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  Know How to Get More Benefits from Revised Home Loan Interest Rates

  Brand Content | November 19, 2019 12:51 IST

  As per the fresh rules mandated by the Reserve Bank of India, all financial institutions in India must now link their new home loan prices to a new external benchmark, namely the MCLR. This new regulation was implemented at the tail end of RBI’s 5th consecutive repo rate cut for FY2019. With these fundamental shifts in lending, home loan interest rate is expected to become much cheaper for borrowers in the near future.

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  RBI may slash interest rate again in December: Goldman Sachs

  Business | October 06, 2019 16:33 IST

  The RBI Monetary Policy Committee (MPC) reduced repo rate by 25 basis points on Friday to 5.15 per cent and decided to maintain the accommodative stance "as long as it is necessary to revive growth while ensuring that inflation remains within the target".

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  EPF interest rate hiked; ₹54,000 cr to be credited in 6 crore accounts

  Business | September 24, 2019 19:35 IST

  EPF users alert: Government of India has finally made it official that crores of beneficiaries of Employee Provident Fund (EPF) would get an increase in the interest rate for their provident fund money. Union Labour Minister Santosh Gangwar announced the decision on Tuesday which said EPFO would now provide a 8.65 per cent interest rate on employees provident fund for 2018-19.

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  Govt approves 8.65% interest rate; over 6 cr EPFO members to benefit

  Business | September 19, 2019 16:41 IST

  The government on Thursday approved 8.65 per cent interest rate on employees provident fund for 2018-19, news agency PTI quoted sources as saying. Over 6 crore EPFO subscribers are set to benefit with this move. Amounts will be credited to the accounts of these EPFO members.

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  EPFO raises interest rate on PF money, over 6 crore people to benefit

  Business | September 17, 2019 14:35 IST

  PF money withdrawal: There's great news for people with provident fund money (PF Money). The Employees' Provident Fund Organisation (EPFO) has approved 8.65 per cent interest rate. The existing interest rate was 8.55 per cent.

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  RBI to cut interest rates by 40 basis points before this fiscal-end: Fitch Solutions

  Business | August 16, 2019 16:17 IST

  RBI on August 7, had cut benchmark repurchase and reverse repurchase rates by an unconventional 35 bps, slightly higher than market expectations of a 25 bps cut. Given that the extent of monetary easing in 2019 year-to-date still appears to be insufficient in lifting economic activity, Fitch Solutions now expect the RBI to cut its policy interest rates by a further 40bps by end-March 2020

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  RBI releases directions on rupee interest rate derivatives

  India | June 26, 2019 21:52 IST

  The Reserve Bank of India (RBI) on Wednesday issued Rupee Interest Rate Derivatives (Reserve Bank) Directions consolidating and simplifying all previous regulations with a view to protect small and retail participants.

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  EMIs to go down as RBI cuts repo rate by 25 basis points

  Business | June 06, 2019 13:24 IST

  The repo rate, at which the the central bank lends to the system, will come down to 5.75 per cent after the cut.

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  RBI reduces interest rate on unclaimed deposits by 50 bps to 3.5%

  Business | June 07, 2018 20:54 IST

  In June 2014, RBI had specified that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the DEA Fund will be 4 per cent simple interest per annum.   

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  EPFO notifies 8.55% interest on PF for 2017-18, lowest in 5 years

  Business | May 25, 2018 21:40 IST

  The finance ministry had ratified 8.55 per cent rate of interest on EPF for the last fiscal. But it could not be implemented because of model code of conduct for Karnataka elections.  

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  How to reduce impact of higher interest rate on home loan

  Business | July 06, 2019 17:22 IST

  Availing the right home loan is not as easy as it appears. It seems to every individual that banks and financial institutions are eager to lend you money to buy a house property of your own, but getting a home loan sanctioned can be a tedious task.

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  SBI raises interest rates on MCLR by 10-25 basis points, EMIs to go up

  Business | March 01, 2018 13:30 IST

  This is the first time a bank has increased the benchmark lending rate after the MCLR regime came into effect in April 2016, signalling a turn in the interest rate cycle.

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  EPFO declares 8.55 per cent interest rate for 2017-18, lower than 8.65 per cent for 2016-17

  Business | February 21, 2018 19:40 IST

  The Employees' Provident Fund Organisation (EPFO) on Wednesday declared a cut of 0.1 per cent in interest rates for the financial year 2017-18.

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  Key interest rate unchanged at 6%: 15 Highlights of RBI's 6th bi-monthly monetary policy statement

  Business | February 07, 2018 15:42 IST

  Announcing the policy review, the RBI said its decision is consistent with the neutral stance of the central bank aimed at achieving its median inflation target of 4%.

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  RBI's MPC begins 2-day meet; decision on key rate tomorrow

  Business | February 06, 2018 16:54 IST

  The outcome of the 6-member MPC meeting is being keenly awaited by stakeholders amidst a huge sell-off in the stock markets globally.

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  Government stops subscription for 8 per cent GoI savings bond

  Business | January 01, 2018 22:47 IST

  The bonds have been popular on account of offering a higher rate of interest than small savings and fixed deposit rates.

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  US Fed raises key interest rate for third time this year, sees GDP growth slowing to 2% in 2020

  Business | December 14, 2017 10:37 IST

  The Fed chair said it would be "very difficult" to achieve the 4% growth President Donald Trump has promised, expects economy to grow at a "moderate" pace in future years.

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  SBI introduces 2-tier interest rate, cuts saving account rate by 0.5 pc on deposits below Rs 1 crore

  July 31, 2017 14:19 IST

  The State bank of India (SBI) has cut the interest rate on savings bank accounts by 50 basis points (bps) – bringing it down to 3.5 per cent from 4 per cent