Interest Rate
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Govt cuts interest rates on small savings schemes, to be effective from April 1. Details
India | Mar 31, 2021, 11:37 PM ISTThe government on Wednesday reduced interest rates on small savings including PPF, one-year time deposit, senior citizen savings schemes. The changes will be effective from April 1, 2021.
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Kotak Mahindra cuts interest rate on home loans by 10 bps
Business | Oct 22, 2020, 11:07 PM ISTKotak Mahindra Bank (Kotak) on Thursday announced that it has reduced its rate on home loans by a further 10 basis points (bps) to 6.9 per cent per annum.
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Interest rate waivers for bank loans during moratorium will harm depositors: AIBDA
Business | Jun 17, 2020, 01:23 PM ISTInterest rate waivers for bank loans during moratorium will harm the depositors, the All India Bank Depositors' Association (AIBDA) has said adding that interest waiver of any kind will dent the credit culture and also impact the financial health of banks.
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As interest rates decline, govt withdraws 7.75% taxable savings bonds scheme from today. Details her
Business | May 28, 2020, 12:04 PM ISTThe government has decided to withdraw 7.75 per cent Savings (Taxable) Bonds scheme from the close of banking business on Thursday due to declining interest rates.
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ICICI Bank slashes interest rate on savings account by 25 bps
Business | Apr 01, 2020, 10:23 PM ISTPrivate 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 | Apr 01, 2020, 01:54 PM ISTFormer 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 | Nov 19, 2019, 12:51 PM ISTAs 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 | Oct 06, 2019, 04:33 PM ISTThe 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 | Sep 24, 2019, 07:35 PM ISTEPF 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 | Sep 19, 2019, 04:41 PM ISTThe 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 | Sep 17, 2019, 02:35 PM ISTPF 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 | Aug 16, 2019, 04:17 PM ISTRBI 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 | Jun 26, 2019, 09:52 PM ISTThe 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 | Jun 06, 2019, 01:24 PM ISTThe 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 | Jun 07, 2018, 08:54 PM ISTIn 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, 09:40 PM ISTThe 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 | Jul 06, 2019, 05:22 PM ISTAvailing 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 | Mar 01, 2018, 01:30 PM ISTThis 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 | Feb 21, 2018, 07:40 PM ISTThe 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 | Feb 07, 2018, 03:42 PM ISTAnnouncing 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%.