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.
The repo rate, at which the the central bank lends to the system, will come down to 5.75 per cent after the cut.
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.
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.
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.
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.
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.
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%.
The outcome of the 6-member MPC meeting is being keenly awaited by stakeholders amidst a huge sell-off in the stock markets globally.
The bonds have been popular on account of offering a higher rate of interest than small savings and fixed deposit rates.
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.
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
Loans approved or under consideration as on January 1 will be eligible for the interest rate subisdy on home loans
The Federal Reserve said the economy’s continued growth might convince it to raise its benchmark interest rate "fairly soon" due to the ambitious policies proposed by President Donald Trump that may have unforeseen effects, the media reported.
The Reserve Bank of India (RBI) is unlikely to lower benchmark interest rate at its policy review meet this week.
In a bid to promote cashless transactions in the country, the Reserve bank of India (RBI) has given banks the freedom to fix bank service charges for transactions, Minister of State for Finance Santosh Kumar Gangwar said on Friday.
Prime Minister Narendra Modi, in a televised address to the nation on the New Year’s Eve, announced that the government would give the rebate of three and four percent on interest rates to the people
Union minister M Venkaiah Naidu today termed demonetisation of high value bills as a “historic decision” by Prime Minister Narendra Modi and said that PM’s focus is to help the poor even as he indicated
New Delhi: The Finance Ministry today said the interest rate on small savings like PPF and post office deposits will be reviewed, but interest of small savers will be taken into account while doing so."It
New Delhi: Reserve Bank Governor Raghuram Rajan is widely expected to cut interest rate tomorrow by a quarter per cent to a 4-year low to accelerate a sluggish economic recovery, but may underscore concerns over prices
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