In the event of a bank collapse in India, depositors are insured up to Rs 5 lakh by the DICGC, with the same protection rules applying to both big and small banks, though the liquidation process may vary.
Know the income tax rules for savings accounts and how much cash you can deposit without attracting scrutiny. Discover the daily cash transaction limits, high-value transaction reporting requirements, and how to respond to an income tax notice.
As May unfolds, several financial changes are on the horizon, impacting mutual fund investors and banking customers alike. While not as transformative as previous months, these changes demand attention and awareness.
ICICI Bank said that these changes in service charges will come in effect from August 1, 2021.
SBI zero balance account: State Bank of India (SBI), the country's largest lender offers a range of savings accounts to retail customers. While SBI has set certain rules for its regular savings accounts - wherein the account holder is required to maintain an average monthly balance to the tune of Rs. 1,000-3,000 in the account.
If you are a SBI user, then you must note crucial changes that have come into effect today onwards. The interest rates on savings account deposits with State Bank of India (SBI) will fetch lower interest rates now on.
SBI bank account holders alert: Are you State Bank of India (SBI) account holder? Do you have a saving account in SBI? Then this news is for you as India's largest public sector bank SBI has revised service charges for its customer for deposits and withdrawal. This changes will come in effect from October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.
The State Bank has 41 crore savings bank accounts. Of that, 16 crore are under the Pradhan Mantri Jan Dhan Yojana/basic savings bank deposit.
The SBI today said it has lowered minimum balance requirement for savings accounts in metros to Rs 3,000 from the current Rs 5,000 while exempting pensioners and minors to maintain the minimum average balance.
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
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