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New Delhi: Matching its competitor HDFC Ltd, State Bank of India Sunday announced a cut in home loan rate by up to 0.25 percent, providing relief to new borrowers. The cut in interest rate on home loans, with effect from Monday, is higher than the reduction of 0.15 percent in base rate that came into force on April 10. The bank said in a statement that the home loan rate stood at 10.1 percent for women borrowers prior to the reduction in base rate. It will now be 9.85 percent. For other borrowers, the new rate is 9.9 percent, down from 10.15 percent before base rate cut. The rates will be applicable for all new home loans sanctioned on or after April 13, SBI said. The SBI announcement comes two days after HDFC Ltd, the country's largest mortgage firm, reduced home loan rate by 0.2 percent to 9.9 percent for new as well as existing borrowers. As of December, 2014, SBI had outstanding housing loan of Rs 1,52,905 crore as against Rs 1,35,129 crore at the end of third quarter of t...

The Reserve Bank of India (RBI) recently changed cheque-rules to tackle the rise in cheque-related fraud cases. It asked banks to put preventive measures in place and follow them meticulously. It also issued some other guidelines in this regard. Here is what you need to know: 1) SMS alerts: The RBI asked banks to send an SMS alert to both payer and drawer when the cheque is received for clearing. Till now, SMS alerts were compulsory only for debit/credit card transactions. While dealing with suspicious or cheques of high value, banks have been asked to alert the customer by a phone call and obtain confirmation from both the parties involved in the transaction. The account holder’s bank branch must also be contacted. 2) Examination of cheques: Besides sending alerts, banks have been asked to examine cheques under UV lamp. This is applicable if the cheque amount goes over Rs 2 lakh. Also, a mechanism must be put in place to ensure multi-level checking of cheques for amount over Rs 5 lak...

Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than fivetransactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode. However, following SBI's decision, some major public sector banks are re-evaluating the cost of ATM transactions and are likely to take a decision on restricting the number of free transactions. Among them is public sector lender IDBI Bank. A senior IDBI bank executive said: "As of now, the bank has not changed the terms for ATM usage though RBI (Reserve Bank of India) permitted us. But it has become an expensive proposition, especially when our customer uses other banks' ATMs. An internal assessment is underway for taking a call on revising the terms and charges." IDBI Bank has 2,727 ATMs at the end of September 2014, he added. A Bank of India official also said they have not revised the charges as of now, but they will review the usag...

Do you know when your banks will be closed for business this year? These dates are observed as public holidays in India. Note: The list of bank holidays is based on information on the Reserve Bank of India website. Some holidays might not be applicable in your home state. Your organisation/ institution might have holiday policies that differ with India's central bank. August 15 Independence Day Independence Day is observed on the 15th of August every year in India. It is a national holiday commemorating the nation's independence from British rule. August 18 Janmashtami / Parsi New Year Krishna Jayanthi is an annual commemoration of the birth of the Hindu deity Krishna, the eighth avatar of Vishnu. Hindus celebrate this festival by fasting and staying up until midnight, the time when Krishna is believed to have been born. August 29 Ganesh Chaturthi Ganesh Chaturthi is celebrated on the birthday of Lord Ganesha. This festival is celebrated August 30 Gane...