Big news for SBI customers! The only 5 Lakh amount you have deposited in the bank is safe
State Bank of India (SBI) told its customers that up to Rs 5 lakh deposited in the bank is completely safe. SBI tweeted that the Deposit Insurance and Credit Guarantee Corporation of India (DIGC) scheme is fully secured with certain limits and conditions up to Rs 5 lakh in savings and current accounts, fixed deposit (FD), recurring deposit (RD).
The principal amount and interest together will be Rs 5 lakh secured
The SBI said the principal amount and interest up to Rs 5 lakh would be included.
Earlier, the bank only insured up to Rs 1 lakh. SBI, the country's largest lender, on Monday slashed interest rates on loans linked to MCLR by 0.25 per cent. After this, the one-year MCLR has come down to 7 per cent. At the same time, the base rate has been reduced by 0.75 per cent.
The new interest rates apply from today, benefiting consumers
The bank said the benefit of 0.40 per cent reduction in interest rates is being passed on to consumers by the RBI. On May 22, the RBI announced a reduction in interest rates.
The External Benchmark Linked Lending Rate (EBR) and Repo Linked Lending Rate (RLLR) will also be reduced by 40 basis points. The EBR will be reduced from the current 7.05 per cent to 6.65 per cent and the RLLR from the current 6.65 per cent to 6.25 per cent
SBI customers will have to pay such a low EMI every month
SBI customers will benefit from lower interest rates in the form of lower EMIs. If a customer has taken a loan of Rs 25 lakh from SBI for 30 years, the deduction in MCLR will reduce the EMI by Rs 421 per month.