Latest personal finance news and trends in India
The State Bank of India has cut its base rate, the minimum interest rate at which it lends, by 25 basis points to 9.75 percent with effect from Thursday, it said in a statement late on Tuesday. Read more here.
Posted in Home Loans by Ram Vishnu
SBI, India’s leading bank, has reduced its home loan interest rates. Consumers looking for home loan amounts of less than Rs. 30 lakhs can get a loan with an interest rate of 10.25. Home loan amounts about Rs. 30 lakhs upto Rs. 75 lakhs as well as home loan amounts above Rs. 75 lakhs will be charged an interest of 10.40%. These rates are among the most attractive in the market at this time.
Posted in Banking by Ram Vishnu
PNB customers can get their savings account balance by giving a missed call to call centre number of the bank 1800 180 2222 or 0120-2490000 from their registered mobile number. Be sure to disconnect the call within three rings to avoid getting connected to the call center. The savings account balance will be sent to the mobile as a SMS.
Advertisement has been placed for recruitment of clerical cadre in Associate Banks of State Bank of India. There are about 7, 740 clerk jobs available in associate banks of SBI including State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
Candidates can apply for vacancies in one Bank/State only and will have to appear for written test from a centre of that particular state. For example, candidate applying to SBH in Andhra Pradesh state can appear from Andhra Pradesh only.
Online registration of applications is open from 30th June, 2012 and last date for online registration of applications is 13th August, 2012. Payment of fees offline is open from 1st August to 17th August. Online payment of fees can be done between 30th June, 2012 and 13th August, 2012. Written examinations will be help on 7th October, 2012 and 14th October, 2012.
More details are available on State Bank of Mysore website.
State Bank of Mysore is offering home loans at an interest rate of 10.50% for loan amounts upto Rs. 30 lakhs. This offer is valid upto September 30, 2012. This offer comes along with no prepayment penalty and low processing charges. Interested customers can contact their nearest SBM branches.
For home loan amounts between Rs. 30 - 75 lakhs, the interest rate for home rates will be 10.75%. For loan amounts above Rs. 75 lakhs, the interest rate offered is 11.25%.
State Bank of Mysore is one of the associate banks of State Bank of India. Its helpline number is 1800-425-2244 for any further questions.
Are you a ING Vysya Bank account holder planning to book a bus ticket online? You can get Rs. 50 off transactions done on Redbus.in. The offer is valid upto August 31, 2012. The following are the key details of this scheme:
ING Vysya Bank debit card holders can get Rs. 50 cash back on their online mobile recharge from Paytm. Following are the key details of this scheme:
The promo code is only applicable for ING Vysya debit card customers and not for card holders of other Banks. If you are interested, you can visit, ING Vysya Bank’s website for more details.
RBI has now mandated that the MICR code and IFSC code of a bank branch be made available on the passbook/statement of account of account holders. The MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. Once banks take action on this, the MICR code and IFSC code of bank branches will be readily available not only on cheque leafs but also on your passbook or statement of accounts.
In a move that would be helpful to many, RBI through a circular issued on May 7, 2012 has further liberalized the foreign exchange remittance limit. The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect.
The circular states that Authorised Dealers need not obtain any document, including Form A-2, except a simple letter (from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance) as long as the foreign exchange is being purchased for a current account transaction, and the amount does not exceed USD 25000 or its equivalent and the payment is made by a cheque drawn on the applicant’s bank account or by a Demand Draft.
In a significant change announced on May 7, 2012 through a circular, RBI has said that the NRIs/PIOs may be permitted, subject to payment of applicable taxes, to transfer repatriable funds from their NRO account within the overall ceiling of US $ 1 million per financial year, for credit to their NRE account in India. At present transfer of funds from NRO to NRE account is not permissible.
RBI through its circular announced the following:
On a review, it has been decided that henceforth NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000 contained in Notification No. FEMA.5/2000-RB dated 3rd May 2000, as amended from time to time, shall be eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable (i.e. as applicable if funds were remitted abroad). Such credit of funds to NRE account shall be treated as eligible credit in terms of paragraph 3(j) of Schedule-1 of Notification No. FEMA.5/2000-RB dated 3rd May 2000.
This is clearly great news for NRIs/PIOs who had funds in NRO accounts and wanted to move them into NRE accounts which are repatriable into foreign currencies.