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Which of the following bank became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India?
  • a)
    HDFC Bank
  • b)
    ICICI Bank
  • c)
    State Bank of India
  • d)
    Indian Bank
  • e)
    None of these
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which of the following bank became the first bank to link its interest...
On 8th March 2019, the State Bank of India (SBI) became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India. This shall be effective from 1st May 2019.The current repo rate of RBI is 6.25%.The bank will link savings accounts with balance greater than Rs. 1 lakh to repo rate at current effective rate of 3.5% (2.75 percentage points lower than the current repo rate of 6.25%).All cash credit accounts and overdrafts having limits greater than Rs. 1 lakh shall also be linked to the benchmark policy rate, plus a spread of 2.25%—amounting to 8.5%.A risk premium, above 8.5%, will be charged on these loans on the basis of the risk profile of the borrower.The interest rate on home loans will continue to be determined by MCLR (marginal cost of funds-based lending rate).
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Which of the following bank became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India?a)HDFC Bankb)ICICI Bankc)State Bank of Indiad)Indian Banke)None of theseCorrect answer is option 'C'. Can you explain this answer?
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Which of the following bank became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India?a)HDFC Bankb)ICICI Bankc)State Bank of Indiad)Indian Banke)None of theseCorrect answer is option 'C'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Which of the following bank became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India?a)HDFC Bankb)ICICI Bankc)State Bank of Indiad)Indian Banke)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following bank became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India?a)HDFC Bankb)ICICI Bankc)State Bank of Indiad)Indian Banke)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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