State Bank of India cuts interest rates on home loans, more details inside

Nation’s largest bank State Bank of India (SBI) has reduced its interest rates by a marginal 10 basis points on housing loans of up to Rs 30 lakh which will be effective from April 10.

After the application of this reduction, the interest rate for housing loans below Rs 30 lakh and will range from 8.60 per cent per annum to 8.90 per cent per annum. The existing interest rate ranges from 8.70 per cent per annum to 9.00 per cent per annum.

Recently, the Reserve Bank of India (RBI) reduced the rates by 0.25 per cent to 6 per cent in its second policy review under Governor Shaktikanta Das.

Similarly, the bank also revised savings rates from May 1 where the bank will offer an interest rate of 3.5 per cent per annum for balance up to Rs 1 lakh while 3.25 per cent for balances above Rs 1 lakh.

Apart from this, RBI has also slashed the key policy repo rate per annum, which will now be at 6 per cent after a reduction by 0.25 per cent. This step has been taken to lower the cost of borrowing for the banks, ultimately leading the consumers to pay less interest on their loans.

Recently, the central bank also issued notification which puts out a warning message to its customers after receiving several complaints regarding sharing their personal details.

The notification says, ‘’The Bank is aware of certain messages being circulated/forwarded via WhatsApp and Social Media, to the effect that our esteemed customers are getting messages advising about an OTP (One Time Password) in respect of a transaction (normally low value) not purported to have been originated by the miscreant’’.

‘’We Would like to reassure our customers that nobody can access your account without the successful validation of 2FA (Two Factor Authentication). As a note of caution, we again request our customers not to share their card, account, bank credentials or OTP at any cost with any individual’’.

As per some reports, these frauds call the customers and convince them to renew their debit or credit card and if the customer agrees for an upgrade, then the fraud asks for their card details like card number, card expiry date, CVV.