Zero down on the loan amount and tenure to ensure you can afford the EMIs
Monetary Policy Committee (MPC) decided to maintain status quo, that is keeping benchmark repurchase (repo) rate at 4 per cent, RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
As of Monday, the 5y5y was trading at 2.28per cent, an indication that annual inflation will be close to the Federal Reserve's 2per cent target.
The announcement was made by Union finance minister Nirmala Sitharaman on Twitter.
This is the first time in 46 years that the interest rate of the PPF has gone below the 7 percent-mark.
The Supreme Court bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah were hearing a batch of petitions on whether to waive interest payments on coronavirus support loans in a move that could give relief to millions of people.
The RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low
As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.
SBI also introduced special deposit scheme for senior citizens with higher interest rate.
The PPF interest rate of 7.1 per cent, down from 7.9 per cent, is the lowest in four decades, and the fixed and recurring deposit rates are the lowest since 1991.
The interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent.
The RBI retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
While the MCLR reduction is effective October 10, the revision in savings bank deposits rates will be from November 1, the bank said in a statement.
This is the fourth consecutive time that the RBI has reduced repo rate. In the earlier three policies, it reduced repo rate by 25 basis points each.
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
The proposal would now go to the Finance Ministry for approval, Labour Minister Santosh Gangwar said after the CBT meeting.
The interest rate on GPF was 7.6 per cent for the July-September quarter of 2018-19.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens' scheme is paid quarterly.
Fishermen fishing from Kumari dam as it overflowing following heavy rain in Kanyakumari district.PTI Photo
Union External Affairs Minister S Jaishankar is greeted by the officials on his arrival in Israel.PTI Photo
Commuters wade through amid heavy rain in Gurugram.PTI Photo
People play instruments during Kullu Dussehra, in Kullu.PTI Photo
BJP Yuva Morcha workers protest against the alleged attack on the ISKCON temple at Bangladesh, in front of Vivekananda House in Kolkata.PTI Photo
The Opposition is hoping for a rich election harvest in Uttar Pradesh but Lucknow appears to be a long way from the killing fields.
The former Delhi Police employee has also emerged as the go-to man for the authorities to reach out to the agitating farmers.
Outwardly peaceful, Kashmir has seen a spate of civilian killings in recent weeks. A silent unease has now exploded into fear and concern after the shooting of minorities.
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