Sbi Minimum Balance Charges, All You Need to Know (Effective from 1st April)

SBI New Rules, SBI Minimum Balance Charges, RBI Rtgs Charges All You Need to Know: Authorities of State Bank of India (SBI) has also formulated the SBI New Rules From April 2017 after a gap of five years. State Bank of India will be implementing the changes they announced a month back.

Authorities of State Bank of India(SBI) has also formulated the SBI New Rules From April 2017 after a gap of five years.

SBI account holders are advised to have a glance at theFrom April 2017, Service Charges Minimum Balance, ATM Fee from here To Be Implemented From April 1st onwards to be on the safe side.

Unlimited SBI ATM use without any charges, If you maintain 25000/- in your SBI savings account.

Unlimited SBI & OTHER BANK ATM use without any charges If you maintain 100000/- in your SBI savings account.

Continue reading “Sbi Minimum Balance Charges, All You Need to Know (Effective from 1st April)”

What is Repo Rate Reverse Repo Rate Meaning Difference

Repo Rate Reverse Repo Rate Meaning Difference in Hindi also. in this post, we are going to share one of the easiest ways to understand the concept of repo rate reverse repo rate bank rate difference also in Hindi.
Suppose I am an individual. What do I do when I am flush with liquidity?

I go to a Bank and get an FD receipt made. I get, say 8%. For a better comprehension of the analogy, replace individual by a Bank. Bank by RBI and FD as Govt. Security, then reverse repo rate is similar to our FD interest rate.
When the banking system is flush with liquidity, they park their fund with RBI and RBI issues govt securities to the bank bearing a certain return, which is nothing but reverse repo rate.
At present, the reverse repo rate is 5.75%. It has not been tweaked in 7th December monetary policy review by RBI.
Now suppose, I ran short of liquidity. I need money for treatment of my son. I go to my Bank. Bank keeps my FD, gives me the loan against deposit at, say 10%(Repo Rate- Replace again individual by a Bank, Bank by RBI and FD as Govt. Security).
When banks need fund, they raise a loan from RBI against the security. The repo rate is the rate of interest charged by RBI on the fund lent to banks. At present, it is 6.25%.
Repo refers to the infusion of liquidity in the banking system and reverses repo for absorption of liquidity from the banking system.
In the case of Repo transaction-Movement of security takes place from Bank to RBI and liquidity from RBI to Bank.
Reverse Repo-Movement of security from RBI to bank and movement of liquidity from Bank to RBI.Presently reverse repo rate is 6%.
RBI has kept the policy rate unchanged on 7th December 2016.

How To Deposit Old Notes At RBI Things To Know

Any Citizen of india can deposit old notes at RBI i.e. SBN demonetised notes of Rs. 500 and 1000 at RBI till March 31, 2017.

He needs to give declaration that he was outside india during november 10, 2016 till 31st December 2016. Any indian citizen who is non – resident can deposit old notes at RBI till june 30, 2017. Agter giving declaration that he was out side india during 9th November to 30th December 2016. such persons those who were out side india during demonetisation period can bring old notes to india up to rs. 25000. subject to satisfaction of fema norms. Thus, such resident or non resident can deposit Rs. 25000 to rbi till march 31st or 30 June respectively.

Such citizens also needs to satisfy the conditions as specified by RBI. Then after RBI may credit the amount in KYC compliant bank account only when it is satisfied about the genuineness of reason for not depositing old notes till December 30th 2016. Continue reading “How To Deposit Old Notes At RBI Things To Know”

Pradhan Mantri Garib Kalyan Deposit Scheme

Pradhan Mantri Garib Kalyan Deposit Scheme PMGKDS-2016

1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016?

It is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

2. Who is eligible to deposit in PMGKS?
The deposit shall be made by any person who declares undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

3. In what form will the deposits under this scheme be held?
The Deposits shall be held at the credit of the declarant in Bond Ledger Accounts (BLA) maintained with RBI. Continue reading “Pradhan Mantri Garib Kalyan Deposit Scheme”