BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which Bank has become the first domestic bank to link the interest rate it offers on savings account deposits to an external benchmark-the Reserve Bank of India’s repo rate?

A	Indian Bank
B	Punjab National Bank
C	Bank of Baroda
D	State Bank of India

Explanation:

Detailed explanation-1: -Will Other Banks Follow? While SBI has been the first to link deposit and lending rates to an external benchmark, other large banks may follow suit.

Detailed explanation-2: -Fixed deposit provides highest rate of interest as a large amount of money is deposited in this account for a longer duration.

Detailed explanation-3: -SBI home loan interest rate June 2022 India’s largest lender State Bank of India (SBI) has increased its repo-rate linked lending rate to 7.55% from 7.05%, effective from June 15, 2022.

Detailed explanation-4: -The interest rate on savings bank deposit has been progressively reduced by the Reserve Bank.

Detailed explanation-5: -Earn 7.3%* Interest on FD Rates are subject to change as per the bank’s discretion. Bank of India offers FD interest rates of 3.00%-7.05% p.a. to regular citizens and 3.00%-7.55% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Bank of India Tax Saving FDs is 6.00% p.a.

There is 1 question to complete.