Latest News on ICICI Bank
Effective April 1, key updates to credit card rules – What SBI, ICICI, IDFC First cardholders need to be aware of
From April 1, 2023, new credit card guidelines have been introduced by the Reserve Bank of India (RBI) for credit card issuers, including State Bank of India (SBI), ICICI, and IDFC First. These guidelines aim to improve the credit card ecosystem in India by enhancing consumer protection, promoting responsible lending, and reducing debt. Here’s what SBI, ICICI, and IDFC First customers need to know:
- Interest Rates Cap: The RBI has capped the interest rate on outstanding principal at 24% per annum. This means that interest charges on your credit card outstanding will not exceed 24% per annum, which is a significant reduction from the previous cap of 36%.
- Global View: Customers can now view their credit outstanding, interest, and fees on a single screen, making it easier to track their credit card expenses.
- Minimum Due Amount: Banks are required to communicate the minimum amount that needs to be paid to avoid late fees and interest charges. This will help customers plan their payments better.
- Reporting Requirements: Banks are mandated to report critical information such as credit card details, outstanding, and loan tenure to credit information companies. This will help in maintaining a healthy credit score.
- Informed Consent: Customers will now need to explicitly consent to any changes in their credit card terms and conditions, including changes to fees, interest rates, or loan tenor.
- Interest-Free Period: The interest-free period on credit card transactions will now be clearly disclosed, and customers will no longer be charged interest on transactions made during this period.
- Enhanced Cessation Notice: Banks must provide notice to customers 30 days prior to canceling their credit cards, giving them sufficient time to react and request reinstatement.
- Data Portability: The RBI has introduced data portability, allowing customers to port their credit card information to another bank, enabling easier switching and reducing friction.
- Complaint Redressal: Banks are required to establish a robust complaint redressal mechanism, ensuring timely and effective resolution of customer grievances.
- Ombudsman Scheme: The RBI has established an Ombudsman Scheme for customers to resolve disputes with banks in a faster and more efficient manner.
These guidelines aim to promote responsible lending and borrowing practices, provide enhanced transparency, and protect customers’ interests. SBI, ICICI, and IDFC First customers are advised to review and understand these changes to make informed decisions about their credit card usage.
Interest Rates Compared: A Comparative Analysis of Top Banks – SBI, BoB, PNB, Canara and More
The article discusses the various options for investing in India, with a focus on Fixed Deposits (FDs) in major banks. The article provides an overview of the interest rates offered by six banks – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, ICICI Bank, and HDFC Bank – for FDs of 1 year, 3 years, and 5 years, as well as the estimated returns on an investment of Rs 20 lakh.
The interest rates offered by these banks range from 7.00% to 7.90%, depending on the tenure of the FD. For a 1-year FD, SBI and BoB offer 7.30% interest, while Canara Bank and ICICI Bank offer 7.20%. For a 3-year FD, Canara Bank offers the highest interest rate of 7.90%, while SBI and PNB offer 7.50%. For a 5-year FD, Axis Bank offers the highest interest rate of 7.75%, while HDFC Bank and ICICI Bank offer 7.50%.
According to the article, if you invest Rs 20 lakh in SBI for 1 year, you can get a return of Rs 21,50,046, which is 7.30% of the principal amount. Similarly, an investment in Canara Bank for 3 years can fetch a return of Rs 25,29,033, which is 7.90% of the principal amount. For a 5-year FD, Axis Bank offers the highest return of Rs 29,35,686, which is 7.75% of the principal amount.
Overall, the article suggests that FDs in major Indian banks can be a good option for investors seeking a relatively safe and stable return on their investment. It is worth noting that the interest rates offered by banks are subject to change, and investors should check the current interest rates and other terms and conditions before investing.
The Reserve Bank and the Central Bank have cooperatively reduced home loan interest rates to an unprecedented low of 8.10%, a benchmark among all major banks.
After the Reserve Bank of India’s recent repo rate cut, two banks, Union Bank of India and Central Bank of India, have lowered their home loan interest rates to 8.10%, making them the most competitive in terms of rates. Here’s a comparison of monthly EMIs for a Rs. 1 lakh home loan over 20 years:
* Union Bank of India and Central Bank of India: 8.10%, approximately Rs. 843 per month
* Bank of Baroda, Canara Bank, and Punjab National Bank: 8.15%, approximately Rs. 846 per month
* State Bank of India: 8.25%, approximately Rs. 852 per month
* Bank of India: 8.30%, approximately Rs. 855 per month
* IDBI Bank: 8.50%, approximately Rs. 868 per month
* Axis Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank: 8.75%, approximately Rs. 884 per month
* Yes Bank: 9%, approximately Rs. 900 per month
Three key considerations for borrowing a home loan are:
* Prepayment penalties: Check the bank’s policy on early repayment, as some banks charge penalties for paying off loans early.
* Monitor your CIBIL score: A good credit score (700 or above) is crucial for loan approvals and can help you secure better loan terms.
* Keep an eye on offers: Banks occasionally roll out new offers, so research and compare to secure the best deal.
Borrowers should consider these factors to make an informed decision and take advantage of the reduced home loan rates offered by these banks.
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