State Bank of India mentioned that it accumulated an amount of Rs. 1,14,139 crore in deposits in the past seven days after the government declared the demonetization of Rs. 500 and Rs. 1,000 notes. PM Modi’s demonetization drive hit the country hard; people are reeling under its terms. The government declared this measure of Rs. 500 and Rs. 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 because of Guru Nanak Jayanti in few parts of the country.
SBI said it faced 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 p.m. The country’s largest lender exchanged Rs. 5,776 crore of old Rs. 500 and Rs. 1,000 notes since November 10. It further added that there were 151.93 lakh cash withdrawal transactions which amount to Rs. 18,665 crore in the past seven days.
People are allowed to exchange up to Rs. 4,500 worth of old Rs. 500 and Rs. 1,000 notes per day. The cash withdrawal limit at ATMs is set at Rs. 2,500 a day.
One can withdraw cash against a withdrawal slip or a cheque subject to a weekly limit of Rs. 24,000 which includes withdrawals from ATMs and over-the-counter from bank accounts.
Also, SBI slashes FD Rates On certain Maturities
SBI cut fixed deposit rates on certain maturities by up to 0.15 per cent. The term deposit of one year to 455 days has been slit by 0.15 per cent to 6.90 per cent from 7.05 per cent which will be brought into effect from Thursday. Apart from this, the one of 456 days to less than two years also gets cheaper to 6.95 per cent from 7.10 per cent.
The term deposit between two years and three years will now attract an interest rate of 6.85 per cent from 7 per cent. The suggested rates of interest will be made applicable to fresh deposits and renewals of maturing deposits.
Nonetheless, NRO deposits of staff are not eligible for extra 1 per cent interest otherwise applicable to staff domestic retail deposits. These rates of interest will also be made applicable to domestic term deposits from cooperative banks, it added.
Stock fundamentals
As on 17th Nov, SBI share price is trading at Rs. 280.45, up by 1 per cent. The stock opened at Rs. 278 against its previous closing at Rs. 277.20. Dynamic Levels have identified SBI as one of the top 500 performing stocks for this quarter.
No comments:
Post a Comment