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Maintain the Minimum Balance in SBI Accounts or Pay Fine from 1st April

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India’s largest bank the State Bank of India will resume charging its customers who don’t maintain monthly account average balance in their savings account. This new system will be implemented from starting of the financial year, i.e., from 1st April 2017. The fine chargers will be mentioned based on the difference between required minimum balance and the shortfall of respective SBI accounts.

According to the SBI bank instructions, the minimum balance required for savings account holders is Rs. 5,000 in metropolitan areas. Similarly, in the urban areas, the customers need to maintain the average monthly balance should be Rs. 3,000. While in semi-urban areas, people have to maintain a minimum balance of Rs. 2000 and in rural areas, the monthly average of Rs. 1000.

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A senior SBI executive said the bank had, at present, 250 million savings accounts. “Since Prime Minister announced demonetisation of old Rs 500 and Rs 1,000 notes on November 8 last year, the bank had initiated a large number of savings accounts especially till end-December.”

For metropolitan areas, if the average monthly balance is above 75 percent the fine charges mentioned is Rs. 100 along with service tax. While in urban areas if the shortfall of MAB is less than 50 percent the amount to pay is Rs. 50 percent and service tax. Similarly, if the shortfall is between 50 and 75 percent then have to pay Rs. 60 along with service tax and if it is between 75 percent have to pay the charge of Rs. 80 and service charge.

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The executive also added, “Managing these SBI accounts, including those with zero balance, includes expenses such as running operations and systems. It is also an effort to stem an outflow of money from savings accounts, mainly those opened recently.”

SBI has implemented this minimum balance payment system for the savings account in the year 2012 in July in a bid to lure customers. As per the reports, the bank is going to merge five associate banks of itself and thus acquires 50 crore customers. The bank also reduced the interest rates on term deposits from 180 days to one year and 456 days to three years from 1st March 2017.

SBI SO Analysis 2017 20th January Specialist officer Exam Review

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SBI SO Analysis 2017

Check out the SBI SO analysis 2017. Applicants who have attempted the exam on January 20th, 2017 can immediately check out their SBI Specialist Officer exam review. After completing the exam, examinees are very much eager to know about their performance. For more details please visit official website www.sbi.co.in

State Bank of India has also known as SBI. It is the country’s largest bank which has branches in every city and town. Many people aims is to secure a job in the state bank. So whenever the notification released applicants are applying for the exam in lakhs.

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Last time SBI notification has released for the post of the specialist officer for 411 vacancies. So many people across the country have shown interest towards this notification and enrolled their names in writing the exam. This exam should conduct in the month of November only but due to some reasons they postponed the exam to January 22nd again, they pre-poned the exam to 20th January 2017.

The complete examination conducted for 220 marks for the subjects English, reasoning, quantitative aptitude and professional knowledge in the duration of 135 minutes. Examinees, please check this SBI 20th Jan SO answer key.

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Applicants who have shown the better performance in this written test will go to the personal interview. After completing the interview, round appointment orders will given on merit basis.

When coming to the SBI SO analysis 2017, paper is given in a moderate way. So many applicants felt professional knowledge questions are asked in-depth, remaining are normal. Examinees faced some twisty questions in the quantitative aptitude. Please check the SBI Specialist Officer exam review here.

Examination date: 20.01.2017

Subject Mode
English Moderate
Quantitative Aptitude Little tough
Reasoning Easy
Professional Knowledge Tough

For more details and updates please visit our website techfactslive.com and facebook page tech facts live

SBI SO Admit Card 2017 Available now: Exam Date is on 22 January

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SBI SO admit card 2017

Good news!!! SBI SO admit card 2017 is released. Applicants who have applied for this SO post can immediately download their SBI specialist officer hall ticket. We know that many applicants are waiting for this chance, they can catch their hall tickets from official website www.sbi.co.in

State Bank of India is the one of the largest bank in India which doesn’t need the introduction. Every person in India is familiar with the state bank. Getting the job in that bank is the dream for every person. SBI also releases recruitments in the same way. They releases every year including all branches and associate banks. They release notifications for various posts like the probationary officer, Specialist officer, and clerk.

IIT JAM Admit card 2017 released download from jam.iitd.ac.in

Recently they have released recruitment for the specialist officer for 411 vacancies for ADVERTISEMENT NO. CRPD/SCO/2016-17/9. This Specialist Officer notification is released for various posts like Assistant manager, developer, test lead, tester, manager, assistant manager, technology relationship manager, business architect, data ware architect, enterprise architect, infrastructure architect, portal architect, technology architect, infrastructure, civil engineer, electrical engineer, technical engineer, etc.

Many of the applicants have registered their names for this recruitment. From that day onwards they are eagerly waiting to write the exam. The examination is conducted for 220 marks for various subjects like reasoning, quantitative aptitude, English language, professional knowledge. This reasoning subject is conducted for 50 marks, quantitative aptitude and English language conducted for 35 marks each subject and professional knowledge for 100 marks.

GATE 2017 Admit Card Released: Download @ gate.iitr.ernet.in

Applied applicants, please download your SBI SO admit card 2017 as soon as possible. SBI SO exam date is on 22 January 2017. So please take it as soon as possible. While attending the examination, please don’t forget this hall ticket or else you are not allowed to the examination. Paste your photograph on the admit card and reach to examination center at least 1 hour before. For more details please visit official website www.sbi.co.in

Exam date: 22.01.2017

Admit card download

http://ibps.sifyitest.com/sbiscooct16/cloea_nov16/login.php?appid=db0ddd8951e9428bb71a3db322ba3e8a

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Home Loan Rates becomes Cheapest in Six years after SBI and Other Banks Cut down Rates

home loan rates sbi

The Home Loan Interest Rates were cut down by the India’s largest bank ‘State Bank of India’ from 9.10% to 8.6% and this result the home loan rates have fallen to their lowest level in six years. While the State Bank of India (SBI) cut its one-year marginal cost of lending rate (MCLR), the target to which home loans are linked to 8% rather than 8.9% earlier, it kept the spread above MCLR at 60 basis points, against 20 basis points earlier.

Meanwhile, home loans up to Rs 75 lakh, earlier available at 9.1% is now taking at 8.6%. For other people, it would be 8.65%, against 9.15% earlier. Apart from SBI, Punjab National Bank and the Union Bank of India also cut down the home loan rates. Private sector leading bank ICICI is also looking to follow the same strategy.

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Earlier reports said that the SBI and other banks were cut down the rates following Prime Minister Modi’s push to hint that benefits of demonetization in the form of record deposits are being shared with the poor and middle class.

However, the drop in lending rates announced by several public sector banks will mark the affordable home loan scheme, announced by PM Modi on Jan 1st, available at a little over 4% for debtors looking for loans up to Rs 9 lakh. The details of the scheme are not yet to be announced. The decrease in MCLR will allow new borrowers to get loans at the cheaper rates.

Old loans will get the benefit of the new rates only after their one-year lock-in ends. People those who had got loans before April 2016 would have their EMIs linked to the earlier benchmark. The SBI has also restored a teaser rate loan, where loans will be available at 8.5% for the first two years at a floating rate in following years.

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Other banks which have announced lower rates with the result from the New Year include Sate Bank of Travancore, IDBI Bank, and Indian Overseas Bank. SBI bank officials said that home loans would provide the bank with an alternative to space funds in government bonds where the return is less than 7%.

Meanwhile, the banks imagine the interest subsidy on loans for affordable homes and small scale businesses to counter the stoppage caused by economic tightening following demonetisation.

Ola Partners with SBI and PNB for Mobile ATMs

ola pairs up-with-sbi-and-pnb

India’s largest ride-hailing service Ola cabs have partnered with State Bank of India (SBI) and Punjab National Bank (PNB) to ease the cash crunch in the country. The company has rolled out the initiative test in the cities of Kolkata and Hyderabad.

In a bid to help the people who are facing problems due to demonetization, the Ola has introduced the POS machines in Kolkata and Hyderabad in its cabs. People were suffering from the cashless situation after 500 and 1000 rupees ban and the rush at banks, and ATMs has also increased.

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With banks and ATMs are not able to control the rush for access to lower the demonetization or new currency, the POS machines was introduced at 3700 petrol pumps. In the same way, the Ola has announced its new mobile ATM where taxies with bank officer and POS device will park at different locations to dispense Rs. 2000 per card.

The Chief Operating Officer of Ola, Pranay Jivrajka said that “the initial response has been tremendous and the company was exploring with banks to expand this service to other cities with cash being dispensed on the go rather than a current experiment of cars being parked at a particularly busy point”.

Ola has joined with Punjab National Bank (PNB) in Kolkata, and it has collaborated with Andhra Bank and State Bank of India (SBI) at Hyderabad.

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According to the reports, the new Ola service is available in the areas like Chandini Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and Rashbehari (in Kolkata). And also the popular areas of Hyderabad like KBR Park, Inorbit Mall, and JNTU.

Following the Government move to scrap black money and ban of 500 and 1000 rupee notes, there has long queues at banks and ATMs as the people lined up to draw valid currency.