SBI cuts interest rates on FDs with effect from August 1

The State Bank of India, the country's largest lender, has just slashed interest rates on its fixed deposits (FDs) of less than Rs 2 crore, or retail deposits, as well as the larger deposits across nearly all tenures offered. While deposits of 7 days to 45 days will now earn 75 basis points (bps) less, most of the tenures have seen rates dip by 10-20 bps. The smallest rate cut of 5 bps will apply on the 2-year to less than 3-year tenure. The new interest rates on SBI FDs will come into effect from August 1. 

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Good news! After NEFT, RTGS, SBI makes all IMPS transactions free

In a big relief to SBI customers, the public sector bank has said it will not impose IMPS (Immediate Payment Service) charges from August 1, 2019. The SBI IMPS charges will also be zero for the users who want to transfer funds via its app Yono, internet banking and mobile banking.

"The bank will waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019," the state-owned lender said in a statement.

Earlier, the country's largest lender had waived off IMPS charges on fund transfer of up to Rs 1,000 only. However, from August 1, there will be nil charges on all other IMPS slabs ( Rs 1,001 to 10,000; Rs 10, 001 to Rs 25,000; Rs 25,001 to Rs 100,000; Rs 100,001 to Rs 200,000).

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India tests anti- satellite missile system, codenamed Mission Shakti

India has successfully test-fired a sophisticated anti-satellite missile in ‘Mission Shakti’ and shattered a live satellite flying in the low-Earth orbit. With this successful space mission, India has become the fourth country to attain such a specialized and modern capability; making it a ‘space superpower’. Prime Minister gave assurance to the international community that “our capability will not be used against any person but is merely India's defense initiative for its security. We are against the arms race in the space. This test will not violate any international law or treaties."

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GST Council may consider implementation of lower tax rates for real estate

The all-powerful GST Council in its 34th meeting to be held Tuesday is expected to take up several issues on priority including the implementation of lower Goods and Services Tax (GST) rates for the real estate sector.

The meeting is likely to deliberate only the transition provision and related issues for the implementation of lower GST rates for the real estate sector, sources said, adding, no issues related to rate is in the agenda as the model code of conduct is in force.

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