Borrowed money from a non-banking finance company to buy your dream house? If you have some surplus and are thinking of repaying a part of the loan, you can now do so without paying a prepayment penalty. Applicable only for banks until now, the Reserve Bank has put out a directive preventing NBFCs from charging foreclosure charges/prepayment penalties. This is applicable to all floating rate term loans given out to individual borrowers.
Downturn in deposit rates If you are looking to lock money in a deposit for the short-term, hurry! SBI has already taken the lead in cutting interest rates by up to 50 basis points on select short-term deposits. For retail investors, interest rates on deposits in the 7-179 days maturity bucket are only 7 per cent now, compared to 7.5 per cent earlier.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.