SBI, NSTFDC join hands to provide concessional loans to tribals

New Delhi, August 1: Aiming to enhance career opportunities for tribals, the National Scheduled Tribes Finance and Development Corporation (NSTFDC) today joined hands with State Bank of India to provide them concessional loans with flexible repayment options. Besides providing individual financial assistance, the NSTFDC will also allocate funds for income generating activities by several Self Help Group (SHGs).
"Most of the tribals are deprived of even basic education. They are geographically isolated and under-privileged on most of the development indices... With the help of NSTFDC, tribals can take up any vocation suited to their aptitude, skill and habitat," Tribal Affairs Minister V Kishore Chandra Deo said. Addressing a gathering at the signing of the agreement, the Union Minister also exhorted the banks in the country to focus on rural and backward areas which will ensure growth and development there.
Under the various schemes launched by NSTFDC, tribals can avail funds for self-employment from SBI at six per cent rate of interest with flexible repayment options. Applauding the efforts of the Corporation, Deo said, "In its 11 years of existence, NSTFDC has sanctioned financial assistance for schemes costing around Rs 2200 crore benefiting around 5 lakh tribal people in the country." The Corporation also recently launched an educational loan scheme for facilitating professional and technical education and Ph.D among tribal population of the country.
Observing that the schemes launched by NSTFDC have successfully covered five lakh tribal people, Deo said, "This is the section of the people who have been the most deprived, not for years but centuries. It is heartening that our efforts are now benefiting them." The function was attended by Minister of State for Tribal Affairs Mahadeo Singh Khandela and Secretary Tribal Affairs Vibha Puri Das.

HOME LOANS - INTEREST RATES

Interest Rate For Home Loan (House Building Loan)
All Rate are floating only

(Base Rate= 10.00% p.a.)


Loan Amount                   Linkage with Base Rate over    Effective Rate
                                        the tenor of the loan

Upto Rs. 30.00 lacs         0.75% above Base Rate           10.75% p.a.*

Above Rs. 30.00 lacs      1.00% above Base Rate           11.00% p.a.*
and upto Rs. 75.00 lacs

Above Rs. 75.00 lacs      1.25% above Base Rate           11.25% p.a.*

No fixed rate option in any limit bracket.


* A concession of 0.25% in card interest rate over the tenor of Home Loan is available under ongoing special Home Loan campaign upto 30.09.2012.

Latest Interest Rates for Domestic Term Deposits for Rs. 1 Crore & above

Domestic Term Deposits of 'Rs One Crore & above'

Term Deposits will continue to be accepted for amounts of ‘Rs. one Crore & above’ at all branches and the ’card’ rates w.e.f. 29.07.2011 are as below:

7 days to 14 days 7.50

15 days to 30 days 7.50

31 days to 45 days 7.50

46 days to 90 days 7.50

91 days to 179 days 8.00

180 days to 240 days 8.00

241 days to 270 days 8.00

271 days to less than 1 year 8.25

1 year to less than 2 years 9.00

2 years and above 8.75


The Differential Rates of Interest (DRI rates for higher amount of deposits) for the day may be obtained from the DGM (SME) at the nearest Local Head Office through the nearest branch.

Premature payment of term deposits:

Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower, for tenors above 90 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors upto 90 days. However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days.

Latest Interest Rates for Domestic Term Deposits

The revised interest rates for Domestic Term Deposits 'Below Rupees One Crore' effective from the 11.07.2011 would be as under:

7 days to 90 days 7.00

15 days to 45 days 7.00

46 days to 90 days 7.00

91 days to 179 days 7.25

180 days to 240 days 6.50

241 days to less than 1 year 7.75

1 year to less than 2 years 9.25

2 years to less than 3 years 9.25

3 years to less than 5 years 9.25

5 years and up to 10 years 9.25

There shall be no premium in rate of interest for single domestic term deposit of ‘Rs.15 lakhs but less than Rs.1 Crore’ of any maturity.

The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “Capgains Plus”, “SBI Tax Savings Scheme 2006(SBITSS)” schemes and NRO deposits shall be aligned as per the revised rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks

Premature Payment of Term Deposits:

Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower, for tenors above 90 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 90 days.

"However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days."