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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.
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