SBI cuts interest rates on fixed deposits up to 0.5%
New Delhi, Aug 23: The country's largest lender State Bank of India on Friday slashed interest rates on fixed deposits across various tenure by up to 0.5 percentage point, a move which will lower returns for savers.
In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits with effect from August 26, 2019, SBI said in a statement.
The move to reduce interest rate on fixed deposits by the country's largest lender is expected to be followed by other lenders.
The bank has slashed retail term deposit rates by 10-50 basis points across tenors as well as bulk term deposit rates by 30-70 basis points across tenors, it said.
The bank has slashed the interest rate for the fixed deposits with maturity of 7-45 days to 4.5 per cent from existing 5 per cent.
The rate reduction 46-179 days, 180 days to less than one year maturities baskets is 25 basis points (0.25 percentage point) at 5.5 per cent and 6 per cent respectively while for maturity bucket of 1-2 years is only 10 basis points at 6.70 per cent.
For top maturity period of 5-10 years, the decrease is again 25 basis points at 6.25 per cent.
The bank also said that it has retained interest rate on savings bank deposit at 3 per cent for customers with balances above Rs 1 lakh with a view to protecting the interest of savings bank depositors.
Customers with SB balance up to Rs 1 lakh will continue to get the rate of interest at 3.50 per cent despite cut in the repo rate by the RBI earlier this month.
With effect from May 1, 2019, SBI had linked the interest rate on Savings Bank deposits (for balances above Rs 1 lakh) with the Repo rate (i.e. 275 basis points below Repo rate) without changing the rate of 3.5 per cent for SB balances up to Rs 1 lakh.
The RBI in its third bi-monthly policy had reduced repo rate by 35 basis point (from 5.75 per cent to 5.40 per cent) with effect from August 7, 2019.
"Had this rate cut been transmitted to savings bank (SB) deposits, the applicable returns on SB deposits with balances above Rs 1 lakh would have dropped to 2.65 per cent (275 bps below Repo rate, i.e. 5.40%) with effect from September 1, 2019," it said.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
