[STC-Salt Lake] Staff Advances : Revised Interest Rates wef January 1, 2004

  • From: "Anup Sen, STC, Salt Lake City, Kolkata" <anupsen@xxxxxxx>
  • To: E-Group STC Salt Lake City Kolkata <banknews@xxxxxxxxxxxxx>
  • Date: Thu, 24 Jun 2004 19:34:00 +0530

From : E-Group, STC, Salt Lake, Kolkata
 

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Anup Sen, Moderator

E-Group, STC, Salt Lake, Kolkata

 

email : stcsaltlake@xxxxxxxx

 

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Title: ANNEXURE A
Revision in Rates of Interest

Advances Against Various Categories of

Securities to Members of Staff/Bank?s Pensioners

 

Effective from  1st January 2004

 

 

Category of Security/

Advances against

 

 

Existing Interest Rate Structure w.e.f. 01.10.2003

 

 

Interest Rate Structure w.e.f. 01.01.2004

 

A. (i) Govt. Securities

    (ii) NSCs

   (iii) 6.75% (Tax free) US 64 Bonds

   (iv) RBI Relief Bonds.

 

 

Maximum interest rate payable on staff term deposit (and subject to reset with changes in maximum deposit rate).   or

The interest rate payable / yield on the security pledged,

 whichever is higher.

 

 

Rate of interest @ one percent lower than that applicable to members of public* i.e.,

 

a) Upto 3 years:                                  2.75 % below SBAR i.e. 7.50% p.a.

     (Demand Loan and Overdraft)

b)  Above 3 years and upto 6 years

     (Overdraft and Term Loan)           2.25% below SBAR i.e. 8.00% p.a.

 

(The rates are, therefore, proposed to be delinked from the rate of interest payable on the security and tenure of the loan alone will decide the applicable rate.)

 

 

B.  Kisan Vikas Patras.

 

 

1.5 % below SBAR (effective rate 9% p.a.) subject to the provision that if there is a security carrying higher interest rate, the loan will carry the same rate as the security.

 

 

----do-----

 

C. (i) Gold Ornaments

    (ii) Surrender value of LIC / SBI Life Policies

 

Maximum interest rate payable on staff term deposit (and subject to reset with changes in maximum term deposit rate).

(6.25% p.a. currently)

 

 

No Change

 

 

 

 

 

D.

a)    Shares and Debentures of joint stock companies.

     b)  Units of UTI II /   Magnums

 

 

 

Rate applicable for Personal Loan to Staff (Old  Scheme).

 

 

No Change

* Rate of interest applicable to public are as follows:

      a) Upto 3 years  (DL and OD)                             : 1.75 % below SBAR i.e. 8.50% p.a.

      b)  Above 3 years and upto 6 years (OD and TL) : 1.25% below SBAR i.e. 9.00% p.a.

                   

 

II.  SCHEME FOR PERSONAL LOAN TO STAFF  (OLD SCHEME)      

 

 

Existing Interest Rate Structure w.e.f. 01.10.2003

 

Interest Rate Structure w.e.f. 01.01.2004

 

0.25% below SBAR

10.25% p.a.

0.25% below SBAR

10.00% p.a.

                                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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