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The minimum tenure for SBI Tax Savings Scheme, 2006, is five years which can go up to a maximum of 10 years.

Minimum Balance Rules: Banks charge a penalty from the customers failing to maintain the required average monthly balance in their savings accounts.

The bank will now offer an interest rate of 4.5per cent to general public and 5 per cent to senior citizens on fixed deposits of 7-45 days. Currently, the public sector bank paysinterest at the rate of 5 per cent and 5.5per cent to the general public and senior citizens respectively.

At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 8 am to 6 pm.

SBI had earlier linked its savings bank deposits and short-term loans to the repo rate, becoming the first Indian bank to do so.

The latest data from May showed 48.9 million credit card users in the country, compared with some 825 million with debit cards.

The announcement by the State Bank of India comes at a time when passenger vehicle sales in the country declined for the ninth month in a row to July.

Axis Bank MCLR Rate: Axis Bank has reduced its marginal cost of funds-based lending rates by up to 10 basis points or 0.10 percentage point.

ATM rules: The RBI said it has come to its notice that transactions that have failed due to technical reasons or non-availability of cash in the ATM are also included in the free ATM transactions in a month.

Major commercial banks such as public sector lender State Bank of India (SBI) and its private sector peer HDFC Bank offer zero balance accounts such as BSBD accounts.

For the current quarter, investment in a PPF account fetches an interest at the rate of 7.9 per cent per annum.

The ATM charges apply depending on the type - whether it belongs to the same bank where the customer's account is located or some other bank - and nature of ATM - whether the ATM is located in a metropolitan or any other city in the country.

In its Payment System Vision 2021 document, the RBI had said that it will make available the NEFT system on a 24x7 basis from December 2019.

Indian banks largely price their MCLR benchmark loan rates according to the cost of deposits. With this cut, the bank's lending rates on products like auto or home loans may also come down.

Employees' Provident Fund Organisation is the nodal agency to monitor EPF contributions, which is shared equally between employees and employer.