Hi guhanath,
Please refer below sample.
Controller
public class HomeController : Controller
{
    // GET: Home
    public ActionResult Index()
    {
        ViewBag.Data = GetData();
        return View();
    }
    [HttpPost]
    public ActionResult Index(string pricing, string rate)
    {
        string conString = ConfigurationManager.ConnectionStrings["constr"].ConnectionString;
        using (SqlConnection con = new SqlConnection(conString))
        {
            using (SqlCommand cmd = new SqlCommand("INSERT INTO UBS_Pricing(PricingId, Rates) VALUES(@PricingId, @Rates) ", con))
            {
                cmd.CommandType = CommandType.Text;
                con.Open();
                cmd.Parameters.AddWithValue("@PricingId", Encoding.ASCII.GetBytes(pricing));
                cmd.Parameters.AddWithValue("@Rates", rate);
                cmd.ExecuteNonQuery();
                con.Close();
            }
        }
        ViewBag.Data = GetData();
        return View();
    }
    public List<SelectListItem> GetData()
    {
        List<SelectListItem> items = new List<SelectListItem>();
        string conString = ConfigurationManager.ConnectionStrings["constr"].ConnectionString;
        using (SqlConnection con = new SqlConnection(conString))
        {
            using (SqlCommand cmd = new SqlCommand("SELECT * FROM [UBS_Pricing]", con))
            {
                cmd.CommandType = CommandType.Text;
                con.Open();
                SqlDataReader sdr = cmd.ExecuteReader();
                while (sdr.Read())
                {
                    items.Add(new SelectListItem
                    {
                        Text = Encoding.ASCII.GetString((byte[])sdr["PricingId"]),
                        Value = Encoding.ASCII.GetString((byte[])sdr["PricingId"])
                    });
                }
                con.Close();
            }
        }
        return items;
    }
}
Namespaces
using System.Data;
using System.Data.SqlClient;
using System.Configuration;
using System.Text;
View
@{
    Layout = null;
}
<!DOCTYPE html>
<html>
<head>
    <meta name="viewport" content="width=device-width" />
    <title>Index</title>    
</head>
<body>
    @using (Html.BeginForm("Index", "Home", FormMethod.Post))
    {
        <table>
            <tr>
                <td>Pricing:</td>
                <td><input type="text" id="txtpricing" name="pricing" /></td>
            </tr>
            <tr>
                <td>Rate:</td>
                <td><input type="text" id="txtRate" name="rate" /></td>
            </tr>
            <tr>
                <td></td>
                <td><input type="submit" value="Submit" /></td>
            </tr>
        </table>
    }
    <hr />
    @Html.DropDownList("PricingId", (List<SelectListItem>)ViewBag.Data, "Please select", new { @id = "ddlPricingIds" })
</body>
</html>
SQL
CREATE TABLE [UBS_Pricing](
[PricingId] BINARY(8),
[Rates] VARCHAR(50)
)
Screenshot

Ouput
