As seen as the another customer-friendly move, the Reserve Bank of India (RBI) has said that there is no need of signatures of both depositors for repayment of fixed or term deposits on maturity, provided such accounts are opened with instructions “either or survivor”. As said in the notification issued by the RBI, “Such insistence [...]

Tata Mutual Fund has declared the dividend on the face value of Rs.10 per unit. It has been declared under quarterly dividend option in Regular Investment Plan & Institutional Plan of Tata Fixed Income Portfolio Fund – Scheme B2. It is an open ended debt fund which encourages the investment in debt & money market [...]

State owned, Indian Bank is now offering 9.5% on 555 days fixed deposits. Similarly, 111 days fixed deposit has been pegged at 9.1% and 222 days fixed deposit will offer 9.2% rate of interest.  For 333 days, special fixed scheme has been introduced, under which savers will get 9.3% rate of interest and 9.4% has [...]

Various banks have raised their lending rates and now State owned Punjab & Sind Bank (PSB) has also increased its rates by 1% or 100 basis points on fixed deposit across different maturities. In its latest statement, PSB informed the Bombay Stock Exchange that for the period of 46-90 days, deposit up to Rs. 1crorehas [...]

Dhanlaxmi Bank, South Based Bank, ups their interest rates on term deposits by 3%. This increase has been made for short term deposits having 46-90 days of maturity. Mr. Salil Datar, head of Branch Banking and NRI Business, said, “”The hike in interest rates is in line with market trends and the emerging market interest [...]

India’s largest bank, State Bank of India (SBI) has decided to take an exit from the certificate of deposit (CD) market. The sudden movement of SBI has brought a wave of relief among market players as earlier they were paying more than 10% for even 3 months certificate of deposit. After SBI’s exit, other players [...]

Bank deposit has witnessed a growth by 17%, pointing towards the viable liquidity scenario. Loan off-take also shows a robust growth by 24%. According to the data released by the Reserve Bank of India, Indian Banks mobilized nearly Rs.58,000 crore in the fortnight to 11th February, 2011, whereas in the previous fortnight, it was Rs. [...]

Punjab National Bank (PNB) has increased its fixed deposit rate by 25 basis points on selected maturities. According to the information given to Bombay Stock Exchange, the bank has realigned the rate of interest on retail term deposit with an increase of 25 basis points from September 1 on two slabs.

State Bank of India (SBI) country’s largest nationalised bank has reduced its deposit rates by 25 basis points across all maturities and has also withdrawn its special 1000 day deposit scheme. With the new deposit rates the bank will now offer 6.75% on deposits for 2-3 years, which includes the 1,000-day tenure, against 7% earlier. [...]

Changing deposits schemes in the same bank can now attract penalty. RBI in July 2009 has asked banks to stop charging penalties to depositors who wish to change their current deposits, say fixed deposits, recurring deposits to another deposit scheme with higher rate of interest. Banks use to charge the penalty because the shift was [...]