DCB revises fixed deposit rates

DCB the listed state of the art bank, has announced a change in interest rates on its fixed deposits with maturities of one year and above. Interest rates on fixed deposits for one year maturity have been fixed at 10.50%. While for One to Three years the FD rate is 10.25%.

In order to offer choice to its customers, bank has ensured very competitive Fixed Deposit rate across all tenures. In line with this strategy, the Bank has effected only a very small cut of 25 basis points for fixed deposits with a maturity of one year (365 days), which stands readjusted from the earlier 10.75% to 10.50%.

In a statement, Mr. Praveen Kutty Executive Vice President and Head Consumer Banking Group DCB, stated, “The interest rate environment has softened in recent time. DCB remains committed to offering value to its depositors and customers. We have used this opportunity to realign our fixed deposit interest rates in line with our growth strategy. We believe DCB is offering the most competitive deposit rates in the industry for deposits of One year to Three years. DCB customers will benefit from their relationship with the Bank”. The interest rate slabs are effective from February 10, 2009. DCB offers a full suite of Fixed Deposits, and value added Savings account products for the retail customer.

Source:moneycontrol.com

South Indian Bank’s new fixed deposit scheme

The South Indian Bank, will be launching a new fixed deposit scheme “SIB Eighty Plus” to commemorate its 80th year celebrations.

Addressing presspersons here on Thursday, deputy general manager and head of Bangalore region of the bank Thomas Joseph K said SIB Eighty Plus offered its customers 11 per cent fixed deposit interest rate per annum for 39 months on a minimum deposit of Rs 50,000. As an additional benefit, the depositors would be provided with a free personal accident death insurance cover up to Rs. 1 lakh.

The scheme would offer 11.25 per cent interest to senior citizens.

“The depositor on maturity of a deposit of Rs. 50,000 would get Rs 71,143, while a senior citizen will receive Rs 71,707,” he said. The deposit for domestic and non-resident ordinary accounts would be accepted till March 31, 2009, he added.

The bank will be celebrating its 80th year of existence with a function in Bangalore on January 24.

The Regional Director, Reserve Bank of India, will inaugurate the celebrations while chairman of the bank G.A. Shenoi will preside over the function. Mr. Thomas said the will complete 50 years of service to Karnataka on June 29, 2009.

The bank has got a CBS branch network of 31 branches and 11 ATM centres in Karnataka. I

n Bangalore, the bank has opened five branches during this fiscal and has plans to open another five branches, he added.

Source:thehindu.com

OBC cuts rates on NRI deposit schemes

City-based Oriental Bank of Commerce (OBC) on Wednesday said it lowered the interest rates on deposit schemes for non-residents up to 81 basis points.

Announcing the changes in its offered interest rates for FCNR (B) term deposits, the lender, in a statement, said the revised Fixed Deposit interest rates are effective from Feb 1.

"FCNR (B) deposit rates have been revised on all maturities from one to five years for US dollars, British pound, euro, Australian dollar and Canadian dollar," it said.

USD FCNR (B) deposit rate for one to two years has decreased to 2.98 from 3 per cent earlier, GBP deposit to 3.48 from 4.07 per cent, EUR deposit to 3.28 from 4.06 per cent, AUD deposit to 4.84 from 5.65 per cent and CAD deposit to 3.30 from 3.47 per cent

Source: financialexpress

NHB launches three fixed deposit schemes

Apex housing financial institution National Housing Bank (NHB) on Thursday launched three fixed-deposit schemes, including a

tax-saving scheme, which carries interest rate up to 9.25 per cent.

"The funds mobilised would be used by the NHB for its business activities," the NHB said in a release.

Under the NHB Sunidhi term-deposit scheme, the investors will get 9.25 per cent interest for 12 months and 9 per cent interest for up to five years.

NHB tax saving Suvrigdhi will pay an interest rate of 8.75 per cent. The deposit will have a lock-in period of five years.

In addition, NHB has launched Sumeru zero-coupon bonds which will be sold at a discount at Rs 4,360 with a face value of Rs 10,000 that the holder will get after a maturity period of 10 years.

For information visit to: http://www.fixeddepositindia.blogspot.com

Source: Economictimes

New fixed deposit scheme

To mark its 80th anniversary, the South Indian Bank has introduced a new fixed deposit scheme – 80 Plus - offering 11 per cent interest (11.25 per cent for senior citizens) on deposits for 39 months with a minimum investment of Rs.50,000.

Each depositor will also get a free personal accident insurance cover of Rs.1 lakh. The scheme would be launched on January 20 in Delhi, said the bank.


For more information visit to: http://www.fixeddepositindia.blogspot.com


Source:hindu.com

State Bank to hike fixed deposit rates from today

Soon after reducing deposit rates, State Bank of India (SBI), has revised upwards its rates in certain segments of its domestic term deposits. The new rates come into force from Friday. While the deposit rates have been kept unchanged for a maturity period up to 90 days, the bank has increased the rates on deposits maturing between 91 and 180 days to 7%.

The rate for 181-365 days will now be 7.50%, as against the existing rate of 6.50%. The rates for maturity periods of 1 year to less than 2 years and for the period 2 years and up to 10 years have been increased to 8.75 % and 8.50 % respectively.

Requesting anonymity, a senior bank official told FE, “We have aligned our rates to bring them in sync with other banks”. It was recently that banks like IDBI, Corporation Bank, HDFC, and Indian Overseas Bank increased their interest rates on deposits from the earlier existing 6.50% to 7.25%, on deposits with a maturity period of 91-179 days.

For senior citizens, the bank has revised the two maturity periods. The revised interest for the duration 1 year to less than 2 years is 9.25%, whereas the revised rates for period more than two years and up to 10 years is 9%. The bank has withdrawn its deposit rate offering, having a duration of 550 days.

After managing to streamline its deposit rates, the bank now faces a nationwide strike on January 25, called by various unions, to protest the impending merger of State Bank of India’s associate institutions with itself.

For more information visit to: http://www.fixeddepositindia.blogspot.com

Source : financialexpress

New fixed deposit scheme from Karnataka Bank

The Mangalore- based Karnataka Bank Ltd. has launched a new fixed deposit scheme for 365 days with effect from Friday at a simple interest of 8.25 per cent. According to a press release by the planning and development department of the bank here on Saturday, the interest is payable to the depositor on maturity date. Nomination facility is available to the depositor under the scheme. The scheme is open for a limited period only.


For more information visit to : http://www.fixeddepositindia.blogspot.com


Source: Hindu.com