Personal Banking

Loans all set to be cheaper

Loans all set to be cheaperLeading banks are likely to cut interest rates by 50-100 basis points in days to come, a move that can help to generate demand and propel economic growth in the country.

External affairs minister Pranab Mukherjee, holding Finance portfolio due to bypass surgery of Prime Minister Manmohan Singh, is meeting top executives of banks on Monday to discuss the matter. He can ask banks to cut lending rates on home, retail and auto loans to revive demand in the economic system. Banks may revise prime lending rates (PLR) or the benchmark interest rate by 50-100 basis points besides some concessions for SMEs and infrastructure firms.

Central Bank slashes lending rates

Allahabad Bank introduces Festival Bonanza for its customers

Allahabad Bank introduces Festival Bonanza for its customersAllahabad Bank, one of the oldest banks in India, has announced a Festival Bonanza for its customers in various buckets of Term Deposits.

The lender stated in a official release that the rate of interest on Term Deposits for Senior Citizens will be 11% per annum for a period of one year up to three years, however for others, it will be 10.50% per annum.

DCB introduces ‘Freedom 1-2-3 Fixed Deposit Scheme’

DCB introduces ‘Freedom 1-2-3 Fixed Deposit Scheme’Private sector lender Development Credit Bank (DCB) has introduced a new deposit scheme -- DCB Freedom 1-2-3 fixed deposit, for its customers.

The newly launched scheme will offer 10.5% rate to customers in the 375 days to three-year tenure. However, Senior citizens will receive 0.5% more rate above the card rates.
 
The bank also increased rate for 91 days deposit to 9% from 7% for deposits up to Rs 50 lakh. The new rates will come effective from October 1.

SBI introduces new deposit rates w.e.f October 1, 2008

SBI introduces new deposit rates w.e.f October 1, 2008

India's biggest public-sector lender State Bank of India (SBI) has increased its deposit rates in certain maturities effective from October 1.

The bank has launched a 1000-days deposit scheme that provides 10.5% interest to depositors. However, senior citizens will receive a higher 11% interest in the new deposit-scheme.

Besides this, the lender has informed that an additional 0.25% rate above the card rate will be offered on a single term deposit of Rs 15 lakh and above, having tenure of 181 days to less than 2 years.

ING Vysya Bank to strengthen its foothold in the Country

ING Vysya Bank to strengthen its foothold in the CountryING Vysya Bank, one of India’s leading private sector banks, is presently concentrating on retail banking and expansion plans to increase lender’s footprint across the country.

Yesterday, the bank has opened 11 ATM outlets in Hyderabad, including eight in the city. The other ATMs are located in Warangal, Khammam and Guntur.

During launching ceremony, ING Vysya said that its focus is on growing the bank's franchise and providing banking convenience 24/7 by strengthening its alternate delivery channels.

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