OBC raises fixed deposit rates by up to 0.5 pc

  State-owned Oriental Bank of Commerce (OBC) on friday raised fixed deposits rate on select maturities by up to 0.5 per cent. Term deposit with maturity 91-179 days would earn 0.25 per cent higher interest rate at 8.75 per cent, OBC said in a statement. With the revision, term deposit between 180 days to 1 year would earn 9 per ... Read More »

Working Out EMI

Suraj Dutt, 29, a New Delhi-based store manager, bought a car in 2010 worth Rs 5.95 lakh. He made a down payment of Rs 1.5 lakh and took an auto loan for the rest of the amount at 12% interest per annum for four years. At present, he is paying an equated monthly instalment, or EMI, of Rs 11,700 per ... Read More »

SBI raises fixed deposit rate by 0.2 pc on select maturity

Days after Reserve Bank of India hiked short-term lending (repo) rate by 0.25 per cent, State Bank of India (SBI) on Thursday raised fixed deposit rate by 0.2 per cent on select maturity. With the revision, term deposit between 180-210 days less than Rs 1 crore would now earn 7 per cent against existing 6.80 per cent, SBI said in ... Read More »

RBI allows banks to pay interest at shorter intervals

Savings bank account and term deposit holders can now earn interest at shorter intervals, with the Reserve Bank of India (RBI) allowing banks to revise the periodicity of interest payments. At present, banks are required to pay interest on savings and term deposits at quarterly or longer intervals. “As all commercial banks are now on core banking platforms, it has ... Read More »

RBI nod to cash pay-out from prepaid instruments

The Reserve Bank of India (RBI) has given a go-ahead to a pilot project to check the technical and operational feasibility of allowing cash pay-out from prepaid payment instruments such as mobile cash of non-banking entities. This was announced by RBI Governor Raghuram Rajan in the second quarter review of monetary policy on Tuesday. The object of the programme is ... Read More »

Rajan chooses inflation over growth; was it the right choice?

The new Reserve Bank of India (RBI) Governor Raghuram Rajan’s monetary policy was expected to be less hawkish than that of his predecessor D. Subbarao*, who raised the benchmark repo rate from 6.75 per cent in March 2011 to 8.50 per cent in March 2012 though inflation had moderated in 2011/12 to 8.9 per cent. While Rajan’s last repo hike ... Read More »

RBI hikes repo rate by 25 bps, loans set to get costlier

RBI Governor Raghuram Rajan Photo: Reuters The Reserve Bank of India (RBI) on Tuesday raised the repo rate by 0.25 per cent to 7.75 per cent in its quarterly review of the monetary policy. The central bank kept the Cash Reserve Ratio (CRR), the proportion of money that commercial banks must keep with the RBI, unchanged at 4 per cent. ... Read More »

RBI expected to raise interest rate to control rising inflation

The Reserve Bank of India (RBI) has said that it expects inflation “to remain above comfort levels” this fiscal indicating that it is likely to raise the interest rate again on Tuesday to control prices despite the faltering economic growth. In the Macroeconomic and Monetary Developments report on Monday, a day before RBI governor Raghuram Rajan announces his second monetary ... Read More »

RBI to increase repo rate by 25 bps on inflation; may cut MSF: Morgan Stanley

As inflation continues to hover above its comfort zone, the Reserve Bank is likely to increase the short-term lending or repo rate by another 25 basis points in the monetary policy review due next week, American brokerage Morgan Stanley has said. “As inflation, both WPI and CPI, remain elevated and surprised on the upside last month, we expect the RBI ... Read More »

Best Loan Buys

Are you scouting for a loan to buy a house, a car or for your child’s education? Given below are the best deals on offer from public and private sector lenders. (All rates updated till October 13, 2013; Data provided by [“source-businesstoday”] Read More »