Canara Bank hikes fixed deposit rates by 0.50 per cent

Taking cue from other lenders, state-run Canara Bank has hiked interest rates on fixed deposits by up to 0.50 per cent. Fixed deposits in the maturity bracket of 46 days to 60 days and 61 days to 90 days would now fetch interest rates of 7.50 per cent, up from 7 per cent earlier, effective Friday, the bank said in ... Read More »

Punjab National Bank raises fixed deposit rates by up to 0.50 per cent

PHOTO: Reuters Punjab National Bank has hiked interest rates on select maturities by up to 0.50 per cent effective from November 11. In a filing to the Bombay Stock Exchange, the state-owned bank said fixed deposits for less than Rs 1 crore between 271 days to less than one year would yield interest rate of 8 per cent, up from ... Read More »

SBI hikes lending rates by 0.20 per cent, loans set to get costlier

State Bank of India said has announced that it would raise its lending rates by 0.20 per cent with effect from Thursday, a move that would make home, auto and consumer loans costlier. India’s largest lender said that the bank has revised the base rate or the minimum lending rate to 10 per cent from 9.80 per cent. At the ... Read More »

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 »