The recent announcement from RBI curtailing the use of free ATMs to five times a month and a upper limit of Rs.10,000 per ATM withdrawal, the joy of the consumer in availing this service has become short lived. This new ruling comes into effect from October 15th, 2009. However, with people working 24×7, but banks… Read More »
In its recommendations to the Working Group on benchmark Prime Lending Rates (BPLR), the Indian Banks association has proposed the replacement of the BPLR with a base rate. If the RBI accepts this recommendation, then banks will not be able to lend below the base rate as it will not be viable.
The pre-paid gift card launched by the Central Bank of India can be pre-loaded only once with any value between Rs 500 and Rs 50,000 and will be sold only at select branches. The card will be accepted by all retail stores across India displaying the Mastercard signage.
Mr Sengupta said, “Loan growth is unlikely to cross 20 per cent this year going by the current credit off take. Next year we should see higher growth at around 25 per cent. Deposit growth is also likely to be along the same lines at 25 per cent.” The bank is planning to open 200… Read More »
It has been brewing for sometime now, credit card spending is on the decline. The recession has tightened the purse strings of individuals who may have temporarily shelved their credit cards. An indication of some such development is evident by the figures discovered during a survey for credit card spends and usage patterns.
There are a host of insurance, saving and financial planning options in the market. In this blog, we attempt to give you information on most of such products available in the market. Provided below is an overview of ICICI Pru Elite Pension plan. Check it out to see if it works for you!
IRDA is currently reviewing the existing Banacassurance model (agency distribution arrangements through banks) and has set-up a seven-member committee to study the subject. Mr Kannan said that the regulator was aiming for an open architecture and added that the tie ups between banks and insurance companies must be operationally feasible, administratively possible and at the… Read More »
Interest rates for NRE deposits having one to two years, two to three years and three years and above tenures have been revised to 3.01 per cent (3.08), 3.10 per cent (3.10) and 3.67 per cent (3.74) respectively
A Foreign Currency Convertible Bond (FCCB) is a type of convertible bond issued in a currency different than the issuer’s domestic currency. In other words, the money being raised by the issuing company is in the form of a foreign currency. It gives two options. One is, to get the regular interest and principal and… Read More »
ULIPs have higher costs associated with it in the initial years because of the policy charges. Also, market fluctuations will tend to provide lower amount of returns as the amount invested would be slightly lesser in the first couple of years in the policy. However, overall charge structure for the term comes down substantially after… Read More »