ICICI Bank has stated that loan rates may go up after September. Chanda Kochhar, ICICI Bank MD and CEO said, “There is clearly an upward bias. An increase in deposit rates does not translate into a rise in the cost of funds immediately. It usually happens with a lag”.
The biggest personal loan lender in the country, ICICI Bank has increased deposit rates by 25 to 75 basis points. One basis point equals 0.001% point. The bank has also stated that increase in lending rates in expected in immediate future.
Subsequent to the policy rate increase by Reserve Bank of India, Union Bank of India has also hiked the rates of its deposits. The new rates would be effective from 4th August.
An NRI must give careful thought to his investments in India. While mutual fund investments are not taxed in India, you may have to pay tax if you decide to go back to your native country. Also if you redeem your mutual fund investments, before one year, you end up paying short term capital gains.… Read More »
After having identified your sources of income, you need to select the right income tax form. Forms have been categorized on the basis of streams of income. The income tax website clearly specifies which form to pick, depending on your stream of income. For .e.g. if you are a salaried individual and have only salary… Read More »
Western Union, leading global payment service provider has tied up with the biggest car loan lender of the country, State Bank of India to offer international direct cash to bank account transfers. The service would be effective from next year. The statement said, Indians living abroad as well as all SBI account holders can transfer… Read More »
Leading personal loan lender, HDFC Bank has received Celent Model Bank 2010 award. This was announced by Nucleus Software. The bank received this award for its loan origination system.
PSU bank, Dena Bank has anticipations of getting capital infusion valued at Rs 600 crore from the government in this financial year, according to a senior bank official. The official also said that why Dena Bank is asking for capital from the Centre is to speed up its business growth.
The policy rate hikes should not trouble the retail customer as home loan and car loan rates will not see any increasing. Banks would be bearing this policy rate increase without affecting the retail borrower.
Maruti Suzuki, which reported a 20.3% decline in profit in the 1st quarter, anticipates the revamped Alto, its biggest selling model, to assist it to retain its portion of the aggressive Indian passenger car market.