Bank of Baroda Flexi RD account

A recurring deposit account with flexibility of having varying monthly instalments. The core monthly instalment to be minimum Rs 100/- which can be increased in multiples of Rs 100/- to a maximum of three times the core amount. The maximum monthly instalment can be Rs 10,000/- only. The term of the deposit account can be 12 months to maximum of 36 months. Loan upto 95 percent of the total deposit is allowed.

UCO Bank money back RD account

Long term recurring deposit account with intermediate withdrawal facility. Maturity after 120 months with first withdrawal after 60 months or withdrawal after 36months and 72 months and balance after 120 months.

HDFC Family Savings Group

This account enables 4 individual savings accounts of the same family to be linked together under family savings group. The minimum average quarterly balance for the group is applicable instead of individual accounts. Family member with NRI status is eligible to be part of the group. 5 free cash withdrawals allowed from SBI ATMs and upto 2 free demand drafts on HDFC account per month upto a maximum of Rs 25,000/ per instrument. International debit card with free bill payment facility with internet banking and mobile banking. Cash delivery facility at home on payment of Rs 50/- per delivery and free passbook delivery. Additional facility of 25 percent discount on locker rent charges, free demat account for the first year and Gold debit card on one time payment of Rs 250/-.

HDFC Bank Multi deposit account

Savings or current account linked to multiple fixed deposit accounts with facility of transfer of amount from fixed deposit accounts in units of Rs 1/- so that interest loss is minimum on fixed deposits Free international debit card and free cheque book facility is also available.

UCO Bank Flexi deposit

Fixed deposit account with part withdrawal facility allowed in multiples of Rs 5,000/-

United Bank- United Anand Deposit scheme

Fixed deposit for 12 to 60 months with minimum deposit of Rs 10,000/- and in multiples of Rs 1,000/- with additional deposit of Rs 5,000/- being minimum. Current account to be opened simultaneously with zero balance through which 90 percent of the deposit can be availed as overdraft. Specially designed pass book is issued instead of deposit receipt.

HDFC Bank Super Saver facility

Savings or current account linked to fixed deposit account with overdraft facility upto 75 percent of the fixed deposit. Flexibility in deciding period of deposit, maturity, principal amount before the fixed deposit matures.

Axis Bank Encash 24 ( Flexi Deposit)

Savings bank account linked with fixed deposit account. Balance in excess of Rs 25,000/- in savings account gets transferred to fixed deposit account in multiples of Rs 10,000/- for fixed deposits of 181 days maturity. The fixed deposits have auto renewal facility after 181 days. The minimum average quarterly balance in the account to be Rs 10,000/-. Withdrawals against cheques/ATMs by transfer of Rs 5,000/-, if necessary, from fixed deposit account to savings account.

Citi Bank Protect and Grow Deposit

Safety of a fixed deposit and the growth potential of a mutual fund in one investment. Deposit of minimum Rs 15 lacs for at least one year with option to decide the percentage of the investment in any mutual fund. The minimum amount of investment in any fund to be not less than Rs 5,000/-.

India expects US dollar 3 billion from World Bank

India expects US dollar 3 billion from World Bank to help recapitalize 17-18 state run banks by end of March 2010. Funds are needed to meet the central bank’s capital adequacy rules. ( FE 190109)

ICICI Bank has bagged

ICICI Bank has bagged ‘Best Rural Marketing Initiative’ award for its unique campaign on rural marketing ‘Kamdhenu.’ ( FE 190109)

HDFC Bank would now disburse floating home loans

HDFC Bank would now disburse floating home loans upto Rs 30 lacs at 9.75 percent and at 10.75 percent for amounts above Rs 30 lacs to new borrowers Average loan size of HDFC Bank is about Rs 15 lacs. State Bank of India offers loans above Rs 20 lacs at 10.25 percent and ICICI Bank at 12.50 percent. (BS 170109)

HDFC Bank has decided to lower interest rates

HDFC Bank has decided to lower interest rates on retail loans by 200 basis points while interest rates on lending to corporates will be reduced by 100 to 150 basis points. The rates for retail loans will be effective from 19-01-2009, while rate change for corporates would be done in a phased manner. (BS 190109)

Urban cooperative banks have been asked by RBI

Urban cooperative banks have been asked by RBI to explore faster methods of collection of dollar denominated cheques and to pay interest at savings bank rate for the period of delay between receiving payment in their account and ultimate credit to the account holder.( BS 190109)

National Insurance Company in association with Bank of Baroda

National Insurance Company in association with Bank of Baroda has launched the Baroda Health Mediclaim Insurance scheme exclusively for account holders of Bank of Baroda. The scheme provides for reimbursement of hospitalization expenses of policy holders and their family members. It is extended to the account holder, the spouse and two dependent children under 25 years of age and can be claimed under a single policy. ( BL170109)

Standard Chartered Bank has decided to wind up

Standard Chartered Bank has decided to wind up the consumer finance business of its wholly owned subsidiary due to rising defaults. Consumer finance business was carried out by Standard Chartered Investments and Loans India Ltd., under the brand name ‘Prime Credit’. It has an unsecured personal loan portfolio of around Rs 200 crores. ( Bl 180109)

National Housing Bank, a subsidiary of RBI

National Housing Bank, a subsidiary of RBI has entered the retail sector with launch of two deposit schemes—NHB Sunidhi deposit scheme and NHB Suvriddhi (tax savings) term deposit scheme.
Interest rate on Sunidhi scheme is 9.25 percent for 12/24 months and 9 percent for 36/60 months, while interest on Suvriddhi is 8.75 percent compounded quarterly. The minimum deposit under Suvriddhi scheme is Rs 10,000/ and maximum of Rs 1 lac with lock-in period of 60 months as it is a tax savings scheme.( source BL 160109)

Private sector banks want RBI

Private sector banks want RBI to increase the deposit insurance coverage from Rs 1 lac to allow for a level playing field between public and private banks. (source BL 170109)

Personal accident insurance product introduced by State Bank

Personal accident insurance product introduced by State Bank of Travancore-SBT UNI Suraksha-is now available at all 719 branches of the bank. It is offered in association with United India Insurance Company for benefit of SBT account holders. It has an insurance cover of Rs 5 lacs at a subsidized yearly premium of Rs 50/-. All savings bank account holders including non-residents in the age group of 10 to 79 years of age are eligible to join the scheme. (source BL 180109)

Applications supported by blocked accounts ASBA

Applications supported by blocked accounts ASBA for subscribing to IPOs have been started by few more banks like PNB, YES Bank, CITI Bank, Bank of India, HSBC, State Bank of Hyderabad.
( source BL 060109)

Banks are taking up the scheme for taking over loans

Banks are taking up the scheme for taking over loans of farmers from money lenders. Banks are extending this scheme mostly to existing crop borrowers with interest rate linked to the PLR. Syndicate Bank allows loans upto Rs 2 lacs under small credit scheme by using Pygmy agents who are also used for promoting Pygmy deposit scheme. Under its two debt swap scheme SYND JAI KISAN and SYND SMALL CREDIT the bank has given out loans worth Rs 214 crores and Rs 70 crores respectively. UCO Bank has started from July 2008 debt swap scheme under which loans for Rs 25,000 are given and they have already disbursed Rs 7.50 cr. (BS 120109)

According to estimates 25-30 percent

According to estimates 25-30 percent of the 27 million credit card users in India make cash payments to settle payments. ICICI and HDFC Bank are levying fee on such payments. ICICI charges Rs 100 for every transaction while HDFC charges Rs 50. ( source BS130109)

Business hours at ICICI BANK branches

Business hours at ICICI BANK branches on Saturdays cut down to 5 hours from 9am to 2pm w.e.f 07-02-2009. Currently business hours on Saturdays are similar to other week days. (source BS 130109)

Banks are using mobile ATMs in places like Dilli Haat.

Banks are using mobile ATMs in places like Dilli Haat. Baroda Fair, and Pushkar cattle fair for the convenience of the customers. Diebold which manufactures and manages ATMs for banks has deployed 11 mobile ATMs in India by State Bank of Patiala, OBC, PNB, Bank of India, J&K Bank. A mobile ATM costs Rs 30 lacs while a stationary ATM costs Rs 5 lacs. ( source BL 050109)

Federal Bank launched its online trading

Federal Bank launched its online trading product-Fed-e-trade- in association with Geojit Financial Services. Retail clients will now have access to online trading in equities, derivatives, IPOs and mutual funds through Geojit’s online tracking platform. 3-in-1 integrated account will comprise of savings account, demat account with bank and online trading account with Geojit. ( source BL 070109)

South Indian Bank has launched a product

South Indian Bank has launched a product ‘SIB-Eighty Plus’ offering 11 per cent rate of interest to the general public and 11.25 percent to senior citizens. Because of bank’s 80 years of existence the scheme is launched which would be open only upto 31-3-2009. The minimum deposit is Rs 50,000 with no upper ceiling. (source BL 130109)

United Bank basic SB account

United Bank basic SB account For rural/ urban areas covering industrial/ agricultural labourers and non pensionary senior citizens. Account can be opened with minimum Rs 10/- with zero balance with 5 withdrawals per month. For cheque book facility minimum balance is Rs 250/-

OBC CASA Deposit Scheme

OBC CASA Deposit Scheme Minimum balance Rs 500/- with free ATM and debit card and free accidental insurance upto Rs 50,000/- for first year.

OBC Jeevan Sarathi

OBC Jeevan Sarathi For physically challenged people to open savings account. The certifying authority to be CMO of any government hospital. Zero minimum balance with no charges. Issue of demand drafts at par (excepting against cash). Free ATM card with internet banking and accidental insurance upto Rs 1 lac

SBBJ Suraksha SB Account

SBBJ Suraksha SB Account Minimum average quarterly balance Rs50,000/- with free mediclaim policy upto Rs 1 lac for one year

State Bank of Bikaner & Jaipur Silver Savings Account

State Bank of Bikaner & Jaipur Silver Savings Account Minimum average quarterly balance of Rs 5,000/- with free accidental insurance upto Rs 1 lac for first year. 25 cheque leaves free with multi city cheque book and facility of utility payment through ATM.

Syndicate bank Multi city SB for HNIs

Syndicate bank Multi city SB for HNIs Minimum average balance of Rs 25,000/- with facility to encash self cheques upto Rs 50,000/- in one day at all CBS branches.

Bank of Baroda’s new savings account

Bank of Baroda’s new savings account—Nagrik Bachat Khata Open account with initial amount of Rs 50 with no charges if balance of Rs 50 is not maintained. No. of withdrawals not to exceed three in a month through withdrawal slip with pass book. Cheque book of 10 leaves will be issued free for one year.

Axis Bank Zero Balance SB Account

Axis Bank Zero Balance SB Account No average quarterly balance with free debit card and accidental insurance cover upto Rs 2 lacs. Free mobile banking with at par cheque facility with clearing limit of Rs 50,000 and free quarterly statement with tele and internet banking.

SAVINGS BANK ACOOUNTS

Axis Bank Easy Access Savings Account Min. quarterly average balance to be maintained is Rs 5,000 in urban and metro centres and Rs 2500 in semi-urban areas. The account would provide at par cheque facility with ATM, tele banking, mobile banking facility. The interest would be payable on quarterly basis.

Banking Products and Services

Banking Products and Services Trust banking is committed to providing information to the common users of banking services for a hassle free and enriching experience. We shall be regularly trying to give a wide cross section of information for the benefit of the average user. The effort is to eliminate information asymmetry that exists so that banking choices and decisions are made after comparative study and thorough consideration.

The changes that are taking place are so wide spread and fast that it becomes difficult to procure data from so many multiple sources at any given time. Trust banking is endeavouring to collate the maximum information about the different Bkg Prod and Ser. that are available in the banking domain for presenting it to its readers to take their pick. Through this new section we shall be highlighting the schemes of different banks for a better understanding of the available products and services. ( For confirmation the respective banks may be consulted)

PNB and Sambalpur based Bharat Integrated Social Welfare Agency

PNB and Sambalpur based Bharat Integrated Social Welfare Agency BISWA launched a technology based financial inclusion project in Orissa. The first project started in Kandhamal district with the self help groups SHGs promoted by BISWA are using smart cards. ( source BS 231208)

An internal audit undertaken by the Finance Ministry

An internal audit undertaken by the Finance Ministry has revealed that officers entrusted to recover debt as per orders of Debt Recovery Tribunals often settled cases at a low amount, leading to a loss of Rs 1036 crores. Interestingly these officers do not have the power to reduce the amount stated in the order issued by the presiding officer. At present there are 30 DRTs and 5 debt recovery appellate tribunals. DRTs take up cases of Rs 10 lacs and above. ( source BS 311208)

Andhra Bank will be selling gold coins

Andhra Bank will be selling gold coins through 162 branches initially in 4gm, 8gm, and 10gm denominations competitively priced and cheaper by Rs 1000 compared with those sold by some private banks. The gold coins imported from Switzerland would carry an Assay certificate guaranteeing purity on par with international standards. ( source BL 020109)

Bank held responsible by banking

Bank held responsible by banking ombudsman for delivering debit card and PIN to unauthorized persons at the mailing address of the card holder. ( source 301208)

High interest rates and the economic slowdown

High interest rates and the economic slowdown have forced banks especially the private and foreign players, to scale down loan growth to check defaults. As a result Direct Selling Agents DSAs who were responsible for originating over 30 per cent of retail loans have been badly hit. ( source BE 291208)

SBI is planning to set up 383 internet kiosks at atm centres

SBI is planning to set up 383 internet kiosks at atm centres located at railway stations across the country within the next couple of months. In addition to ticket reservation facility, other internet banking facilities would be available. The bank is also planning to open 300 more atms over the next few weeks taking the total no. Of atms to 10,000 (source bs281208)

Certain credit card issuers are reducing the benefits

Certain credit card issuers are reducing the benefits available to customers. While certain banks are withdrawing the basic cash withdrawal facility or lowering them, others are contracting the rewards programme to keep a check on unsecured loans. ( source BS 311208)

Rbi cuts repo rate by 100 basis points

Rbi cuts repo rate by 100 basis points to 5.5 per cent and the reverse rate to 4 per cent with immediate effect.Cash reserve ratio crr also cut by 50 basis points to 5 per cent From 17th january 2009. (source bs 030109)

Public sector banks have brought down interest rates in housing loans

Public sector banks have brought down interest rates in housing loans to stimulate demand in the housing sector. Loans upto Rs 20 lakhs will be available at interest rates between 8.5-9.25 per cent a year for tenures upto 20 years for the first five years. Offer would be valid for new loans upto 30-06-2009. Margin would be 10 to 15 per cent with no processing charges and no prepayment penalty. There would also be free life insurance cover for the outstanding amount. ( source BL 161208)

Corporation Bank has opened the ALAGAPPA

Corporation Bank has opened the ALAGAPPA UNIVERSITY-CORPORATION BANK PUBLIC LIBRARY at Karaikudi on 28-12-2008 even though they have no presence there. Corporation bank also announced CORP BANK SCHOLAR gold medal for best outgoing student of Alagappa University from the current session. ( source BL 311208)

PNB announced a 50 basis point cut in its benchmark

PNB announced a 50 basis point cut in its benchmark prime lending rate from 12.5 per cent to 12 percent from 01-01-2009. Also there will be cut in deposit rate from 9.5 per cent to 8.5 percent for deposits of 1 year to less than 3 years. ( source BL 301208)

IDBI Bank is introducing a new deposit scheme

IDBI Bank is introducing a new deposit scheme from 01-01-2009 of maturity period of 1100 days with interest rate at 9.5 percent for normal depositors and 10 per cent for senior citizens. ( source 301208)

PNB and Guruvayoor Dewasom have entered

PNB and Guruvayoor Dewasom have entered into an agreement to provide online VAZHIPADU booking through its internet banking services. Through this facility, a devotee can make offering from anywhere by logging on to www.guruvyurdevaswom.org. Nineteen offerings that can be booked are listed on it. ( source BL 291208)

Banks are offering schemes that provide customers coverage

Banks are offering schemes that provide customers coverage of fraudulent transactions in case of loss or theft of credit and debit cards. Two banks – Citi bank and Kotak bank jointly with CPP Assistance Services Pvt Ltd., a UK based company are providing this facility. Card Protection Programme is one that assists customers by blocking all debit and credit cards in case of theft or loss seven days before and after reporting. ( source BL 281208)

Private banks are offering personal loans through ATMs.

Private banks are offering personal loans through ATMs. Pre approved loans are being marketed through ATMs to select clients after a due diligence of their track record. ( source BL 261208)

Banking Ombudsman received 47887 complaints in the financial year 2007-08,

Banking Ombudsman received 47887 complaints in the financial year 2007-08, an increase of 24 per cent from the previous year. Out of them 29 percent are against private sector banks, 29 per cent against State Bank group, 26 percent against other nationalized banks and 13 per cent against foreign banks. Majority of the complaints 21 per cent relate to credit cards. ( source BL 251208)

State Bank of Travancore has launched an innovative SMS service

State Bank of Travancore has launched an innovative SMS service called ‘ SBT Care’ as part of its efforts to improve customer relations. SBT Care can be invoked by sending an SMS to 9847198471. Each SMS sender is called back to gather details about the complaint. ( source BL 171208)