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)