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)