Tuesday, March 8, 2011

NRE deposit rates hiked by SBT

State Bank of Travancore has hiked the NRE deposit rates. The bank has brought the hike in interest rates across various maturities.

Following the revised rates the interest rate on a maturity period of one year to less than two months will be 2.54 percent, a maturity of two years to less than three years will attract an interest rate of 2.66 percent, and that for a maturity of three years to five years will fetch an interest rate of3.19 percent.

The bank as also hiked the FCNR deposit rates for deposits in dollars and Euros for various maturity periods.

The revised interest rates are effective from March 2.

Monday, March 7, 2011

OBC raises deposit rates over selected maturities

Oriental Bank of Commerce has announced a raise in the fixed deposit interest rates over selected maturity periods by 50 basis points.

The bank has hiked interest rates on selected maturities of 1 year to 499 days and 501 to 2 years from 8.50 to 9.00 percent.

Most of the other leading banks have already raised their deposit rates after RBI hiked key lending rates by 50 basis points.

The new rates will be effective from 7th March 2011.

Wednesday, March 2, 2011

City Union Bank offers online term deposits

City Union Bank has started the introduction of more of modern technology to its banking system to expand its business and also to facilitate the customers. The bank customers will now be able to open deposit accounts online.

The Executive President of City Union Bank Dr. N Kamakodi said “The idea struck when I noticed that people by and large went for online booking of rail tickets. So, we decided to offer our entire gamut of services on the electronic platform, except for say, operating the locker, which obviously requires the physical presence of the account holder.”

The customers will be given option to transfer funds from their saving account to their deposit account. Apart from that the customers will be allowed to avail loans against those deposits.

He also said “The response has been phenomenal and quite unexpected, considering that we did not advertise about this offering. It was there on our site though. Within a week of its introduction, our online collection of term deposits swelled to about Rs 1 crore.”

The bank has also tied with the State Electricity Board, after the development the customers can pay their electricity bills online. According to the bank the practice is gaining popularity amongst customers.

Dr. Kamakodi said “We find that more and more people from rural pockets are now comfortably using Netbanking services,”