The interest rates on fixed deposits under Rs. 2 crore have been modified by IDFC First Bank, one of the top lenders in the private sector. On December 1, 2022, the new rates will take effect, according to the bank's official website. Following the change, the bank now offers an interest rate on FDs that ranges from 3.50% to 6.00% for maturities ranging from 7 days to 10 years. As... Read More
On Tuesday, the Reserve Bank of India (RBI) announced a trial programme for central bank digital currency (CBDC) for consumers beginning on December 1. The RBI stated that the digital rupee would take the form of a digital token that stands in for legal money. "The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants" the RBI said in a statement. It would be... Read More
The State Bank of India (SBI) board announced on Tuesday that it had authorized the issuance of infrastructure bonds to raise 10,000 crore during the fiscal year 2023. "Raising Infrastructure Bonds up to a value of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) by a public issuance or private placement, during FY23," the lender stated in its regulatory filing. The bank expects to maintain its... Read More
The Standard Chartered Bank, which has been operating in India for more than 160 years, was one of the first foreign banks to do so. The bank operates a nationwide network of 100 branches in 42 different locations. The interest rates on Standard Chartered Bank's fixed deposits have changed; the new rates are effective for deposits under 2 crore and over 2 crore as of November 18, 2022, respectively. For... Read More
Seniors frequently choose to invest in safe investments that offer higher returns. The fixed deposit is one of the conventional investment alternatives that older adults trust the most. Recently, private lenders like SBI, HDFC, ICICI Bank, Bank of Baroda, and Union Bank of India changed their interest rates on fixed deposits in addition to public sector banks. Small Finance Banks (SFBs) give a return of up to 9% on fixed... Read More
On Thursday, it was reported that ICICI Bank, Axis Bank, and SBI Life Insurance would each buy a 10% stake in the proposed joint venture between Chennai Petroleum and Indian Oil Corporation. ICICI Bank, Axis Bank, and SBI Life Insurance will each invest 50,000 to acquire a 10% interest in the target firm, which will be formed with seed capital of 5 lakh apiece. According to ICICI Bank's regulatory filing,... Read More
Bank of Baroda (BoB), one of the top lenders in the public sector, today announced a temporary 25 bps interest rate cut on home loans. One of the lowest house loan interest rates on the market, the bank's home loan interest rates now begin at 8.25% p.a. taking effect from November 14, 2022 for a limited time. The discounted pricing is available through December 31, 2022. In addition to the... Read More
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