IDBI Bank Ltd said it has revised its interest rates on retail term deposits by 25-75 basis points (bps) in different maturity buckets. The revised interest rates are effective from 4 January 2011.
With this revision, the highest interest on retail term deposits would be 9.25%.
Moreover, there will not be any premature penalty for new or renewed FDs booked from 1 January 2011. Senior citizens will get 50–75 bps over and above these rates, thereby offering them a maximum of 10% per annum for deposits of 1,100 days.
On Tuesday, IDBI Bank ended 1.93% down at Rs162.80 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.30% to 20,498.72 points.
New Delhi: Environment issues have once again delayed the invitation of bids for the 4,000MW ultra mega power project (UMPP) at Sarguja in Chhattisgarh, reports PTI.
“The preliminary bidding process for the project has been delayed by two months...now the last date of submission of bids is on 8th March,” a power ministry official said.
This is the fourth time the process has been delayed. Power Finance Corporation (PFC), the nodal body for the execution of UMPPs in the country had invited initial bids for the Chhattisgarh project in March 2010.
The bidding process got delayed four times till date as the ministry of environment and forests (MOEF) is yet to approve mining from the coal blocks allotted for the project.
MOEF is yet to come clear on the subject of “go” and “no-go” areas for coal mining. The ministry has classified no-go areas as the zones where mining activity could not take place as it would have adverse impact on the environment.
The coal ministry had allotted the Hasdeo coal block in Chhattisgarh for the Sarguja UMPP.
Another such project at Orissa is likely to get MOEF clearance for its coal blocks.
Of the four UMPPs allotted by the government so far, three have been bagged by Reliance Power—Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh), Tilaiya (Jharkhand). Tata Power bagged the Mundra UMPP in Gujarat.
These projects are part of government’s ambitious plan to mitigate electricity shortages, and add to India's capacity addition initiative.
The government plans to add about 1,00,000MW of power, of which major chunk would be contributed by such projects.
Deutsche MF floats Fixed Term Fund–Series 78; DSP BlackRock MF unveils FMP–3M–Series 27; ICICI Pru MF launches Fixed Maturity Plan-Series 53-One Year Plan E; Sundaram MF introduces Fixed Term Plan–AL
Deutsche MF floats Fixed Term Fund–Series 78
Deutsche Mutual Fund has launched DWS Fixed Term Fund–Series 78 (DFTF–78), a close-ended income scheme.
The objective of the fund is to generate regular income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme.
The new issue opens on 4th January and closes on 17th January. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager.
DSP BlackRock MF unveils FMP–3M–Series 27
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP–3M–Series 27, a close-ended income scheme.
The primary investment objective of the schemes is to seek capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing.
The new issue opens on 4th January and closes on 6th January. The minimum investment amount is Rs10,000.
ICICI Pru MF launches Fixed Maturity Plan-Series 53-One Year Plan E
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 53-One Year Plan E, a close-ended scheme.
The investment objective of the Plan under the Scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments which mature on or before the date of maturity of the plan/scheme.
The new issue closes on 12th January. The minimum investment amount is Rs5,000.
Sundaram MF introduces Fixed Term Plan–AL
Sundaram Mutual Fund has launched Sundaram Fixed Term Plan–AL, a close-ended income scheme.
The investment objective is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.
The new issue closes on 14th January. The minimum investment amount is Rs5,000.