Indian Bank hikes lending rate by 25 basis points

Indian Bank has hiked lending rate for its existing customers to 13.75% in line with other banks

State-owned lender Indian Bank has hiked lending rate for its existing customers by 25 basis points to 13.75% in line with other banks.

The Bank has revised its benchmark prime lending rate (BPLR) from existing rate of 13.5% to 13.75%, Indian Bank informed the Bombay Stock Exchange in a filing.

This will make all kind of existing loans, including housing and auto loans, expensive by at least 25 basis points.

Last week, the country's largest lender State Bank of India raised both lending and deposit rates on select maturities by 25 basis points in response to policy rate hike announced by the Reserve Bank of India on 25th January.

On Friday, Indian Bank ended 0.56% down at Rs220 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.60% to 18,211.52.

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UTI Equity Tax Savings Plan declares tax-free dividend of 10%

UTI Equity Tax Savings Plan record date for the dividend is 21 February 2011

UTI Equity Tax Savings Plan declares tax-free dividend of 10% (Re1 per unit on a face value of Rs10). The record date for the dividend is 21 February 2011.

All unitholders registered under the dividend option of UTI Equity Tax Savings Plan as on 21 February 2011 will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend.

The NAV per unit as on 15 February 2011 was Rs16.35 under the dividend option.

UTI-ETSP was launched in November 1999 as an open-ended equity oriented tax savings scheme.  The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies.

Contribution made by individuals under UTI-Equity Tax Savings Plan will qualify for deduction of the whole amount paid subject to a maximum of Rs1,00,000 under Section 80C of Income Tax Act, 1961 as provided therein. Swati Kulkarni is the fund manager of the scheme.

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Reliance Mutual Fund unveils Fixed Horizon Fund-XVIII-series 3

Reliance Mutual Fund new issue closes on 21st February

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-series 3, a close-ended income scheme.

The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.

The new issue closes on 21st February. The minimum investment amount is Rs5,000.

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