Indian Bank revises FCNR deposit rates

For FCNR (B) deposits in USD terms, the revised interest rates have been fixed at 2.30% for deposits of one year and above but less than two years from the existing 2.31%

Indian Bank has revised the interest rates on foreign currency non-resident (banking) deposits with immediate effect.

For FCNR (B) deposits in USD terms, the revised interest rates have been fixed at 2.30% for deposits of one year and above but less than two years from the existing 2.31%.

For deposits of two years and above, but less than three years, it has been revised to 1.85% from the existing 1.81%, the Chennai-headquartered bank said in a statement.

For deposits of three years and above, but less than four years, it has been increased to 2% from the present 1.93%.

The interest rates on deposits for four years and above, but less than five years it has been revised at 2.23% from the existing 2.12%.

For deposits of up to five years, it has been hiked to 2.49% from the present 2.34%, the statement added.

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COMMENTS

Rajeev

5 years ago

How about using fixed deposits that give much higher returns? You will have to keep the money in Rs but if someone is planning to spend in India, its not a bad idea.

IDBI cuts floating home loan rates by up to 0.75%

With this revision, loans up to Rs25 lakh will be available at 10.75% interest rate, while those above Rs25 lakh and under Rs30 lakh will be charged 11%

IDBI Bank has reduced its floating home loan rates on new loans across the slabs by up to 75 basis points, effective from 2 April 2012.

While the floating interest rate for loans of up to Rs25 lakh has been reduced by 25 bps, the reduction is progressively higher for larger amounts -- by 50 bps for loans ranging from Rs25 lakh to less than Rs75 lakh, a statement from the bank said.

The reduction is 75 bps for loans of over Rs75 lakh, it added.

With this revision, loans up to Rs25 lakh will be available at 10.75% interest rate, while those above Rs25 lakh and under Rs30 lakh will be charged 11%.

For loans in Rs30-75 lakh bracket, the bank will charge 11.25% interest rate, while 11.50% will be the rate for loans of Rs75 lakh and above.

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Abchlor Investment launches iSIP for online SIP investment

iSIP is a convenient service that will provide investors the ability to set up an SIP without having to complete forms or issue cheques repeatedly

Abchlor Investment Advisors has launched an iSIP in various AMC's MF schemes (MF iSIP) through its portal, www.InvestOnline.in. This is a first after having been the first distributor to have offered mutual funds investing online to its customers via 49 banks in the country, thereby enabling a complete paper less investment process.

iSIP is a convenient service that will provide investors the ability to set up an SIP without having to complete forms or issue cheques repeatedly.

InvestOnline.in offers this iSIP facility to all its existing and new customers who are registered for online services. For starters, to avail this facility InvestOnline.in takes the ECS mandate from the customers to debit their bank accounts.

The process is in two simple steps: from the customer signing and sending the ECS mandate for debit to their bank account and once the same is verified by the bank (approximately a 30-day process after receipt of the form), customer can login and setup any number of SIPs.

The iSIP is currently offered for funds managed by 12 fund houses, which include DSP BlackRock, Kotak, Daiwa, Mirae, Religare, ING, IDFC, Fidelity, Principal, L&T, ICICI and UTI. Other major fund houses are expected to give their assent soon.

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