Indian Overseas Bank launches Student Card

IOB has launched ‘IOB–SB Student Card’

Indian Overseas Bank has launched co-branded IOB-SB Student Card. The card is a Visa credit card. Students from 16 years of age and above can apply for the card. The minimum balance requirement is Rs500 and the maximum amount is Rs50,000. The maximum balance restriction will be removed after the account holder attains 18 years of age.

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Development Credit Bank launches PayLess credit card

In case an account turns delinquent, the bank would adjust the depositor's original deposit with the unpaid dues, thus avoiding undue risk for the bank.

The Development Credit Bank has launched its DCB PayLess–a credit card which allows customers to avail themselves credit, while enjoying regular returns from a regular fixed deposit.

“We are launching this card primarily for the micro, small and medium entrepreneurs (MSME) segment, but even housewives, self-employed, and so on, can avail themselves of this product,” Abhijit Bose, group senior vice-president and head – retail, MSME Assets and Cards business, Development Credit Bank said. The bank has test launched this card in Bangalore, and wants to position it as a credit history build-up card. With the number of MSME entities in the country estimated at 35 lakh, the bank looks at this segment for a bulk of its payless card business.

To get this card, customers have to make a fixed deposit of a minimum of Rs25,000. “If they place a deposit with the bank, 90% credit is loaded on the card,” he explained.

For instance, a deposit of Rs50,000 would enable a customer to enjoy credit limit of Rs45,000. Besides, the deposit continues to accrue interest. As with a credit card, the repayment period for the credit availed would be 15-45 days, and the interest charged on late repayment is 24%. On credit cards, banks normally charge anywhere between 30% and 40% on dues. Besides, the late payment fee is also Rs100, against about Rs400-Rs500 charged on credit cards. However, in case an account turns delinquent, the bank would adjust the depositor's original deposit with the unpaid dues, thus avoiding undue risk for the bank.

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IDBI Mutual Fund floats Gold Exchange Traded Fund

IDBI Mutual Fund’s open ended Gold Exchange Traded Scheme closes 2nd November

IDBI Mutual Fund has launched IDBI Gold Exchange Traded Fund, an open ended Gold Exchange Traded Scheme.

The investment objective of the scheme is to invest in physical Gold and Gold related instruments with the objective to replicate the performance of gold in domestic prices. The ETF will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Fund and the underlying asset. The scheme will invest 95% to 100% of assets in gold and gold related instruments and up to 5% of assets in debt and money market instruments.

The new issue closes on 2 November 2011. The minimum investment amount is Rs10,000.The domestic price of physical gold is the benchmark index. Gautam Kaul is the fund manager.

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