Personal finance Monday

IDBI Bank revises base rate, BPLR and interest rates on deposits; Bank of Baroda raises BPLR by 75 bps, base rate by 50 bps; IDFC Mutual Fund floats three months plan

IDBI Bank revises base rate, BPLR and interest rates on deposits

IDBI Bank announced a hike in deposit and lending rates by up to 100 basis points. The interest rates on fixed deposits of different maturities will be increased by 25 to 100 basis points; loans from the bank would also become expensive, with the lender raising its base lending rate by 50 basis points to 9%.

In addition, the bank has hiked its benchmark prime lending rate (BPLR) by 25 basis points to 13.75%, which will also make existing loans more expensive.

The new deposit rates will come into effect from 15th December, the revised lending rates will be applicable to existing and new borrowers from 1st January.

IDBI Bank will offer the highest rate of 8.75% on deposits of 1,100 days’ tenor, compared to 8.25% interest at present.

The highest increase of 100 basis points was announced for deposits with a 46-90 day maturity period. The depositors will now earn 5.50% interest on these short-term deposits, up from 4.50% at present.

Bank of Baroda raises BPLR by 75 bps, base rate by 50 bps

Bank of Baroda has increased its benchmark prime lending rate (BPLR) by 75 basis points and base rate by 50 basis points.

The Bank’s benchmark prime lending rate (BPLR) has increased to 13.25% from 12.50% and its base rate has increased to 9% from 8.50%.

IDFC Mutual Fund floats three months plan

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan–Quarterly Series 61, a close-ended income scheme.

The investment objective of the plan is to generate income by investing in debt and money market instruments maturing before the maturity of the plan. The tenor is three months.

The new issue opens on 13th December and closes on 14th December. The exit load is nil. The minimum investment amount is Rs10,000.

CRISIL Composite Bond Fund Index is the benchmark index. The scheme will be managed by Anupam Joshi.


Deepak Kapoor to join PwC India as chairman

Consultancy firm PricewaterhouseCoopers India (PwC) today said Deepak Kapoor will take over as chairman of the company next year.

“Deepak Kapoor has been elected as the new chairman of the PwC India network of entities for a three-year term beginning 1 January 2011,” a PwC India release said.

Mr Kapoor will take over the role from Gautam Banerjee, the current chairman, who will relinquish office on 31 December 2010.

Mr Banerjee would, however, continue in his role as executive chairman of PwC Singapore and would join the PwC India Advisory Board.

The selection of Mr Kapoor, 52, has been ratified by PwC’s India Governance Board.

As the chairman of PwC, Mr Kapoor would be responsible for managing PwC India network firms’ business in India and would represent them externally and internally and lead the interactions with clients and people within the firm.


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