The EMV technology prevents fraudulent usage due to possible cloning of credit cards
SBI Cards has launched its credit cards with EMV chip security feature. EMV or 'Euro Pay, MasterCard & Visa', is a credit card industry standard that provides customers enhanced security both in India and abroad.
Kadambi Narahari, CEO, SBI Cards, said, "The launch of the EMV chip based cards for over 85% of our new cards will help our customer with greater security features. We will move to EMV for 100% of all new customers and cards within a few weeks."
This latest security technology prevents fraudulent usage due to possible cloning of credit cards. The EMV chip will also enable SBI Cards to roll out more customer centric offers. EMV is also in line with the new RBI guidelines for higher credit card security. Most of SBI Cards' new credit cards will come with an EMV microchip which will store encrypted customer information for unmatched additional security and convenience.
The CRB for Bajaj Allianz ChildGain is 2.5%, while TBR is 1.5%
Bajaj Allianz Life Insurance has declared bonus rates for its participating policies. The bonuses are calculated by applying the bonus rates on the sum assured plus already attached bonuses of the policy and in most cases are payable on maturity or surrender of the policy or on death of the life assured.
The compound reversionary bonus rates (CRB) for FY10-11 for Bajaj Allianz Super Saver is 1.25%, while the terminal bonus rate (TBR) is 0.5%. The CRB for Bajaj Allianz ChildGain is 2.5%, while TBR is 1.5%. The CRB for InvestGain and Super CashGain Insurance Plan is 2.25% and TRB is 0.5%.
The CRB is calculated as a percentage of sum assured plus all previously accrued bonuses. Terminal bonus is calculated on the sum assured and for each completed year of the policy subject to at least five years and is payable on maturity or death during the FY11-12.
Kotak Mahindra Mutual Fund new issue closes on 9th August
Kotak Mahindra Mutual Fund has launched Kotak FMP Series 55 (24M), a close-ended income scheme.
The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The tenure of the scheme is 24 months.
The new issue closes on 9th August. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Abhishek Bisen and Mayank Prakash are the fund managers.