Punjab National Bank, a leading public sector lender has announced an increase in the NRE term deposit rates. The deregulation of the NRE deposit rates from RBI has led the banks to increase the deposit rates substantially.

The bank has increased the deposit rate for a period of one-to-five years to 9.25 percent. The hike is applicable from January 1, 2012.

A lot of the leading lenders like HDFC Bank, YES Bank, Federal Bank, Dhanlaxmi...

The Reserve Bank of India has deregulated the savings accounts rate for all the State and Central Co-operative Banks. These banks can now set the interest rate on savings account deposits on their own. Earlier, in October it deregulated the rates for commercial sector banks. Recently, savings account rates for RRBs were also deregulated by the apex bank.

There are however a few regulations that the banks will have to follow while deciding the rates....

New deposit scheme has been introduced by Repco Bank, an enterprise of Indian Government. The scheme which is specially meant for the senior citizens has some extra benefits to offer to the customers.

The ‘monthly deposit scheme', offered by the bank requires a senior citizen to invest a minimum amount of Rs. 1 lac for a period of 24 months. Banks is offering an interest rate of 11% on the scheme.

A special feature of this...

Banks, in an attempt to increase the inflow of foreign funds are hiking the NRE deposit rates. The hike is considerable enough and is likely to lure customers to invest with the banks.

Lenders like YES Bank, Karnataka Bank, South Indian Bank and Federal Bank have already increased their NRE rates. Recently, some more banks have also made announcements to do so.

Second largest private sector lender HDFC Bank, has increased the NRE deposit rate for...

As many as three banks have increased their NRE deposit rates. The banks have done so with an intention to attract more customer to invest with them and hence to increase the flow of foreign funds.

Karnataka Bank has increased its NRE deposit rates across various maturities. The increased rates are applicable on fresh as well as on the renewed deposits. The revised rates are applicable from 19th of December.

The NRE deposit rates of South...

YES Bank, a leading private sector lender has announced to further hike its savings account rate from 6% to 7%. The bank was among the first ones to deregulate its savings account rates.

As the savings account rates have been deregulated, the banks can now decide the rate they want to offer to their customers. Small banks are using this opportunity to lure people and to increase their customer base.

The bank has also...

The government of India has announced that regional rural banks (RRBs) would be adding more than 3100 branches to their kitty in the period of coming 2 years from now.

According to Minister of State for Finance, Mr Namo Narain Meena, as many as 1297 branches would come into shape in 2012 and 1845 in the year next to it.

Presently there are 82 RRBs operational in India with a total branch count of 16001.

Private sector lender HDFC Bank has announced a rise in charges levied for closure of savings bank account.

Along with this, charges on some other services have also been raised. The act seems to be a step by the bank to retain customers from trickling out to rivals.

After deregulation of savings account rates was announced by RBI, HDFC Bank happens to be the first bank to take such a step as to protect its...

Public sector lender Indian Bank has announced the revision of interest rates of its NRE as well as FCNR deposits.

The foreign currency non resident (FCNR) deposits in USD will now have interest of 2.32% for tenor of 1 year and above and 2.19% for deposits of less than 2 years.

Deposits having tenor of 2 years to less than 3 years will have interest of 2.01% and for those having maturity period of 3 years to...

The National Savings Certificate (NSC) has got more attractive interest rates attached to it now. The interest payable on NSC has now been increased to 8.7%.

With effect from December 01, 2011, an investment of Rs 10,000 for 10 years in NSC would fetch returns as per the revised interest rates.

The certificates would be made available in denominations of Rs 100, 500, 1000, 5000 and 10,000.

There is no ceiling to the maximum amount that can be...

The largest cooperative lender of the country, Saraswat Cooperative Bank has announced a rise in interest rates of its savings bank acccounts. The interest rate now stands at 6% from 4% earlier.

With the largest lender in this segment raising interest rates, fellow peers are expected to soon follow suit.

As per quarterly basis of crediting interest rates, the effective interest annuallly would stand at 6.14% for customers.

"In the current rising inflation rate environment, bank...

South based lender Catholic Syrian Bank is celebrating its 91st foundation day with great pomp and glamour. The bank has now adopted 91 Eco Clubs in schools and colleges with a motive to spread awareness about ecology and environment conservation.

Recently the bank also announced a special FD scheme to mark 91 years of its foundation.

Through these eco clubs, the bank aims to educate students about saving the environment, reduce emissions via CFCs, controlled...

Public sector lender State Bank of Travancore has given a hike to interest rates of its Non Resident External (NRE) deposits.

Deposits of tenor between 1 year to less than 2 years will have interest of 3.69% and those of 2 years to less than 3 years tenor will bear interest of 3.36%.

Interest will be 3.52% for deposits of maturity between 3 years to 5 years.

FCNR deposits in USD will have interest of 2.19% for...

Private sector lender Catholic Syrian Bank has announced a new fixed deposit scheme for its customers. Christened as 'Interesting@91', the scheme has been launched to mark the occasion of the 91st foundation day of the south based lender.

The scheme would offer 8.5% interest to the customer for a tenor of 91 days, while the 991 days and 91 month deposits would attract interest of 10.25% and 10% respectively to the depositor. These latter...

Private sector lender Tamilnad Mercantile Bank has announced a hike in interest rates of fixed deposits across selected maturities.

The deposits having maturity of 121-170 days and 171 days to less than 1 year have been raised by 25 bps, the bank said.

The revised rates would come to effect from November 28, 2011, today.

Mr S. Selvan Rajadurai, General Manager, Business Development (HO), TMB, said that the respective deposits have been raised from 8.50% to...

Repco Bank has brought a revision in interest rates of its fixed deposits.

The deposit scheme of the bank having maturity of 22 months, that is Repco-22 will now attract an interest of 10.60% for general citizens and 11% for senior citizens.

Also, deposit account holders will be given the choice between choosing to receive lumpsum interest on maturity of the deposit or periodical interest.

Mr J. Gireeshkumar, Chief Manager at the Thiruvananthapuram branch of...

Renu Sud Karnad, MD of HDFC ltd has said that interest rates have seen their season of hikes and any further hike in unlikely because they have already reached a ceiling point.

Banking and monetary regulator Reserve Bank of India had last raised policy rates in October by 25 bps, the 13th so far since March 2010.

"I think it (interest rate) has already reached the peak and I personally feel there should not be any more...

Starting next month, post office savings schemes as well as PPF accounts would attract better interest rates for customers.

With effect from December 01, 2011, interest rate of public provident fund (PPF) accounts would be increased to 8.6%. Also the annual contribution limit to the fund would be raised to Rs 1 lakh from Rs 70,000 earlier.

Post office deposits would also see a rise in interest rates from 3.5% to 4%.

With suspicion arising regarding the...

Public sector lender Punjab National Bank has come up with a new salary scheme for state government employees of Kerala.

The new shceme will have an account termed ‘Total Freedom Salary Account scheme.' This would be a zero balance account with no additional charges put on it.

Salary would be credited instantly to the account on the prescribed salary date. However, the account also has the option of crediting advance salary in the form of overdraft,...

Banking and monetary regulator Reserve Bank of India has announced the deregulation of interest rates of savings bank accounts in regional rural banks (RRBs) too.

With these rates already been deregularized for commercial banks recently, the new move will now bring benefits for depositors with RRBs too.

However, while announcing the deregulation, the apex bank has undermined two conditions for RRBs while setting interest rates for their customers.

The first condition says, "each bank will have to...