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Punjab National Bank, ICICI Bank, Bank of Baroda increase fixed deposit interest rates, check new rates here

Bandhan Bank, Jana Small Finance Bank, Kotak Mahindra Bank, Bank of Baroda, Punjab National Bank, and ICICI Bank have increased their fixed deposit interest rates for retail customers across multiple tenor baskets.

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Punjab National Bank, ICICI Bank, Bank of Baroda increase fixed deposit interest rates, check new rates here

Banks have started increasing loan and deposit interest rates, amidst the Reserve Bank of India (RBI) hiking the key repo rate by 40 basis points (bps) in an unexpected move. Bandhan Bank, Jana Small Finance Bank, Kotak Mahindra Bank, Bank of Baroda, Punjab National Bank, and ICICI Bank have increased their fixed deposit interest rates for retail customers across multiple tenor baskets.

The ICICI Bank has increased its fixed deposit interest rates by 0.25 percent, or 25 basis points. Bandhan Bank upped the deposit interest rate by 50 basis points for deposits held for one year to 18 months, and for deposits held for more than 18 months but less than two years.

For the duration of 390 days and 23 months, Kotak Mahindra Bank has raised FD interest rates by 30 basis points and 35 basis points, respectively. With effect from May 6, the Bank of Baroda increased the interest rates on domestic term deposits and NRO deposits of more than Rs 10 crore to up to Rs 50 crore (new and renewal). PNB, ICICI Bank, and Bank of Baroda have all revised their fixed deposit interest rates.

Check the revised Fixed Deposit rates of banks

Punjab and National Bank (PNB) revised interest rates on FD (single domestic term deposits of less than Rs 2 crore)

7 days to 45 days – annual interest rate ranges from 2.90 percent to 3.00 percent, depending upon borrower profile, including age
91 days to 179 days – from 3.80 percent to 4.00 percent
180 days to less than 1 year- from 4.40 percent to 4.50 percent
1 year – from 5 percent to 5.10 percent
Between 1 and 2 Years- from 5 percent to 5.10 percent

Bank of Baroda interest rates (domestic term deposits & NRO deposits of above Rs 10 crore to up to Rs 25 crore)

For maturity range, 7 days to 14 days- 3.25 percent per annum
15 days to 45 days- 3.50 percent
46 days to 90 days- 3.50 percent
91 days to 180 days- 3.75
181 days to 270 days- 4.00 percent
271 days & above and less than 1 year- 4.25 percent
1 year- 5.05 percent
Above 1 Year and upto 2 Years- 5.05 percent
Above 2 Years and upto 3 Years- 5.10 percent
Above 3 Years and upto 5 Years- 4.50 percent

ICICI Bank revised fixed deposits interest rates above Rs 2 crore up to Rs 5 crore

7 days to 14 days: For General Public – 2.75 percent; For Senior Citizens – 2.75 percent
15 days to 29 days: For General Public – 2.75 percent; For Senior Citizens – 2.75 percent
30 days to 45 days: For General Public – 3.00 percent; For Senior Citizens – 3.00 percent
46 days to 60 days: For General Public – 3.00 percent; For Senior Citizens – 3.00 percent
61 days to 90 days: For General Public – 3.25 percent; For Senior Citizens – 3.25 percent
91 days to 120 days: For General Public – 3.50 percent; For Senior Citizens – 3.50 percent
121 days to 150 days: For General Public – 3.50 percent; For Senior Citizens – 3.50 percent
151 days to 184 days: For General Public – 3.50 percent; For Senior Citizens – 3.50 percent
185 days to 210 days: For General Public – 3.75 percent; For Senior Citizens – 3.75 percent
211 days to 270 days: For General Public – 3.75 percent; For Senior Citizens – 3.75 percent
271 days to 289 days: For General Public – 4.00 percent; For Senior Citizens – 4.00 percent
290 days to less than 1 year: For General Public – 4.00 percent; For Senior Citizens – 4.00 percent
1 year to 389 days: For General Public – 4.50 percent; For Senior Citizens – 4.50 percent
390 days to less than 15 months: For General Public – 4.50 percent; For Senior Citizens – 4.50 percent
15 months to less than 18 months: For General Public – 4.60 percent; For Senior Citizens – 4.60 percent
18 months to 2 years: For General Public – 4.65 percent; For Senior Citizens – 4.65 percent
2 years 1 day to 3 years: For General Public – 4.75 percent; For Senior Citizens – 4.75 percent
3 years 1 day to 5 years: For General Public – 4.80 percent; For Senior Citizens – 4.80 percent
5 years 1 day to 10 years: For General Public – 4.80 percent; For Senior Citizens – 4.80 percent

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Gadgets

Zepto to deliver Apple products within 10 minutes

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

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Zepto, the innovative quick commerce platform, has taken a significant leap forward by unveiling a comprehensive selection of Apple products in its electronics category. With the addition of renowned items such as iPhones, iPads, Apple Watches, AirPods, and an array of accessories, Zepto is poised to enhance its competitiveness in the premium electronics sector. This strategic move expands its offerings to over 5,000 stock-keeping units (SKUs) available from diverse sellers on the platform.

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

In response to the escalating demand for immediate access to high-quality gadgets, Zepto aims to position itself as a go-to destination for consumers seeking high-end electronics. The company has reported a notable 35% month-over-month surge in the number of users actively searching for Apple products.

“Our partnership with Apple allows us to offer a broad array of cutting-edge technology, making it more accessible and revolutionizing the buying experience for premium gadgets,” said Abhimanyu Singh, business head of the electronics division at Zepto. He highlighted the increasing consumer interest, stating, “In just the past month, over a million users have searched for Apple devices—whether it’s the latest iPhone 16E, AirPods 4, or iPads—indicating a strong appetite for quick access to premium tech.”

Singh added that this expansion is not just about adding products; it is about enhancing the overall shopping experience. “With our sellers bolstering their collaboration with Apple, we’re redefining what it means to shop for electronics, ensuring the process is faster, more convenient, and seamless. We are grateful to our sellers for making this possible,” he noted.

Overall, Zepto proudly showcases a diverse catalogue of more than 45,000 products, spanning categories such as groceries, electronics, beauty items, and toys, serving customers across nearly 50 cities in India. With its commitment to excellence, Zepto continues to set new standards for quick commerce in the high-tech market.

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India News

Ola Electric shares fall 6% amid insolvency proceedings against subsidiary

Ola Electric shares plunged 6% as Rosmerta Digital filed an insolvency plea against its subsidiary. The company faces legal challenges amid growing financial losses.

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Ola Electric’s share price fell nearly 6% on Monday after Rosmerta Digital Services Ltd announced plans to file an insolvency petition against its wholly-owned subsidiary, Ola Electric Technologies Pvt Ltd. The petition, citing unpaid dues, was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) and submitted to the Bengaluru Bench of the National Company Law Tribunal (NCLT).

Ola Electric’s response

Ola Electric Mobility has contested the claims, stating that it has sought legal counsel and will take all necessary actions to challenge the petition. The company mentioned that it had been renegotiating its agreements with Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd to reduce costs and enhance efficiency in vehicle registration services.

Stock performance and market impact

Opening Price (BSE): Rs 50 per share

Intraday High: Rs 50.16

Intraday Low: Rs 48.61

Market analysts remain bearish on Ola Electric’s stock. Anshul Jain, Head of Research at Lakshmishree Investment and Securities, noted that the stock has been on a steady decline post-IPO, breaking below its base price of ₹76.

“After peaking at ₹157 post-IPO, the stock has been in a firm downtrend. The break below ₹76 suggests that the next key support level is ₹34. Unless a strong reversal occurs, further selling pressure is likely,” Jain stated.

Ola Electric’s Q3 2024 financial results

Ola Electric Mobility reported a widening consolidated net loss of ₹564 crore for Q3 2024, compared to ₹376 crore in the same quarter last year.

Revenue from operations: ₹1,045 crore (down from ₹1,296 crore year-on-year)

Increased expenses: Due to rising competition and one-time costs for service-related improvements

Despite financial struggles, the company noted that it achieved its highest-ever e-scooter registrations of 3.33 lakh units in Q3, marking a 37.5% increase from last year.

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Latest business news

Jio partners with SpaceX to bring Starlink broadband to India

Reliance Jio and SpaceX have partnered to bring Starlink broadband services to India, enhancing digital connectivity in remote areas.

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Elon Musk

Reliance Jio has announced a strategic partnership with SpaceX to introduce Starlink broadband services in India, a move aimed at improving internet accessibility, especially in remote and rural regions. The deal will enable Jio to leverage SpaceX’s low-Earth orbit (LEO) satellites, enhancing its existing broadband services like JioAirFiber and JioFiber.

Under this collaboration, Starlink equipment will be available at Reliance Jio stores across the country, subject to regulatory approvals. Customers will also have access to installation, activation, and support services provided by Jio.

Boosting India’s digital connectivity

The partnership aligns with Jio’s goal of ensuring high-speed internet access for enterprises, small and medium businesses (SMBs), and communities across the country. By utilizing Starlink’s extensive satellite network, the initiative is expected to bridge connectivity gaps in difficult-to-reach locations.

Gwynne Shotwell, President and COO of SpaceX, welcomed the partnership, stating, “We are looking forward to working with Jio and receiving authorization from the Government of India to provide more people, organizations, and businesses with access to Starlink’s high-speed internet services.”

Regulatory approvals and future collaborations

While the partnership is a significant step, Starlink’s services in India still require clearance from regulatory authorities. Once approved, Starlink broadband services will be available for purchase and activation through Jio’s distribution network.

Additionally, Jio and SpaceX plan to explore other complementary areas of cooperation, utilizing their infrastructure to further strengthen India’s digital ecosystem.

This development follows SpaceX’s recent agreement with Bharti Airtel, which also intends to sell Starlink equipment and provide connectivity solutions to business customers, schools, health centers, and remote communities.

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