English हिन्दी
Connect with us

Latest business news

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.

Published

on

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

Continue Reading

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.

Published

on

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.

Continue Reading

India News

Ashok Hinduja reassures shareholders amid IndusInd Bank’s market turbulence

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors of the bank’s stability, despite a sharp decline in its stock. He confirmed readiness to inject capital if required while emphasizing the strength of the bank’s financial position.

Published

on

IndusInd Bank promoter Ashok Hinduja addressing financial concerns

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors that the bank remains financially strong despite recent turbulence in its stock performance. He confirmed that the promoters are prepared to inject capital if needed, reiterating confidence in the institution’s ability to handle its ongoing challenges.

The reassurance follows a sharp decline in IndusInd Bank’s stock, which plummeted 26% on March 11, wiping out nearly Rs 18,000 crore from its market capitalization. The drop was triggered by concerns over discrepancies in the bank’s derivatives portfolio, which is expected to have a 2.35% impact on its net worth.

“Shareholders need not panic”

Speaking to the media, Hinduja emphasized that the bank remains in a strong financial position.

“Shareholders need not panic. These are routine issues. I understand the concern regarding the delay in communication, but banking is built on trust and integrity,” he stated.

Hinduja also reaffirmed confidence in the bank’s leadership, noting that IndusInd Bank has successfully navigated various challenges over its 30-year history.

“We’ve seen IndusInd Bank through various challenges, and they have been handled effectively. This issue, too, will be resolved,” he added.

Capital adequacy remains strong

Despite the market reaction, Hinduja reiterated that the bank remains well-capitalized. He clarified that while the promoters are willing to inject fresh capital if necessary, the bank’s capital adequacy ratio stands above 15%, and there is currently no immediate concern.

“If there’s a need for capital raise, the promoter is ready to inject funds. We are awaiting approval from the regulator. However, as of now, the bank’s capital adequacy ratio is above 15%, and there are no concerns.”

Market reaction and leadership concerns

The decline in stock value was further exacerbated by brokerages downgrading IndusInd Bank following the Reserve Bank of India’s (RBI) decision to approve a one-year extension for MD & CEO Sumant Kathpalia—shorter than expected.

On March 10, IndusInd Bank disclosed that an internal review had revealed discrepancies in its derivatives portfolio, which could impact its net worth by approximately Rs 1,500 crore. However, the final impact is still subject to an external review.

Hinduja assured that the bank’s board and management are fully equipped to manage the situation, adding that similar challenges have been faced by banks worldwide.

“The board and management are capable of resolving these issues,” he stated.

As IndusInd Bank navigates the current volatility, investors are closely monitoring further developments regarding its derivatives portfolio review and capital injection plans.

Continue Reading

India News

Market crash wipes out Rs 7.46 lakh crore investor wealth as Sensex plunges over 1,000 points

The Indian stock market tumbled sharply as Sensex lost 1,032 points, wiping out Rs 7.46 lakh crore in investor wealth amid fresh U.S. tariff threats.

Published

on

Sensex crashes over 1,000 points amid Trump tariff fears

The Indian stock market witnessed a sharp downturn on Friday as the benchmark BSE Sensex tumbled 1,032.99 points or 1.38% to 73,579.44 in morning trade. The heavy selloff led to a staggering erosion of Rs 7.46 lakh crore in investor wealth, following a similar downtrend in global equities.

The primary trigger for this massive slump was renewed tariff threats from former U.S. President Donald Trump, raising fears of a fresh global trade war. Persistent foreign fund outflows further dented investor sentiment.

Market bloodbath: Tech Mahindra, IndusInd Bank among biggest losers

Several heavyweight stocks bore the brunt of the market meltdown. Tech Mahindra, IndusInd Bank, Maruti, HCL Tech, Tata Consultancy Services, Infosys, Mahindra & Mahindra, and Titan were the top losers on the Sensex.

However, a few stocks managed to withstand the storm, with Axis Bank, HDFC Bank, Reliance Industries, and Adani Ports emerging as the only gainers.

Global turmoil adds to the pressure

Asian markets mirrored the downtrend, with Seoul, Tokyo, Shanghai, and Hong Kong all trading deep in the red. Meanwhile, the U.S. market slumped to a five-month low as Treasury yields surged in response to Trump’s tariff announcement.

Vikas Jain, Head of Research at Reliance Securities, noted that “the U.S. market fell sharply, with a significant rise in Treasury yields, following Trump’s fresh tariff threats.”

Uncertainty rattles investors as FIIs pull out Rs 556 crore

Market analysts pointed out that investors have been wary of uncertainty, which has only intensified with Trump’s return to power. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted that Trump’s strategy has often involved threatening tariffs early in his presidency before negotiating favorable trade deals for the U.S.

Adding to the concerns, foreign institutional investors (FIIs) pulled out Rs 556.56 crore from Indian equities on Thursday, as per exchange data.

Crude oil prices slide as global concerns mount

The impact of global economic jitters extended to the commodity market, with Brent crude slipping 0.51% to $73.66 per barrel.

As markets brace for further volatility, investors will be closely monitoring China’s response to the latest round of U.S. tariffs, which could determine the trajectory of the ongoing global selloff.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com