Kotak Mahindra Bank has updated fixed deposit interest rates. After the recent modification on maturities with different tenures, Kotak Mahindra Bank FD interest rates span from 2.50 percent to 5.25 percent. Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent and 3.25 percent respectively for FDs that mature in 7 to 30 days, 31 to 90 days and 91 to 179 days. Kotak Mahindra Bank provides 4.40 percent interest on term deposits maturing in 180 days to less than a year. The bank provides 4.50 percent on deposits maturing within one year to 389 days. The bank delivers 4.75 percent for FDs maturing in 391 days to less than 2 years. Kotak Mahindra Bank is currently giving a 5 percent interest rate for deposits maturing within 2 years to less than 3 years. The bank provides 5.10 percent for term deposits maturing in 3 years and above but less than 4 years. Kotak Mahindra Bank provides an interest rate of 5.25 percent on deposits maturing in 4 years or more but less than 5 years. The bank provides 5.25 percent on FDs maturing in 5 years and above up to 10 years. From 4 February 2021 onwards these rates are in force.
Senior citizens persist to get interest rates higher than the general public by 50 basis points. On FDs maturing within 7 days to 10 years, the bank provides interest rates from 3 percent to 5.75 percent to senior citizens respectively.
For investment related articles, business news and mutual fund advise
Kotak Mahindra Bank has updated fixed deposit interest rates. After the recent modification on maturities with different tenures, Kotak Mahindra Bank FD interest rates span from 2.50 percent to 5.25 percent. Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent and 3.25 percent respectively for FDs that mature in 7 to 30 days, 31 to 90 days and 91 to 179 days. Kotak Mahindra Bank provides 4.40 percent interest on term deposits maturing in 180 days to less than a year. The bank provides 4.50 percent on deposits maturing within one year to 389 days. The bank delivers 4.75 percent for FDs maturing in 391 days to less than 2 years. Kotak Mahindra Bank is currently giving a 5 percent interest rate for deposits maturing within 2 years to less than 3 years. The bank provides 5.10 percent for term deposits maturing in 3 years and above but less than 4 years. Kotak Mahindra Bank provides an interest rate of 5.25 percent on deposits maturing in 4 years or more but less than 5 years. The bank provides 5.25 percent on FDs maturing in 5 years and above up to 10 years. From 4 February 2021 onwards these rates are in force.
Senior citizens persist to get interest rates higher than the general public by 50 basis points. On FDs maturing within 7 days to 10 years, the bank provides interest rates from 3 percent to 5.75 percent to senior citizens respectively.
For investment related articles, business news and mutual fund advise
Mastercard Inc said on Wednesday it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support.
The credit-card giant’s announcement comes days after Elon Musk‘s Tesla Inc revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment.
Asset manager BlackRock Inc and payments companies Square and PayPal have also recently backed cryptocurrencies.
Mastercard already offers customers cards that allow people to transact using their cryptocurrencies, although without going through its network.
“Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets,” Mastercard said.
Mastercard specified that not all cryptocurrencies will be supported on its network, adding that many of the hundreds of digital assets in circulation still need to tighten their compliance measures.
Many cryptocurrencies have struggled to win the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.
India launched a revamped Gold Monetisation Scheme that seeks to unlock an estimated 22,000 tonnes of idle gold lying at Indian households by reducing minimum deposit to 10 grams, involving jewellers, and making all state-run banks participate in it.
At least one third of the public sector bank branches in all towns will have to provide the revamped gold deposit scheme on demand with special designated officers, and the minimum deposit under the scheme has now been reduced to 10 grams from earlier 30 grams, finance ministry said in a notification.
The government will also request the private sector banks to participate in the revamped Gold Monetisation Scheme (GMS) that will incentivise participating jewellers.
According to the revamped GMS, in the first stage, issue of medium-term gold deposit (MTGD) and long-term gold deposit (LTGD) certificates by banks will be moved to a secure digital platform, to be developed by State Bank of India. Thereafter, a regulated securities depository will be designated by SBI to hold the certificates in a digital demat format.
GMS security will be tradable in market.
Jewellers will be encouraged to set up BIS-approved collection and purity testing centres (CPTCs) under the scheme. Participating banks and refineries will take steps to enter into agreement with sufficient number of CPTCs so that GMS can be offered in significantly larger number of branches.
Banks have also been permitted to buy Indian-refined gold from market and gold exchange under the scheme.
All these changes are expected to revive GMS that has remained a non-starter since its introduction in November 2015.
Mobilising most of the idle gold from Indian households will help the country reduce dependence on import of gold and address the issue of current account deficit.
“The revamped gold monetisation scheme will bring pathbreaking changes in the bullion and jewellery sector with the introduction of GMS security, repayment of GML in terms of Indian refined gold, allowing banks to buy Indian gold through exchanges, ease of GML loan, and reduction of minimum deposit to 10 grams from existing 30 grams,” said Surendra Mehta, national secretary, India Bullion & Jewellers Association.
He said including jewellers in GMS is a major move as Indian households trust their family jewellers and therefore mobilisation of idle gold lying in the lockers will become comparatively easier. “The involvement of jewellers to run GMS scheme shall make the entire scheme consumer-friendly and will benefit jewellers in big way,” Mehta said.
While we saw minor correction on the benchmark indices on Wednesday due to smart recovery from day’s low, it was the broader markets both small and mid-cap that ended with decent gains. Nifty Mid-cap 100 on February 10, 2021 ended with gains of 0.79 percent, while Nifty small cap 100 also saw similar gains of 0.74 percent.
30 Mid And Small Cap Stocks You Can Bet On At Current Levels
The current trend on the indices is believed to be “a healthy pause after the budget up move and it’s more of a time-wise consolidation so far. We suggest keeping a close watch on the banking index for cues on the further directional move in Nifty,” in the views of Ajit Mishra, VP – Research, Religare Broking Ltd.
“Buying on dips” should be continued with as experts hold a bullish bias
And now as the outlook is bullish for the stocks and experts advise continuing with ‘buying on dips’ approach here are suggested some mid and small cap stocks which you can buy at current levels for building a good fortune :
Going by the past week, when there was monumental over 9% surge on the benchmark indices with gains of as much as 1300 pts and 4446 points on the Nifty and Sensex, respectively, broader markets didn’t replicated the gains of similar extent showed the data by Ace Equity. According to it, Nifty Midcap during the week under review i.e. for the week ended February 5, 2021 posted gains of over 7% while Nifty Small cap rallied over 6 percent.
Stock-specific approach can be adopted as major events behind us
Now as the budget fuelled rally seems to have hit a pause or there is seen some consolidation in the markets, investors are going by stock-specific approach for reaping maximum gains. And for this technical indicators such as RSI or Relative Strength Index comes in handy which details stocks as per their overbought and oversold condition. And now as there is a strong upward trajectory seen in the markets, RSI can also be used for picking up scrips that have managed to conquer selling pressure despite the overbought scenario.
And this scenario presents a good entry point in a new bullish zone, which if sustained, may help establish bullish sentiment from a medium term outlook and may see an upward lift of as much as 25 percent in the near future.
Amid this, with volumes depicting strong momentum, a good number of small caps are seen to enter the aggressive overbought situation in comparison to mid-caps. And with stock prices reflecting strength they may quickly resist any weakness and may show strength despite the strong selling pressure.
30 Mid and Small Caps show strong bullish signals that you can bet at current levels:
20 Stocks From Nifty Small Cap 100
Aegis Logistics
Affle (India) Ltd
Bajaj Electricals
Birla Corporation
CEAT
Century Plyboards
Dilip Buildcon
Dixon Technologies
Equitas Holdings
Graphite India
HEG
Heidelberg Cement India
Indian Energy Exchange Limited
Indiamart Intermesh
Indian Bank
Kajaria Ceramics
Kalpataru Power Transmission
Karur Vysya Bank
KEC International
Persistent Systems
10 Stocks From Nifty Mid-cap 100
Adani Enterprises
Apollo Tyres
AU Small Finance Bank
Canara Bank
Emami
Gujarat Gas
IRCTC
TVS Motor
Voltas
GoodReturns.in
For investment related articles, business news and mutual fund advise
The interest income (NII) fell 9% on a y-o-y as well as sequential basis to Rs 3,739 crore.
Bank of India registered a fivefold increase in net profit to Rs 541 crore during the December quarter (Q3FY21) compared to the corresponding quarter last year. Provisions declined 51% year on year (YoY) and 14% quarter on quarter (QoQ) to Rs 1,980 crore. Its operating profit declined 31% YoY and 8% QoQ to Rs 2,836 crore. The interest income (NII) fell 9% on a y-o-y as well as sequential basis to Rs 3,739 crore.
Explaining the reason behind lower provisions, BoI MD and CEO Atanu Kumar Das said provisioning was high during the December quarter last year (Q3FY20) as the lender had provided for Dewan Housing Finance Corporation (DHFL) during that period. This year, too, we have made a lot of proactive and preemptive provisions from Q1FY21 itself, he added. The provision coverage ratio (PCR), which was 77.15% in Q3FY20 and touched 87.91% in Q2FY21, has moved up further to 89.32% in Q3FY21.
“We feel as the economy revives post March in a much significant manner, we will be able to see our credit growth at faster pace around 10-12%,” he added. The lender has been able to register impressive credit growth during the quarter under review. Advances grew 9.6% YoY and 1.8% QoQ to Rs 4.14 lakh crore. Deposits grew 17% YoY to Rs 6.1 lakh crore, but remained flat sequentially. Current account savings account (CASA) ratio remained at 40.61%, compared to 39.49% in the September quarter. Credit cost remained at 0.68%, compared to 2.33% in Q2FY21.
The lender’s net interest margins (NIMs) contracted by 8 basis points (bps) sequentially and 49 bps YoY to 2.58%. “By March end this year, we aim at NIM of 2.75% on the back of volume- led growth.” Das said.
The lender’s asset quality showed an improvement during the December quarter. Gross non-performing assets (NPAs) ratio improved 54 bps to 13.25%, compared to 13.79% in the previous quarter. Similarly, net NPAs ratio came down 86 bps to 3.27% from 4.13% in the September quarter. The lender has not classified any NPAs since August 31, 2020, due to the interim order of the Supreme Court. “On a pro forma basis, gross NPAs stood at 14.59% and net NPAs at 3.73%,” Das said. About the asset quality in the coming quarters, he said that gross NPAs can maximum go up to 14.25%.
The capital adequacy ratio stood at 12.51% at the end of the December quarter, compared to 12.8% in the previous quarter.
The bank is gearing up to adopt the co-lending model for home loans, which will help boost its footprint in the unorganised sector.
The State Bank of India (SBI) has crossed the Rs 5-lakh crore mark in the home loan business and expects to double the size of its portfolio over the next five years, chairman Dinesh Khara said on Wednesday. The bank is gearing up to adopt the co-lending model for home loans, which will help boost its footprint in the unorganised sector.
Khara said while the book had grown to the current level from less than Rs 1 lakh crore in 2011, the pace of growth from here on would be much faster. One of the reasons being the definite change in the country’s demographic, with the younger generation looking to acquire homes at a much younger age, as compared to what it was 10 years ago.
“We have observed that 42% of our home loan customers are from the age bracket of below 40 years. I feel that going forward, we will see a much greater shift in this direction and the increase in earnings of the younger generation, their aspirations and the concept of nuclear family are going to be the contributing reasons for people to apply for homes at an early age,” Khara said, adding, “If I may hazard a guess, I would say that maybe in five years (the portfolio will double), not 10 years.”
SBI is extending builder loans and also approving their projects in anticipation that offtake will improve. When it comes to builder-approved loans, its turnaround time is about five days. Khara said the bank has a market share of about 35% among all scheduled commercial banks and going forward, home loans will be a major focus area for the lender within the retail segment. SBI is also looking to implement artificial intelligence (AI), cloud, blockchain and machine learning, which can play a pivotal role in propelling not only the home loan business, but also other businesses.
He sought to allay concerns about the quality of retail loans at a time when job and income losses have plagued a fairly large segment of the population. The home loan portfolio’s gross non-performing asset (NPA) ratio is at 0.67-0.68%. Of 39 lakh-odd borrowers who were eligible to be considered under the Reserve Bank of India’s (RBI) restructuring plan, only about 10,000 customers have actually availed the restructuring option, which aggregates to about Rs 2,500 crore. “So if we look at a book size of Rs 5 lakh crore, out of that only Rs 2,500 crore has been put through restructuring. These two parameters give a very clear reflection about the quality of the book which we have,” Khara said. He pointed out that 72% of SBI’s customers are in the salaried bracket and are in a position to honour their commitments pretty well.
Of the Rs 5-lakh crore portfolio, home loans account for Rs 4.86 lakh crore and builder finance is about Rs 11,000 crore. About 2 lakh customers have been extended loan facilities in the affordable segment.
The bank has been seeing a trend of balance transfers of home loans, even as pool purchases have nearly halted. “Metro locations are normally very sensitive to interest rates and we have been successful in having about 23% of Rs 5 lakh crore on account of takeover. For more than a year now, we have not been making pool purchases. Whatever pools we had purchased, that is also coming down. So it’s about Rs 4,000 crore,” Khara said.
On FDs spanning from 7 days to 10 years, Jana Small Finance Bank proposes an interest rate of between 2.5% and 7.50 per cent. The bank offers senior citizens an additional interest of 0.50 per cent. Currently, this bank is giving an interest rate of 4 per cent to 8 per cent to senior citizens respectively. The highest interest rate is offered by Jana Small Finance Bank on deposits maturing in two to three years. For these deposits, the bank provides the general public and senior citizens with an interest rate of 7.25 per cent and 7.75% per cent respectively. The below given FD interest rates of the bank are valid from Dec 22, 2020 and is valid for a deposit amount of Rs 2 Cr.
Tenure
ROI
7-14 days
2.50%
15-60 days
3.00%
61-90 days
3.75%
91-180 days
4.50%
181-364 days
6.00%
1 Year (365 Days)
6.75%
> 1 Year – 2 Years
7.00%
>2 Years-3 Years
7.00%
> 3 Year- < 5 Years
7.25%
5 Years
7.00%
> 5 Years – 10 Years
6.50%
Above 5 Years – 10 Years
6.50%
Utkarsh Small Finance Bank
On FDs maturing in 7 days to 10 years, Utkarsh Small Finance Bank offers interest rates ranging from 3% to 7% to the general public and 3.50 per cent to 7.50 per cent to senior citizens. The highest interest rate on deposits with a maturity term of 700 days is offered by the bank. For these deposits, the bank pays a 7.0 per cent interest rate. For these deposits, senior citizens get an additional 50 basis points. The below-listed interest rates on FDs of Utkarsh Small Finance Bank are valid from Oct-19.
Tenure
ROI
7 days to 45 days
3.00%
46 days to 90 days
3.25%
91 days to 180 days
4.00%
181 days to 364 days
6.00%
365 days to 699 days
6.75%
700 days
7.00%
701 days to 3652 days
6.75%
Suryoday Small Finance Bank
For the general public, the Suryoday Bank FD rate varies from 4 per cent to 7.50 per cent. On deposits maturing in 5 years, the bank offers the best interest rate i.e. 7.5 per cent. The current FD interest rates of Suryoday Bank are effective from September-19.
Tenders by e-tendering process are invited from Vendors at its Bhubaneswar Office for the “Tender for Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flat (VOF), and Only Maintenance and Housekeeping contract at Transit Holiday Home (THH) and Medical Flats situated at Bhubaneswar”. The tender will be applicable for initial period of one year w.e.f. April 01, 2021 to March 31, 2022. However, the contract can be extended for further period of two years (one year at a time) subject to satisfactory performance of the successful bidder and adherence to contractual obligations by the service provider.
1.(a)
Interested tenderers may like to go through the entire tender document before taking part in the tendering process. The tenderers may obtain for themselves on their own responsibility and at their own expenses all the information which may be necessary for the purpose of making tender and for entering into a contract and acquaint themselves with all local conditions, means of access to the work, nature of the work and all matters pertaining thereto.
2.
All pre-Qualification documents shall be uploaded with Techno-commercial bid (Part-I) on MSTC portal. Those who do not upload the Pre-qualification documents would not be considered for this tender process. Further, the Vendor should submit the original of the documents to the Bank when demanded to qualify for further tendering process.
2.(a)
Registration Certificate – Shram Suvidha portal
The tenderers are required to upload the copies of EPF/ESIC registration Certificates issued on Shram Suvidha Portal.
2.(b)
Proof of submission of EPF/ESIC
The tenderers are required to upload at least 2 months of ECR and Combined Challan for EPF and Challan for ESIC to the Bank along with their tender.
3.
Interested tenderers have to upload applicable documents satisfying all the points as stated above along with techno-commercial (Part-I) bid of tender. The same Eligibility documents should be uploaded with Techno Commercial Bid (Part-I) on the MSTC portal.
4.
Tenders form will be available for downloading w.e.f February 10, 2021 from 06:00 PM. A pre-bid meeting will be held on March 04, 2021 at 11:00 AM. in the Human Resource Management Department, RBI Bhubaneswar. Tender form can be downloaded for viewing from RBI websitewww.rbi.org.inorwww.mstcecommerce.com/eprochome/rbi. The applicable pre-Qualification papers should be uploaded with Techno Commercial Bid (Part-I) on the MSTC portal.
5.
Interested Vendors/firms can participate in e–Tender after getting registration with www.Mstcecommerce.com/eprocurement/rbi). Online Part I – Techno-Commercial Bid and Part II – Price Bid shall be opened through www.mstcecommerce.com/eprocurement/rbi and applicable transaction charges have to be paid by the firm.
6.
Tender in prescribed format shall be uploaded on MSTC website. Part-I of tender will contain the Bank’s standard technical and commercial conditions for the proposed work and tenderers’ covering letter.
The EMD of Rs.62,600/- (Rupees Sixty Two Thousand Six Hundred only) should be submitted by every bidder through NEFT transfer to A/C No-186004001, Reserve Bank of India, IFSC Code-RBIS0BBPA01, Branch Name – Bhubaneswar
Date of NIT (along with complete tender) available to parties to download- Tender activation on portal-Tender ‘Live’ for all
February 10, 2021 at 06:00 PM onwards
v.
Date and time for start of Off-line Pre-bid meeting
March 04, 2021 at 11:00 AM.
vi.
Security-Deposit/Bank Guarantee
Only the successful bidder will be required to provide Security Deposit of 5% of the contract value and the same shall be deposited till the duration of the Contract. Failure to submit Security Deposit or failure on the part of Vendor to perform its contractual obligations shall be treated as a violation and can lead to cancellation of the Contract and the EMD of Rs.62,600/- (Rupees Sixty Two Thousand Six Hundred only) submitted by it shall be forfeited
vii.
Earnest Money Deposit
Every Bidder has to remit Rs.62,600/- (Rupees Sixty Two Thousand Six Hundred only) as EMD to Reserve Bank of India account up to 12:00 PM on March 15, 2021. The account details for NEFT transactions are as under: Beneficiary name: – Reserve Bank of India IFSC code: RBIS0BBPA01 Account No.: 186004001 Proof of remittance indicating transaction number and other details shall be uploaded on Bank’s approved e-tender portal along with other tender documents. EMD of the successful bidder shall be returned on receipt of Security-Deposit from the successful bidder after signing the Agreement. EMD of the unsuccessful bidder will be returned within 30 days of the award of the Contract. EMD shall be forfeited if the bidder withdraws his bid during the Tender Evaluation Process.
viii.
Tender Fees
Nil
ix.
Transaction Fee Please note that the Vendors will have the access to online e-tender only after payment of transaction fees online.
Payment of Transaction fee through MSTC Gateway/NEFT/RTGS in favor of MSTC Limited, as advised by M/s MSTC Ltd.
x.
Start Bid date – Date of Starting of e-Tender for submission of online Techno-Commercial Bid and Price Bid at www.mstcecommerce.com/eprochome/rbi
March 05, 2021 at 12:00 pm
xi.
Close Bid date – Date of closing of online e–tender for submission of Techno-Commercial Bid and Price Bid
March 15, 2021 at 12:00 pm
xii.
Part I Bid opening date
March 15, 2021 at 03:00 pm
xiii.
Part II Bid opening date
Shall be informed separately to parties
8.
The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part of any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.
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