Month: June 2021

Senior Citizens Special FD Schemes Extended Till September 30, Details Inside

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SBI Wecare Deposit

On its official website, the largest commercial bank of our country State Bank of India (SBI) has stated that “A special ” SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 30th September, 2021.” SBI Wecare deposit scheme gives older folks an additional 30 basis points above the 50 basis points of additional FD interest rate. On a 5- to 10-year fixed deposit, the SBI We Care scheme offers a senior citizen an additional 80 basis points. Hence, they will receive 6.20 per cent interest on their fixed deposit under this special SBI FD scheme. These rates are in effect from 8 January 2021, according to SBI.

HDFC Bank Special FD Scheme

HDFC Bank Special FD Scheme

According to the official website of HDFC Bank “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’21. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.” Under the HDFC Senior Citizen Care Scheme, the bank gives a 75 basis point higher interest rate. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD would be 6.25 per cent which is in force from 21 May 2021.

Bank of Baroda Special Fixed Deposit Scheme

Bank of Baroda Special Fixed Deposit Scheme

Senior citizens can get a 100 basis point higher on their deposits at Bank of Baroda. Under the special fd scheme for senior citizens, one can get an interest rate of 6.25 per cent on his or her fixed deposit made for a period of 5 years and up to 10 years. These rates are in force from 16 November 2020.

Interest Rates of Special FD Schemes

Interest Rates of Special FD Schemes

Here are the most recent interest rates of special fd schemes which are applicable for a deposit amount of less than Rs 2 Cr.

Special FD Schemes ROI In % Effective till
ICICI Bank Golden Years Fixed Deposit 6.30% June 30, 2021
HDFC Bank Senior Citizen Care Fixed Deposit 6.25% September 30, 2021
Bank of Baroda Special Fixed Deposit Scheme 6.25% September 30, 2021
SBI Wecare Deposit 6.20% September 30, 2021
Source: Bank Websites



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4 Best Special FD Schemes For Senior Citizens To End On September 30, 2021

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SBI Special Fixed Deposit Scheme

SBI Wecare deposit scheme offers an additional 30 basis points of interest above the 50 basis points of additional FD interest rate provided to senior citizens. SBI We Care scheme gives a senior citizen an extra 80 basis points on a 5- to 10-year fixed deposit. Under this special SBI FD scheme, they will earn 6.20 per cent interest on their fixed deposit. Here are the most recent fixed deposit interest rates of SBI for senior citizens which are in force from 08.01.2021.

Tenure Senior Citizen FD Rates In %
7 days to 45 days 3.4
46 days to 179 days 4.4
180 days to 210 days 4.9
211 days to less than 1 year 4.9
1 year to less than 2 year 5.5
2 years to less than 3 years 5.6
3 years to less than 5 years 5.8
5 years and up to 10 years 6.2
Source SBI, (Below Rs. 2 crore)

HDFC Bank Senior Citizen FD Scheme

HDFC Bank Senior Citizen FD Scheme

A senior individual can earn 75 basis points more on an HDFC Bank Senior Citizen Care FD. Under this special FD scheme, a senior citizen would receive a 6.25 per cent return on his or her FD if it is maintained for more than 5 years and up to 10 years. The current HDFC bank fixed deposit interest rates for elderly persons, effective from May 21, 2021, are listed below.

Tenure Senior Citizen FD Rates
7 – 14 days 3.00%
15 – 29 days 3.00%
30 – 45 days 3.50%
46 – 60 days 3.50%
61 – 90 days 3.50%
91 days – 6 months 4.00%
6 months 1 day – 9 months 4.90%
9 months 1 day – 1 Year 4.90%
1 Year 5.40%
1 year 1 day – 2 years 5.40%
2 years 1 day – 3 years 5.65%
3 year 1 day- 5 years 5.80%
5 years 1 day – 10 years 6.25%
Source: HDFC Bank, (Below Rs. 2 crore)

ICICI Bank Special Fixed Deposit Scheme

ICICI Bank Special Fixed Deposit Scheme

The ICICI Bank Golden Years FD Scheme for elderly persons offers an additional 0.80% FD interest rate over standard FD rates, effective from October 21, 2020. Under the ICICI Bank Golden Years FD scheme, an elderly citizen would get a 6.30 per cent interest rate respectively.

Tenure Senior Citizen FD Rates
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 60 days 3.50%
61 days to 90 days 3.50%
91 days to 120 days 4.00%
121 days to 184 days 4.00%
185 days to 210 days 4.90%
211 days to 270 days 4.90%
271 days to 289 days 4.90%
290 days to less than 1 year 4.90%
1 year to 389 days 5.40%
390 days to 5.40%
18 months days to 2 years 5.50%
2 years 1 day to 3 years 5.65%
3 years 1 day to 5 years 5.85%
5 years 1 day to 10 years 6.30%
5 Years (80C FD) 5.85%
Source: ICICI Bank, (Below Rs. 2 crore)

Bank of Baroda Special FD Scheme

Bank of Baroda Special FD Scheme

Compared to the standard fixed deposit interest rates, Bank of Baroda is providing elderly people with a 1% higher return. Senior citizen special FD scheme of BoB will offer a 6.25 per cent annual interest rate applicable from November 16, 2020.

Tenure Senior Citizen FD Rates In %
7 days to 14 days 3.3
15 days to 45 days 3.3
46 days to 90 days 4,2
91 days to 180 days 4.2
181 days to 270 days 4.8
271 days & above and less than 1 year 4.9
1 year 5.4
Above 1 year to 400 days 5.5
Above 400 days and up to 2 Years 5.5
Above 2 Years and up to 3 Years 5.6
Above 3 Years and up to 5 Years 5.75
Above 5 Years and up to 10 Years 6.25
Source: BoB, (Below Rs. 2 crore)



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Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has, by an order dated June 28, 2021, imposed a monetary penalty of ₹62.50 lakh (Rupees sixty-two lakh and fifty thousand only) on The Ahmedabad Mercantile Co-operative Bank Ltd., Ahmedabad (the bank) for non-compliance with directions issued by RBI contained in Master Directions on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the directions issued by RBI. After considering the bank’s reply to the notice, oral submissions made in the personal hearings and additional submissions, RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/446

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RBI imposes monetary penalty on 4 co-operative banks

Banking & Finance

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The Reserve Bank of India (RBI) has imposed monetary penalty on Andhra Pradesh Mahesh Co-operative Urban Bank, (₹112.50 lakh); Ahmedabad Mercantile Co-operative Bank (₹62.50 lakh), SVC Co-operative Bank (₹37.50 lakh) and Saraswat Co-operative Bank (₹25 lakh).

RBI, in a statement, said it has imposed monetary penalty on Hyderbad-based Andhra Pradesh Mahesh Co-operative Urban Bank (Hyderabad) for non-compliance with its directions on ‘Interest Rate on Deposits’and ‘Know Your Customer’.

The central bank said it has imposed monetary penalty on The Ahmedabad Mercantile Co-operative Bank for non-compliance with its directions on ‘Interest Rate on Deposits.’

RBI said it has imposed monetary penalty on Mumbai-based SVC Co-operative Bank for non-compliance with its directions on ‘Interest Rate on Deposits’ and ‘Frauds Monitoring and Reporting Mechanism’.

In the case of Saraswat Co-operative Bank, the central bank said, it has imposed monetary penalty for non-compliance with its directions on ‘Interest Rate on Deposits’and ‘Maintenance of Deposit Accounts’.

In all the four aforementioned cases, RBI said: “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”

Saraswat Co-operative Bank, SVC Co-operative Bank , Andhra Pradesh Mahesh Co-operative Urban Bank, and Ahmedabad Mercantile Co-operative Bank are among the top 10 urban co-operative banks in the country.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has, by an order dated June 28, 2021, imposed a monetary penalty of ₹112.50 lakh (Rupees one crore twelve lakh and fifty thousand only) on Andhra Pradesh Mahesh Co-operative Urban Bank Ltd., Hyderabad (the bank) for non-compliance with directions issued by RBI contained in Master Directions on ‘Interest Rate on Deposits’ and ‘Know Your Customer’. This penalty has been imposed in exercise of powers vested in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the directions issued by RBI. After considering the bank’s reply to the notice, oral submissions made in the personal hearing and additional submissions, RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/445

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Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has, by an order dated June 28, 2021, imposed a monetary penalty of ₹25 lakh (Rupees twenty-five lakh only) on Saraswat Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI contained in Master Directions on ‘Interest Rate on Deposits’ and Master Circular on ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers vested in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the directions issued by RBI. After considering the bank’s reply to the notice, oral submissions made in the personal hearings and additional submissions, RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/443

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No more than 4 free withdrawals a month at SBI

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State Bank of India has decided to allow to its basic savings bank deposit (BSBD) account holders to withdraw cash beyond four free transactions a month for a fee, and offer free non-financial and transfer transactions, among others.

The aforementioned “additional value-added services” will be introduced for BSBD account holders with effect from July 1.

Currently, BSBD customers are allowed four free withdrawals, including ATM withdrawals, in a month free of charges. No further withdrawals are allowed beyond these four transactions.

With effect from July 1, India’s largest bank will allow withdrawals beyond the four free transactions by charging ₹15 plus GST per cash withdrawal transaction at branch channel/ATM or at other bank’s ATM.

Cheque book

The bank will offer first 10 cheque leaves free in a financial year to all BSBD customers.

Thereafter, a BSBD customer will be charged ₹40 + GST for a 10 leaf cheque book; ₹75 + GST for a 25 leaf cheque book; and ₹50 + GST for emergency cheque book for 10 leaves or part thereof.

However, senior citizen customers are exempted from the aforementioned conditions.

Currently, one cheque book of 25 leaves is issued free to senior citizens and differently abled persons per year. For other BSBD account holders, no cheque book is issued

As per the bank’s website, BSBD accounts are primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. There is minimum balance requirement. Also, there is no cap on the deposit amount.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has, by an order dated June 28, 2021, imposed a monetary penalty of ₹37.50 lakh (Rupees thirty-seven lakh and fifty thousand only) on SVC Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI contained in Master Directions on ‘Interest Rate on Deposits’ and Circular on ‘Frauds Monitoring and Reporting Mechanism’. This penalty has been imposed in exercise of powers vested in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the directions issued by RBI. After considering the bank’s reply to the notice, oral submissions made in the personal hearings and additional submissions, RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/444

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3 Stocks To Buy With Strong Support To Invest In 2021 From Brokerage Firm ICICI Securities

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PNC Infratech

PNC Infratech Ltd., founded in 1999, is a Mid Cap business in the Infrastructure sector with a market capitalization of Rs 6,298.04 crore.

PNC Infratech’s (PNC) performance was outstanding, with a better topline and margins than planned, thanks to operating leverage. The topline increased by 42 percent year over year to Rs 1644 crore, owing to an enhanced executable order book and optimal labour availability. Operating leverage drove the resultant margin to 14.1 percent. Despite higher taxation, PAT increased by 70% year over year to Rs 129.4 crore. This was due to improved operating performance, lower interest costs, and lower interest costs.

With a Stop target price of Rs 300/share, ICICI Securities’ BUY rating is unchanged. The company’s construction business is worth Rs 253/share (6.5x FY23E EV/EBITDA or 12x FY23 EPS), according to the brokerage.

Nirlon

Nirlon

Nirlon‘s results in FY21 was subdued. In FY21, revenues increased by 2.2 percent year on year to | 316.9 crore. It was Rs 77.1 crore in Q4FY21, down 6% year on year. Occupancy was down QoQ at 95.2 percent, compared to 97.5 percent in Q3, as one significant licensee moved out after their licence expired. EBITDA for FY21 increased by 2.7 percent year on year to | 237.2 crore. PAT increased 16.4% YoY to Rs127.4 crore in FY21, boosted by cheaper interest due to capitalization.

ICICI Securities advises buying at Rs.309 with a target price of Rs.400.

The stock maintains a BUY rating, with a NAV-based target price of Rs 400/share. We use a 9 percent cap rate and a 15% discount rate in our valuations to be careful. We believe the stock has a lot of value because the expected expansion isn’t accounted for in the CMP, as per the brokerage.

Bata India

Bata India

In Q4FY21, Bata India’s revenue recovery rate (adjusted) was 80 percent, up from 74 percent in Q3FY21. Lower revenues from formal and fashion footwear continued to have an impact on gross margins year over year, however, gross margins improved QoQ. In Q4FY21, revenue declined 5% year on year to | 589.9 crore.

Bata changed their product line from formals and fashion to casuals, fitness, and essentials to match the present market condition.

“We believe Bata’s strong brand loyalty and pan-India retail reach will allow for faster revenue recovery and improved profitability.

Over FY20-23E, we forecast a 100 basis point increase in margin to 28.2 percent and a 450 basis point increase in RoCE to 32.7 percent. With a revised target price of | 1925 (48x FY23E EPS, previously TP: | 1680), we upgrade the stock from HOLD to BUY,” the brokerage said.

3 Stocks With Strong Support For Short Term Investors To Park funds

3 Stocks With Strong Support For Short Term Investors To Park funds

Company Price Market Cap YTD
PNC Infratech Rs 250 6.41TCr 41.96%
Nirlon Rs 299.95 2.70TCr 8.13%
Bata india 1,614 20.74TCr 2.55%

Disclaimer

Disclaimer

Views mentioned herein are taken from the brokerage report of ICICI Securities. Neither the author, nor the brokerage nor Greynium Information Technologies would be responsible for losses incurred based on the article. Please consult a professional advisor. Investing in stock markets is risky.



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Investors’ interest in 2030 G-Sec wanes

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Bond market players seem to have lost interest in the so-called 10-year benchmark Government Security (G-Sec) as the central bank has accumulated a chunk of this paper, reducing its attractiveness for trading.

The number of trades in the 2030 G-Sec (carrying 5.85 per cent coupon rate) has shrunk drastically from 993 on May 28 to 31 on June 29.

The Reserve Bank of India (RBI) has been mopping up this paper via Special Open Market Operations (OMO) and G-Sec Acquisition Programme (G-SAP).

This is aimed at keeping G-Sec yields on a leash as the government has a huge borrowing programme of ₹12.10 lakh crore in FY22. RBI has been focussed on buying this paper to ensure a stable and orderly evolution of the yield curve.

New benchmark

Given that the central bank is holding almost three-fourth of the ₹1.20 lakh crore outstanding amount in the 5.85 per cent 2030 G-Sec and liquidity has dwindled in this paper, market experts say it’s time the government introduced a G-Sec maturing in 2031, which will become the new 10-year benchmark.

They emphasised that at the weekly auctions of the 5.85 per cent 2030 G-Sec over the last one month or so, RBI has either devolved it on primary dealers (PDs) or rejected all the bids as investors want to buy it at a lower price (or higher yield).

Referring to the tug-of-war between institutional investors and RBI, experts say investors want the yields to go up, but the central bank wants to suppress the yields to ensure that the government can borrow at a cheaper rate.

Marzban Irani, CIO-Fixed Income, LIC Mutual Fund, said: “They (Government) may float a new 10-year G-Sec after a week or two. Nobody has interest in the 5.85 per cent 2030 G-Sec.

“About three-fourth of this paper is with RBI and the rest is with nationalised banks. So, who will trade in it? There is no tradability in this paper.”

Madan Sabnavis, Chief Economist, CARE Ratings, observed that the market is still demanding more (in terms of yield) from the government given the large borrowing programme as well as the rising inflation trend.

Since the 5.85 per cent 2030 G-Sec was first introduced on December 1, 2020, its price has declined by ₹1.455 to Rs 98.67 on Tuesday, with its yield rising about 20 basis points to about 6.04 per cent. Bond price and yields are inversely related and move in opposite directions.

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