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AU Small Finance Bank Revises Interest Rates On FD: Check Latest Rates Here

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Investment

oi-Vipul Das

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For both regular customers and elderly individuals, AU Small Finance Bank offers a variety of fixed deposit alternatives. Regular Fixed Deposits, 5-Year Tax Saving Fixed Deposits, and Sweep-In Facility are the deposits on which the bank is now offering guaranteed interest rates and 0.75 percent p.a. additional rate on fixed deposit placed by Senior Citizens. The bank updated its interest rates on fixed deposits, recurring deposits, and Senior Citizens Fixed Deposits today, commencing October 14, 2021. Check out the most recent FD rates of the bank below.

AU Small Finance Bank Regular Fixed Deposit Interest Rates

AU Small Finance Bank Regular Fixed Deposit Interest Rates

The latest applicable interest rates for domestic & NRE/NRO Retail Fixed Deposits of less than Rs 2 Cr are as follows.

Tenure Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 3.50% –
1 Month 16 Days to 3 Months 4.00% –
3 Months 1 Day to 6 Months 4.35% 4.42%
6 Months 1 Day to 12 Months 4.85% 4.94%
12 Months 1 Day to 15 Months 5.85% 5.98%
15 Months 1 Day to 18 Months 5.75% 5.88%
18 Months 1 Day to 24 Months 5.75% 5.88%
24 Months 1 Day to 36 Months 6.00% 6.14%
36 Months 1 Day to 45 Months 5.75% 5.88%
45 Months 1 Day to 60 Months 5.75% 5.88%
60 Months 1 Day to 120 Months 6.00% 6.14%
Source: Bank Website, W.e.f. 14th October 2021

AU Small Finance Bank Fixed Deposit Interest Rates For Senior Citizens

AU Small Finance Bank Fixed Deposit Interest Rates For Senior Citizens

AU Small Finance Bank is currently offering elderly people the following interest rates on fixed deposits of less than Rs 2 crore.

Tenure Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 4.00% –
1 Month 16 Days to 3 Months 4.50% –
3 Months 1 Day to 6 Months 4.85% 4.94%
6 Months 1 Day to 12 Months 5.35% 5.46%
12 Months 1 Day to 15 Months 6.35% 6.50%
15 Months 1 Day to 18 Months 6.25% 6.40%
18 Months 1 Day to 24 Months 6.25% 6.40%
24 Months 1 Day to less than 36 Months 6.50% 6.66%
36 Months 6.75% 6.92%
36 Months 1 Day to 45 Months 6.25% 6.40%
45 Months 1 Day to 60 Months 6.25% 6.40%
60 Months 1 Day to 120 Months 6.75% 6.92%
Source: Bank Website, W.e.f. 14th October, 2021

AU Small Recurring Deposits Interest Rates

AU Small Recurring Deposits Interest Rates

The relevant interest rates for Resident Individuals / NRO / NRE Recurring Deposits to both ordinary and elderly people are mentioned below.

Tenure ROI p.a. Senior Citizen ROI p.a.
3 Months 4.00% 4.50%
4 Months to 6 Months 4.35% 4.85%
7 Months to 12 Months 4.85% 5.35%
13 Months to 15 months 5.85% 6.35%
16 Months to 18 months 5.75% 6.25%
19 Months to 24 Months 5.75% 6.25%
25 Months to 35 Months 6.00% 6.50%
36 Months 6.00% 6.75%
37 Months to 45 Months 5.75% 6.25%
46 Months to 60 Months 5.75% 6.25%
61 Months to 120 Months 6.00% 6.75%
Source: Bank Website, W.e.f. 14th October 2021

Story first published: Thursday, October 14, 2021, 11:19 [IST]



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Rupee gains 12 paise to 75.25 against US dollar in early trade

Banking & Finance

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The Indian rupee appreciated 12 paise to 75.25 against the US dollar in opening trade on Thursday, buoyed by heavy buying in domestic equities and fresh foreign fund inflows.

Weakness of the American currency in the overseas market also helped the domestic unit, forex dealers said.

However, higher crude prices restrained the rupee to gain momentum, they added.

At the interbank foreign exchange, the domestic unit opened strong at 75.27 against the US dollar, then gained further ground to 75.25, registering a rise of 12 paise against the previous close.

In initial deals, the rupee was trading in a tight range of 75.25 and 75.27 with a positive bias against the greenback.

The domestic had settled at 75.37 against the US currency on Wednesday.

Domestic equities

On the domestic equity market front, the BSE Sensex was trading 327.18 points or 0.54 per cent higher at 61,064.23, while the broader NSE Nifty surged 114.05 points or 0.63 per cent to 18,275.80.

Foreign institutional investors emerged as net buyers in the capital market on Wednesday, as they purchased shares worth ₹937.31 crore, as per exchange data.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.03 per cent to 94.05.

Global oil benchmark Brent crude futures rose 0.70 per cent to $83.76 per barrel.

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Empanelment of Contractors under various categories for Civil, Electrical & Composite Works in its office & residential premises at Pune

Tenders

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College of Agriculture Banking Pune invites sealed applications for Empanelment of Contractors under various categories for Civil, Electrical & Composite works in its office & residential premises at Pune. All interested Contractors/Suppliers may download all the details from RBI website (https://www.rbi.org.in).

The Schedule of the tender is given below:

Name of Department Premises Section
Name of Work Empanelment of Contractors under various categories for Civil, Electrical & Composite Works in its office & residential premises at Pune
View Tender Date 14/10/2021
Start Date 14/10/2021
Last Date for submission of applications 5.00 PM of 08/11/2021

Principal

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Top 5 Banks Promising More Than 7% Returns On FDs For Senior Citizens

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North East Small Finance Bank

North East Small Finance Bank is guaranteeing a maximum interest rate of 7.50 percent to elderly persons on deposits maturing in 777 days for deposits less than Rs 2 Cr. The current interest rates on fixed deposits for senior citizens are provided below.

Tenure Senior Citizen Rate (Per Annum) In %
7-14 Days 3.5
15-29 Days 3.5
30-45 Days 3.5
46-90 Days 4
91-180 Days 4.5
181-365 Days 5.5
366 days to 729 days 7.25
730 days to less than 1095 7.25
777 days 7.5
1096 days to less than 1825 days 7
1826 days to less than 3650 days 6.75
Source: Bank Website, Effective from 19th April 2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

For deposits maturing in less than 3 years, Suryoday Small Finance Bank is promising the highest interest rate of 7.30% to senior citizens. The most recent interest rates on fixed deposits for senior citizens are as follows.

Period Senior Citizen Rate (Per Annum)
7 days to 14 days 3.25%
15 days to 45 days 3.25%
46 days to 90 days 4.25%
91 days to 6 months 4.75%
Above 6 months to 9 months 5.25%
Above 9 months to less than 1 Year 5.75%
1 Year to 1 Year 6 Months 6.75%
Above 1 Year 6 Months to 2 Years 6.75%
Above 2 Years to less than 3 Years 6.50%
3 Years 7.30%
Above 3 Years to less than 5 Years 6.50%
5 Years 7.00%
Above 5 years to 10 years 6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is guaranteeing elderly residents 7.25 percent returns on deposits maturing in 700 days. Here are the bank’s latest fixed deposit interest rates for deposits of less than Rs 2 Cr.

Tenure Senior Citizens
7 Days to 45 Days 3.50%
46 Days to 90 Days 3.75%
91 Days to 180 Days 4.50%
181 Days to 364 Days 6.25%
365 Days to 699 Days 6.75%
700 Days 7.25%
701 Days to 3652 Days 6.50%
Source: Bank Website, W.E.F. July 01, 2021

Jana Small Finance Bank

Jana Small Finance Bank

Jana Small Finance Bank promises a maximum interest rate of 7.25 percent to senior citizens on deposits maturing in 3 to less than 5 years for deposits of less than Rs 2 Cr. The latest interest rates on fixed deposits for senior citizens are as follows.

Period Senior Citizen FD Interest Rate (p.a.)
7-14 days 3.00%
15-60 days 3.50%
61-90 days 4.25%
91-180 days 5.00%
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- 7.25%
5 Years[1825 Days] 7.00%
> 5 Years – 10 Years 6.50%
Source: Bank Website, Effective Date 07/05/2021

Yes Bank

Yes Bank

Yes Bank is currently the only private sector bank offering a 7.25 percent interest rate on domestic deposits of elderly persons maturing in 5 years to less than 10 years. The bank’s fixed deposit interest rates were last updated on August 5, 2021, and are as follows.

Period Senior Citizen FD Interest Rate (p.a.)
7 to 14 days 3.75%
15 to 45 days 4.00%
46 to 90 days 4.50%
3 months to 5.00%
6 months to 5.50%
9 months to 5.75%
1 year 6.25%
18 Months to 6.50%
3 Years to 7.00%
5 Years to 7.25%
Source: Bank Website, w.e.f 5th August 2021



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2 Stocks To Buy From Sharekhan For Gains Up To 20%

Personal Finance

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Tata Motors: Solid push on electric vehicles

Sharekhan sees a nearly 20% upside on the stock of Tata Motors from the current market price of Rs 507. The firm has set a target price of Rs 610 on the stock.

Private Equity Investors, TPG and ADQ, are investing USD 1 billion (Rs 7,500 crores) in the EV subsidiary of TAMO for a stake of 11-15%, depending upon the revenue thresholds, which is not disclosed.

“The valuation of the Electric Vehicles business is thus pegged at USD 6.7-9.1 billion depending upon the stake. Tata Motors, through its Electric Vehicles subsidiary, plans to launch a total of 10 Electric Vehicles by FY20216 across price points with different body styles and driving ranges, including born-Electric Vehicles platforms in the future. Tata Motors has already launched three Electric Vehicles models,” the brokerage has said.

Buy Tata Motors stock for 20% upside

Buy Tata Motors stock for 20% upside

Sharekhan has increased its SOTP based target price to Rs 610 (Rs 430 earlier), driven largely by value unlocking of the EV subsidiary business.

“We believe Tata Motors is taking the right steps towards increasing its focus on the electric vehicles business in India. The funding from external investors would help the company to aggressively develop and launch electric vehicle models. Also, Tata Motors is likely to benefit from the re-rating of valuation multiples driven by improved ESG ratings and its focus on EV technology. Besides the EV business, we expect TAMO to benefit from all its business verticals – JLR, CVs and PVs, except in H1FY22 that would be marred by near-term challenges of supply constraints. H2FY21 saw strong volume growth and better operational efficiencies aided by aggressive product launches, market positioning, product differentiation, cost savings and investments in R&D,” the brokerage has said.

Wipro

Wipro

Sharekhan has a hold on the stock of Wipro with a price target of Rs 750 on the stock, as against a current market price of Rs 707.

“In Q2FY22, Wipro beat our estimates on all fronts, led by higher-than-expected contribution from the acquisitions (CAPCO and Ampion) and continued strong organic revenue growth. Wipro reported a constant currency (CC) revenue growth of 8.1% q-o-q and 17.8% y-o-y, well ahead of its top-end guidance of 5-7%. EBIT margin too stayed ahead of our expectations despite wage revision, impact from full quarter consolidation of Capco and Ampion, and investments in capability-building. Revenue growth guidance of 2-4% q-o-q for Q3FY2022 was on the expected lines. The management highlighted that the new business strategy, a simplified operating model and broad approach started showing results in terms of continued improvement in revenue growth trajectory and healthy deal wins,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Sharekhan. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 445,222.75 3.05 0.01-5.15
     I. Call Money 6,937.60 3.27 1.95-3.45
     II. Triparty Repo 332,992.80 3.05 3.02-3.60
     III. Market Repo 105,257.35 3.05 0.01-3.25
     IV. Repo in Corporate Bond 35.00 5.15 5.15-5.15
B. Term Segment      
     I. Notice Money** 1,066.94 3.14 2.40-3.40
     II. Term Money@@ 108.00 – 3.10-3.45
     III. Triparty Repo 2,833.40 3.08 3.08-3.10
     IV. Market Repo 25.00 3.00 3.00-3.00
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Wed, 13/10/2021 1 Thu, 14/10/2021 262,968.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Wed, 13/10/2021 1 Thu, 14/10/2021 540.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -262,428.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 08/10/2021 14 Fri, 22/10/2021 6,402.00 3.75
    (iv) Special Reverse Repoψ Fri, 08/10/2021 14 Fri, 22/10/2021 2,894.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 08/10/2021 14 Fri, 22/10/2021 400,002.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 12/10/2021 8 Wed, 20/10/2021 200,013.00 3.90
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -501,973.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -764,401.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 13/10/2021 609,446.75  
     (ii) Average daily cash reserve requirement for the fortnight ending 22/10/2021 630,289.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 13/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 24/09/2021 1,205,314.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/1042

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Four Indian banks rise in Asian rankings on stock market boom, BFSI News, ET BFSI

Banking & Finance

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Four Indian banks have featured among the 20 largest banks in the Asia-Pacific region in terms of market capitalisation in the third quarter of 2021, according to S&P Global Market Intelligence.

HDFC Bank was ranked seventh with a market cap of $119 billion, a quarter on quarter increase of 6.7 per cent while the next was ICICI Bank at 12th spot, with its market cap rising 11.2 per cent quarter on quarter to $65.5 billion.

The State Bank of India rose two spots to 17th on the list as its market cap rose 8.1 per cent to $54.5 billion. Kotak Mahindra Bank‘s market capitalisation rose 17.5%, the highest on the list.

S&P Global’s banking outlook

The global banking sector will continue to slowly stabilize as the economic rebound gains momentum and as support is gradually withdrawn. Should a re-intensification of risks occur, more support from authorities for the real economy would be required. This in turn would help banks maintain a stabilizing trajectory. Strategies and tactics to combat Covid vary enormously across banking jurisdictions. This includes the progress with vaccination campaigns that affects a range of factors, particularly trade and travel.

Corporate default rates will fall from their COVID-19 peak. However, problematic corporate lending and other exposure will likely continue to strain banks’ asset quality metrics, it said.

Some corporate sectors have experienced no credit deterioration, such as grocery and essential retail, and technology software, while other corporate sectors are recovering sooner than previously expected. Still other sectors, however, such as autos, hotels and airlines won’t likely recover until 2023 or beyond, S&P Global said.

With debt levels at or near record highs, some corporates and governments remain vulnerable to credit deterioration and defaults if income recovers more slowly than expected. This is especially if interest rates rise, S&P Global added.

Indian banks’ outlook

Banks are likely to post over 20 per cent jump in profit in the second quarter with analysts expecting a decent sequential improvement in almost all indicators from loan growth to gross bad loan ratios.

According to Bloomberg estimates, for the 19 lenders — five public sector and 14 private banks – profit would grow 21.7 per cent to Rs 32,075 crore in Q2 year on year.

Private banks are likely to report PPoP growth of 9% YoY (3.8% QoQ) and net profit growth of 14% YoY (17.3% QoQ). Earnings are likely to pick up, led by a recovery in business growth / fee income and a gradual reduction in credit costs.

“Loan growth would pick up, led by revival in economic activity and the opening up of the economy. Demand going into the festive season and commentary around the FY22 outlook would be key monitorables. Retail and SME segment is likely to show strong recovery; though growth in the Corporate segment is likely to remain soft and recovery within this segment would be another monitorable,” according to Motilal Oswal Securities.



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Banks, NBFCs, FinTechs hire as economic revival strengthens, BFSI News, ET BFSI

Banking & Finance

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Banks, NBFCs, FinTechs hire as economic revival strengthens
Banks and non-banking finance companies are stepping up on hiring plans in anticipation of growth in the economy and improve their digital footprint. Some banks intend to step up hiring by 30-35% over the last year.

HDFC Bank ramp-up

Private lender HDFC Bank, which aims to reach 200,000 villages in the next 24 months, has plans to hire more than 2,500 people in the next six months,

The bank aims to double its presence in the next 18-24 months through a combination of branch network , business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.

HDFC Bank will hire 500 relationship managers to expand the coverage of its Micro, Small and Medium Enterprises (MSME) vertical to 575 districts or more by the end of this fiscal. Out of these 500 recruits, half will be for the small and medium sub-vertical, which already has a headcount of 975. This hiring will take the private bank’s MSME vertical headcount to 2,500. India’s largest private sector lender has an employee strength of around 1.23 lakh as of June end.

NBFCs hiring

Shriram Group is hiring 5,000 across its many companies. ICICI Home Finance is looking to onboard 600 employees by December while Kotak Mahindra Bank, too, has resumed hiring closer to pre-Covid levels.

The Shriram Group is recruiting mainly in the south and north India, across tier 3-4 cities. Shriram City Union Finance is expanding its gold loan business,

while Shriram Housing Finance is expanding primarily in Andhra Pradesh and Telangana.

Credit Suisse has plans to hire over 1,000 staff in India this year for a technology innovation office. Deutsche Bank is hiring 1,000 people in India, including 300 graduates and 700 lateral hires.

FinTech hiring

From banking to FinTech, companies are looking to hire with the biggest demand for data analysts, who can handle data using technology and glean relevant information from it.

The FinTech firms are also beefing up marketing and sales teams and are looking beyond commerce and engineering backgrounds with a background in data analysis, artificial intelligence and exceptional soft skills. They are looking to pay higher salaries who have Big Data, advanced analytics and financial skills.



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Banks, NBFCs, FinTechs hire as economic revival strengthens, BFSI News, ET BFSI

Banking & Finance

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Banks and non-banking finance companies are stepping up on hiring plans in anticipation of growth in the economy and improve their digital footprint. Some banks intend to step up hiring by 30-35% over the last year.

HDFC Bank ramp-up

Private lender HDFC Bank, which aims to reach 200,000 villages in the next 24 months, has plans to hire more than 2,500 people in the next six months,

The bank aims to double its presence in the next 18-24 months through a combination of branch network , business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.

HDFC Bank will hire 500 relationship managers to expand the coverage of its Micro, Small and Medium Enterprises (MSME) vertical to 575 districts or more by the end of this fiscal. Out of these 500 recruits, half will be for the small and medium sub-vertical, which already has a headcount of 975. This hiring will take the private bank’s MSME vertical headcount to 2,500. India’s largest private sector lender has an employee strength of around 1.23 lakh as of June end.

NBFCs hiring

Shriram Group is hiring 5,000 across its many companies. ICICI Home Finance is looking to onboard 600 employees by December while Kotak Mahindra Bank, too, has resumed hiring closer to pre-Covid levels.

The Shriram Group is recruiting mainly in the south and north India, across tier 3-4 cities. Shriram City Union Finance is expanding its gold loan business,

while Shriram Housing Finance is expanding primarily in Andhra Pradesh and Telangana.

Credit Suisse has plans to hire over 1,000 staff in India this year for a technology innovation office. Deutsche Bank is hiring 1,000 people in India, including 300 graduates and 700 lateral hires.

FinTech hiring

From banking to FinTech, companies are looking to hire with the biggest demand for data analysts, who can handle data using technology and glean relevant information from it.

The FinTech firms are also beefing up marketing and sales teams and are looking beyond commerce and engineering backgrounds with a background in data analysis, artificial intelligence and exceptional soft skills. They are looking to pay higher salaries who have Big Data, advanced analytics and financial skills.



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Lenders get set for festive season; offer home, vehicle, gold loans at attractive rates, BFSI News, ET BFSI

Banking & Finance

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Lenders in the BFSI space are gearing up for the festive season, offering reduced interest rates on home and vehicle loans, and other discounts to customers.

Punjab National Bank, State Bank of India and Kotak Mahindra Bank are among the banks providing festive offers, while Mahindra Finance is among the non-bank lenders offering discounts on its loan products.

Also read: Ahead of festive season, banks slash interest rate on home loans. Get the details here

Here are the latest updates, so far, this week:

Mahindra Finance
Mahindra Finance on Wednesday launched festive offers on its vehicle loans for two months, providing offers and discounts to customers at competitive rates.

‘Shubh Utsav’ has been launched with immediate effect, and will continue till the end of November. It has special finance schemes, specifically for customers who plan to avail vehicle loans during these two months.

The offers can be availed across India. Below are the offers:
>SUV Loans (Mahindra brand) at interest rates starting 7.35%

>Up to 100% funding

>Loan tenure up to 7 years

>Buy now and pay after 60 days

>50% waiver on processing fees

>Pre-owned car loans at interest rates starting 12%

>Loan on tractor Implements at zero processing fee

>Quarterly and half yearly EMI for select customers for Car and Tractor loans

Punjab National Bank

PNB on Wednesday cut its gold loan rates by 145 basis points, and is now offering loans against sovereign gold bond at 7.20% and against gold jewellery at 7.30%.

The bank is also offering a full waiver of service charges and processing fee on the loans against gold jewellery and sovereign gold bond.

Earlier, the bank, as part of its festive offers, had announced a cut in home loan rate, which now starts from 6.60%, car loan rate, starting from 7.15%, and personal loan rate, from 8.95%.

ICICI Bank

ICICI Bank on Tuesday announced the launch of ‘Home Utsav’, a virtual property exhibition that digitally showcases real estate projects across cities. The exhibition will offer convenience to prospective home buyers as they can select their home by browsing through projects, approved by the bank, and avail benefits.

The offer is from October 7,2021, to December 31, 2021.

Attractive interest rate on home loans, special processing fees and digital sanction of loans and exclusive offers from developers are among the benefits that are being offered to the customers.

Furthermore, anyone, including those who are not customers of ICICI Bank, can avail of these benefits on buying a property through the exhibition, the bank said. Customers of ICICI Bank can further avail for the bank’s pre-approved home loan offers.



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