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SBI Platinum Deposits Vs HDFC Green Deposits: Interest Rates & Benefits Compared

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SBI Platinum Deposits

SBI Platinum Deposits was introduced last month to celebrate the 75th anniversary of India’s independence, and the term of this unique plan is capped between 15.08.2021 and 14.09.2021, which means the deal will expire tomorrow. Domestic Retail Term Deposits including NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products, NRE Deposits for a period of 525 Days and 2250 Days only are the eligible deposits under the scheme according to SBI.

Products such as Recurring Deposits, Tax Savings Deposits, Annuity Deposits, MACAD Deposits, Multi Option Deposits (MODs), Capital Gains Scheme, NRE, and NRO Deposits of Staff and Senior Citizens are not eligible under SBI Platinum Deposits. SBI Platinum Deposits can be made for a period of Platinum 75 Days, Platinum 525 Days or Platinum 2250 Days where the payment of interest will be made at monthly/ quarterly under term deposits and on maturity under Special Term Deposits of SBI.

As applicable for Term / Special Term Deposits of SBI, premature withdrawals are also allowed under SBI Platinum Deposits. The scheme is available across all the channels of SBI such as bank branch, Internet Banking and YONO.

SBI Platinum Deposit Interest Rates

SBI Platinum Deposit Interest Rates

Senior Citizens and SBI Pensioners will continue to receive the same benefits of the SBI WECARE Scheme under the SBI Platinum Deposits for a period of 5 years and above, with no extra benefit under the Platinum Deposits. Interest rates of SBI Platinum Deposits for both regular and senior citizens are as follows.

Tenor ROI For Public ROI for Senior Citizens
Existing Proposed Existing Proposed
Platinum 75 days 3.90% 3.95% 4.40% 4.45%
Platinum 525 days 5.00% 5.10% 5.50% 5.60%
Platinum 2250 days 5.40% 5.55% ROI applicable under SBI WECARE Scheme (6.20%)
Source: SBI

HDFC Green & Sustainable Deposits

HDFC Green & Sustainable Deposits

HDFC Ltd. launched Green & Sustainable Deposits last month, a scheme that promotes the United Nations’ Sustainable Development Goals (SDGs). “Green and Sustainable Deposits will help enhance HDFC’s participation in projects directly supporting United Nations’ SDGs and empower our depositors to opt for financial products that have a positive impact on the environment, and the society at large,” HDFC Ltd. has mentioned on its website. Any resident or non-resident Indian citizen can make deposits for a period of 36 to 120 months under this special scheme.

Regular customers would receive a 6.55 percent annual interest rate on deposits of less than Rs 2 crore, whereas elderly people over 60 years will receive an additional 0.25 percent annual interest rate on their deposits. Interest is compounded yearly under the scheme for the cumulative option.

Individual deposits up to Rs 50 lakh per calendar month made or renewed by a customer using the online platform of the company, as well as auto-renewed deposits, will fetch you an additional interest rate of 0.10 percent p.a.

As a matter of concern let me remind you that HDFC Ltd. has received AAA ratings from both CRISIL and ICRA for 27 consecutive years which simply indicates the security of your deposits apart from attractive interest rates.

HDFC Green Deposits Interest Rates

HDFC Green Deposits Interest Rates

With effect from 17th August 2021, interest rates on Green Deposits of HDFC Ltd. are in force which is as follows.

Period of Deposit Monthly Quarterly Half-yearly Annual Cumulative Interest Rate
33 Months 5.90% 5.95% 6.00% 6.10% 6.10%
66 Months 6.30% 6.35% 6.40% 6.50% 6.50%
99 Months 6.35% 6.40% 6.45% 6.55% 6.55%
Source: HDFC LTD.



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication. Such communications are also reported to carry threats of account freeze/ block/closure. Once customer shares information over call/message/unauthorised application, fraudsters get access to customer’s account and defraud him/her.

Members of public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. Further, such details should not be shared through unverified/unauthorised websites or applications. In case they receive any such requests, customers are requested to get in touch with their bank/branch.

It is also clarified that while the Regulated Entities (REs) are required to undertake periodic updation of KYC, the process of periodic updation of KYC has been simplified to a large extent vide circular dated May 10, 2021. Further, vide circular dated May 5, 2021, REs have been advised that in respect of customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021, for this reason alone, unless warranted under instructions of any regulator/ enforcement agency/court of law, etc.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/851

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Reserve Bank of India – Speeches

Speeches

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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JP Morgan opens new campus in Hyderabad, BFSI News, ET BFSI

Banking & Finance

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J.P. Morgan Monday launched of its new campus in Hyderabad, which is spread across 822,000 square feet at Salarpuria Sattva Knowledge City and will consolidate the bank’s global operations, it said in a release Monday.

Employees across technology, risk, operations and support services will work out the new centre.

“The new, integrated campus is a strong testament of our commitment to continue to meet our clients’ needs while ensuring a world-class work environment for our employees, as well as tap the incredible talent pool that the city offers,” said Daniel Wilkening, Chief Administrative Officer, Commercial Banking and Head of Global Services, JPMorgan Chase.

This is one of JPMorgan Chase’s key campuses globally and its largest in Asia Pacific.

The campus has been built to create a healthier and safer workplace. It includes wellness zones, dedicated relaxation and reflection zones, a crèche as well as a fully equipped medical center, the bank said

The centre has an innovation lab, a tech bar, training and conference center facilities, open work cafes on every work floor, and a library.

“Every decision made regarding its design and construction prioritizes the needs of our employees, as well as how the work-place environment will continue to evolve in the future,” said Deepak Mangla, CEO, Corporate Centers, India & Philippines, JPMorgan Chase.

In keeping with J.P. Morgan’s commitment to advance sustainability and maintain carbon neutrality across its operations, the campus has been awarded the Leadership in Energy and Environment Design (LEED – U.S. Green Building Council) fit-out gold standard and sets new benchmarks in sustainability.

Some key features include an energy-efficient building management system to better control and monitor energy use, charging points for electric vehicles and paperless and digitization initiatives.



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Sensex, Nifty end lower today; banks, financials fall, ICICI Bank, SBI Life among top laggards, BFSI News, ET BFSI

Personal Finance

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Domestic equity indices ended in the red on Monday, with BSE Sensex down 0.2% at 58,177 points and Nifty 50 down 0.08% at 17,355. Mid and smallcap stocks outperformed the market today, with BSE Midcap index closing 0.32% higher and the smallcap index ending with a gain of 0.80%.

Nifty Media, Nifty Metal and Nifty Realty were among the other indices rose today. The remaining sectoral indices fell, which includes Nifty Bank Index and Nifty Financial Services down 0.58% and 0.19%, respectively.

ICICI Bank, HDFC Bank and SBI Life Insurance were the top laggards among Sensex stocks. While Kotak Mahindra Bank, Bajaj Finserv, Chola Invest and Power Finance emerged were among the top gainers in the index.

Stock Talk

SBI Life Insurance Company:

Canada Pension Plan Investment Board has offloaded 2.3 crore equity shares in SBI Life at Rs 1,171.07 per equity share, while BNP Paribas Arbitrage bough 96,35,692 equity shares at Rs 1,171 per share on BSE, the bulk deals data showed.

Punjab National Bank:

The board has approved raising Rs 6,000 crore through issue of Basel III additional Tier-1 (AT-1) bonds or Tier II bonds or combination of both in one or more tranches.

Indiabulls Housing Finance:

The company has received approval from the Competition Commission of India to divest its mutual fund business and sell it to Groww for Rs 175 crore

Other key takeaways

SREI’s Rs 35,000-crore loan may be classified as NPA

Banks may classify Rs 35,000 crore loan given to SREI group as Non Performing Asset (NPA) by the end of this quarter after the National Company Law Tribunal (NCLT) set aside the previous order restraining banks from such classification.

According to analysts’ estimates, Indian Bank and Canara Bank have exposures of ₹2,000 crore and ₹1,200 crore, respectively, to Srei group, while ICICI Bank and Axis Bank have ₹800 crore each.

India’s inclusion in global bond index to attract $170-250 bln inflows

India could be included in the global bond index early 2022, which can attract $170-250 billion in bond inflows in the next decade, said Morgan Stanley in a recent note.

Investors have been staying away from the Indian bond market for the past few years, given the widening fiscal deficit, above-target inflation and gradual weakening currency. However, recent macroeconomic stability could change early next year, according to analysts at Morgan Stanley.

US Markets

Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation. Shares of Apple Inc tumbled following an unfavorable court ruling related to its app store.

The Dow Jones Industrial Average index fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% and closed at 4,458.58. The Nasdaq Composite dropped 0.87% to 15,115.49.

Gold prices subdued as firm dollar dims safe-haven appeal

Gold prices were subdued on Monday as the dollar held firm, while cautious investors awaited readings on U.S. consumer prices due this week that could be crucial to the Federal Reserve’s decision on when to exit its super-supportive policy. Spot gold was flat at $1,787.40 per ounce after having recorded a weekly decline of 2.1%.

Market Outlook for the week ahead

-Nifty has been in a narrow range for the last 5 days and any breakout above 17,450, with above average volumes, may take Nifty to 17,550 levels. According to experts, Traders are advised to book profits if Nifty gives a daily close below 17,250 level.

-The market is expected to turn stock specific, and the Nifty will undergo a healthy consolidation this week, making it prudent to stick to the buy on decline strategy to accumulate quality stocks.

-As Nifty is not expected to breach 16900 in its consolidation phase, dips towards psychological level of 17000 would offer incremental buying opportunity in this week

– Bank Nifty is expected to form a higher base above the upper band of the recent range breakout area (36200). Experts stick with a positive stance with Bank Nifty gradually heading towards 37700 levels in September. Any breather in the coming week would offer an incremental buying opportunity in quality banking stocks.



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 14, 2021, Tuesday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor
(day)		 Window Timing Date of Reversal
1 1,00,000 07 10:30 AM to 11:00 AM September 21, 2021
(Tuesday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/850

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Gold Rates In India Fell By A Tad, On September 13

Personal Finance

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Personal Finance

oi-Kuntala Sarkar

|

In line with the last week’s declining trend, at the starting of this trading week, gold prices in India dropped again marginally. Today, on September 13, the 22 carat gold rate is quoted at Rs. 46,010, whilst the 24 carat gold is quoted at Rs. 47,010 per 10 grams. In the international spot gold market the prices increased by only a 0.14% at $1790.30/oz, till 3.27 PM IST. The Comex gold rate dropped marginally by a 0.04% at $1791.3, and the MCX gold in October future in Mumbai was up by 0.12% as of 3.32 PM IST, today. However, the US dollar index, on the international spot market, was up by 0.13%, driving the gold rates down by a tad as gold is a dollar-dominated asset class. In India, Indian Bullion Jewellers Association (IBJA) determines the gold rates, depending on the current market trend.

Gold Rates In India Fell By A Tad, On September 13

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 46,010/- 47,010/-
Delhi 46,140/- 50,340/-
Bangalore 43,990/- 47,990/-
Hyderabad 43,990/- 47,990/-
Chennai 44,390/- 48,390/-
Kerala 43,990/- 47,990/-
Kolkata 46,550/- 49,250/-

The present gold market is quite a volatile one, the investors are not completely sure about where to take the shelter. Gold rates have been mostly down in the last week, and at the start of this trading week, although the US economic condition did not show robust growth. Mixed anticipation regarding the US Fed tapering is not allowing investors to be very sure about the future.

On the other hand, some economists are also skeptical about the yellow metal and asking buyers to focus more on equities and hard assets, when the markets of these are climbing high. Gold is now quoted below $1,800 in the global markets and the rates are not expected to reach 2020’s levels very soon. Hence, some investors are being doubtful.

Story first published: Monday, September 13, 2021, 16:37 [IST]



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Private Life Insurance Companies Reported Robust Growth In Premium

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Insurance

oi-Kuntala Sarkar

|

Private life insurance companies have reported a growth in individual Annualised Premium Equivalent (APE) over the last few months. The figures went up to 39% in August (y-o-y), 31% in July (y-o-y), and 16% in June (y-o-y) on a low base of 6% fall in August 2020 (y-o-y), and 7% fall both in July 2020 (y-o-y), and June 2020. Hence, the low base effect and month-on-month (m-o-m) improvement trend has aided this growth. On the other hand 2-years individual APE CAGR increased to 14% in August, this year from 10% in July 2021, and 4% in June 2021. However, the group APE fell by 1% in August, this year (y-o-y), for the private players.

Private Life Insurance Companies Reported Robust Growth In Premium

Here are the growth rates of some major players, operating in the segment. HDFC Life reported a 17% (y-o-y) growth in the overall APE was driven by a robust 27% (y-o-y) growth in the individual APE, although the group APE was down 32% (y-o-y). The 2-years individual APE CAGR at 20% was higher than the average of private peers at 14%. ICICI Prudential Life reported a 36% (y-o-y) growth in the overall APE, driven by a 34% (y-o-y) growth in the individual APE and 59% (y-o-y) growth in group APE. Max Life, however, reported a subdued growth than other private players; the company reported a 9% (y-o-y) growth in the individual APE. The company experienced a 10% growth in 2-year individual for August, and a 6% for July, which is lower than the average for private peers at 14% and 10% boom, respectively.

Unit-linked insurance plans (Ulips) – the insurance policies that offer ‘the potential of wealth creation while providing the security of a Life Cover’ got robust capital markets supporting revival. Additionally, growth in non-par savings and annuity segments are the key factors behind this growth in the premium of these private players.

On the other hand, LIC, the biggest public life insurer in India has recorded a 5% in August 2021 (y-o-y) in the overall individual APE segment, which was down by 4% in July (y-o-y) and up by 1% in June (y-o-y). In the case of the private players, the base was quite lower, but LIC has a higher base, recorded in the last year. According to reports, 2-years individual APE CAGR was down by 2%, while it was down by 14% for private peers. For LIC, 18% (y-o-y) growth in group APE led to a subdued 2% (y-o-y) growth in the overall APE. However, the growth in the life insurance premium segment is indicating that the economy is gaining a modest momentum, showing an increasing trend of income generation.

Story first published: Monday, September 13, 2021, 16:30 [IST]



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SBI Platinum Deposit Offer To End Tomorrow: Latest Rates & Benefits Here

Personal Finance

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SBI Platinum Deposits

The deposit period of the scheme comes in three types i.e. Platinum 75 Days Platinum 525 Days Platinum 2250 Days. Domestic Retail Term Deposits including NRE and NRO Term Deposits (

SBI Platinum Deposits Interest Rates

SBI Platinum Deposits Interest Rates

All other terms and conditions, including interest rates, remain unaffected for all other tenors of Domestic Retail Term Deposits (below Rs. 2 crores) and NRE and NRO Term Deposits. According to SBI, senior citizens and SBI pensioners would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional rate benefit under Platinum Deposits. Following interest rates of SBI Platinum Deposits are as follows for the regular public and senior citizens.

Tenor ROI For Public ROI for Senior Citizens
Existing Proposed Existing Proposed
Platinum 75 days 3.90% 3.95% 4.40% 4.45%
Platinum 525 days 5.00% 5.10% 5.50% 5.60%
Platinum 2250 days 5.40% 5.55% ROI applicable under SBI WECARE Scheme (6.20%)
Source: SBI

SBI Fixed Deposit Interest Rates For Regular & Senior Citizens

SBI Fixed Deposit Interest Rates For Regular & Senior Citizens

With effect from 08.01.2021, SBI fixed deposit interest rates are in force. For a deposit amount of less than Rs 2 Cr the most recent rates are as follows:

Tenors For Public (in % p.a.) For Senior Citizens (in % p.a.)
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.4 4.9
211 days to less than 1 year 4.4 4.9
1 year to less than 2 year 5 5.5
2 years to less than 3 years 5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10 years 5.4 6.2
Source: Bank Website



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Paytm Payments Bank launches India’s first FASTag-based metro parking facility

Banking & Finance

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Paytm Payments Bank Ltd (PPBL) has enabled the country’s first FASTag-based metro parking facility in partnership with Delhi Metro Rail Corporation (DMRC).

As an acquiring bank for the parking facility at the Kashmere Gate metro station, PPBL will facilitate the processing of all FASTag based transactions for cars having a valid FASTag sticker, thus eliminating the hassle of stopping and paying cash at the counter.

Additionally, Paytm Payments Bank has enabled a UPI-based payment solution for 2-wheelers entering the parking site, thus digitizing the entire parking payments at the site.

With the implementation of the PPBL powered FASTag system, car owners are no longer required to tender cash and parking fee is deducted directly from the wallet or account linked with the FASTag of the respective vehicles. Two-wheeler owners can also pay their parking fees digitally at the metro station via a simple UPI payment.

Also read: Paytm Money launches wealth and investment advisory marketplace on its platform

Mangu Singh, MD, DMRC, said in a statement, “This is another step towards digitalization in the DMRC’s endeavour to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour.”

PPBL will digitise parking facilities across the country with Kashmere Gate metro station being the first one to be powered by the bank’s digital payment solution.

The bank is closely working with various municipal corporations across several states to initiate FASTag-based parking facilities both at organised and unorganised sites. The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.

Also read: How supply chain control towers will transform Indian retailing

Satish Gupta, MD & CEO, Paytm Payments Bank Ltd said, “It has been our endeavour to expand the FASTag network in our country and empower our users with seamless & hassle-free travel. In this quest, we are excited to partner with the Delhi Metro Rail Corporation for enabling digital payment solutions at their parking facility. We will continue to work with other parking providers across the country to adopt a safe and contactless payment solution by implementing the FASTag system.”

Paytm Payments Bank is already India’s largest issuer of FASTags and acquirer of toll plazas for the National Electronic Toll Collection (NETC) program.

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