Category: Personal Finance

Top 5 Banks Promising Higher Interest Rates Than FD On Savings Accounts In 2021

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Investment

oi-Vipul Das

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A savings account is a type of short-term investment where you not only earn interest rates on your outstanding deposits but also are allowed to withdraw your funds anytime and anywhere you want which is not possible in fixed deposits as they have a lock-in period. Both savings accounts and fixed deposits are the secure investment bet as the interest rates are not influenced by market fluctuations but fixed deposits have a range of benefits such as additional interest rates to senior citizens, tax benefits, periodic interest payouts, cumulative options, and so on.

Apart from these benefits, there are now some banks that are offering higher interest rates than fixed deposits of leading public sector banks on savings accounts. As a smart investor, you should always be prepared for unforeseen financial emergencies, and as a consequence, you can easily withdraw funds from a savings account, but withdrawing funds from a fixed deposit may result in penalties. So by considering the liquidity aspect and interest rates, we’ve compiled a list of the top 5 small finance banks that provide better interest rates on savings accounts than fixed deposits and allow DICGC deposit safety up to Rs 5 lakhs.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Here are the latest interest rates on savings accounts of Utkarsh Small Finance Bank which are in force from 1 July 2021. The below-listed interest rates are calculated on daily closing balance and credited quarterly, according to the bank.

Balance In Rs Rate of Interest W.E.F. July 01,2021
Balance Upto Rs 1 Lakh 5.00% p.a.
Incremental balance Above Rs 1 Lakh upto Rs 25 Lakhs 6.00% p.a.
Incremental Balance Above Rs 25 Lakhs upto Rs 10 Crores 7.00% p.a.
Incremental Balance Above Rs 10 Crores 6.75% p.a.
Source: Bank Website

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank’s interest rates for domestic and non-resident saving accounts, effective March 6, 2021, are listed below.

Amount Interest Rate (p.a.)
Up to 1 lakh 4.00%
More than 1 Lakh to 25 Lakhs 7.00%
More than 25 lakhs to 10 Crores 6.00%
More than Rs 10 crores 6.75%
Source: Bank Website

AU Small Finance Bank

AU Small Finance Bank

The following are the applicable interest rates on Savings Bank Deposits of AU Small Finance Bank as of July 16, 2021.

Savings Account Incremental Amount slab Rate of Interest Applicable (per annum)
Balances less than INR 1 Lac 3.50%
Balances from INR 1 Lac to less than INR 10 Lacs 5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs 6.00%
Balances from INR 25 Lacs to less than INR 2 Crores 7.00%
Balances from INR 2 Crores to less than INR 10 Crores 6.00%
Source: Bank Website

Equitas Small Finance Bank

Equitas Small Finance Bank

Equitas Small Finance Bank’s savings account interest rate, effective from August 16, 2021, is listed below.

Daily Closing Balance Rate Slab
Up to Rs 1 lakh 3.50%
Above Rs 1 lakh and upto Rs 1 cr 7.00%
Above Rs 1 cr 6.00%
Source: Bank Website

Fincare Small Finance Bank

Fincare Small Finance Bank

Below are the most recent interest rates on savings accounts of Fincare Small Finance Bank which are in force from 01 July 2021.

Savings Account Slab (In Rs) Interest Rate in % p.a.
Up to and including Rs 1 lakh 4.50%
Above 1 lakh & including 5 lakh 6.00%
Above 5 lakh & including 1 Cr 7.00%
Above 1 Cr & including 2 Cr 6.00%
Above 2 Cr & including 5 Cr 5.75%
Above 5 Cr & including 15 Cr 4.50%
Above 15 Cr & including 20 Cr 4.00%
Above 20 Cr & including 30 Cr 3.25%
Above 30 Cr & including 50 Cr 3.00%
Above 50 Cr 3.00%
Source: Bank Website

Story first published: Wednesday, August 18, 2021, 15:05 [IST]



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RBI’s Gold Monetisation Scheme (GMS): Here is What Punjab National Bank (PNB) Offers

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oi-Kuntala Sarkar

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Gold jewelry and coins are one of the most popular gold investment options in India. Apart from the investment angle, many buy gold jewelry just because of ornamentation purposes. In most cases, this jewelry stays idle at homes or bank lockers. But the Gold Monetisation Scheme (GMS) announced by the RBI will offer interest from the same gold. Under this scheme, one has to deposit the gold in any RBI designated bank; the bank gives interest on the same item.

RBI's Gold Monetisation Scheme (GMS): What Punjab National Bank (PNB) Offers

Investors earlier had to face a large storage levy for their golds. Else, they had to keep their gold at home and get tensed about its safety. In the case of bank lockers too, the anxiety of safety stays. Although the Deposit Insurance and Credit Guarantee Corporation (DICGC) offers a cover upto Rs. 5 lakh for bank deposits, but there is no insurance for the items kept in the bank locker. However, the RBI’s GMS does that for the investors and gives interest to them.

PNB is offering GMS

Punjab National Bank, one of the leading national banks in India is offering the scheme and said in a tweet, “Make your gold work for you! Deposit your unused jewelry and other Gold assets in Gold Monetisation Scheme and EARN.” the scheme has Short Term Bank Deposit (STBD) of 1-3 years, Medium Term Government Deposit (MTGD) of 5-7 years, and Long Term Government Deposit (LTGD) of 12-15 years. The minimum deposit quantity is 10 grams but there is no maximum quantity. The deposit under Medium Term And Long Term is accepted by the bank on behalf of the union government.

Per Annum (PA) interest for 1 year is 0.50%, above 1 year up to 2 years is 0.60% and above 2 years up to 3 years is 0.75%. these were for Short Term Bank Deposit. For Medium Term Government Deposit the interest is 2.25% PA and for Long Term Government Deposit it is 2.50% PA. Interest is calculated on gold value in rupees, at the time of deposit.

For an STBD, premature withdrawal is permitted, but in case of premature withdrawal before completion of 1 year from the effective date of deposit, no interest will be paid. For an MTGD, it is allowed to withdraw any time after 3 years with a penalty on interest and for an LTGD, it is allowed to withdraw any time after 5 years with a penalty on interest.

What does the Gold Monetisation Scheme (GMS) aim?

The scheme aims to mobilize gold kept by the households and the institutions. This will facilitate its use for productive purposes and in the long run. It will also reduce India’s dependency on the import of gold keeping in mind that India is one of the largest gold importers, globally. The demand for gold jewelry is very high in the country, but in most cases, they are kept idle. GMS is leading the gold market in India in a new direction.

GMS can be called a gold Fixed Deposit (FD) because the scheme replicates the procedure of a bank FD. At the time of maturity of the term of GMS, the investor will get the gold or the value of the gold back in addition to the interests earned.



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2 Stocks To Buy For Gains Up To 40% As Recommended By Motilal Oswal

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Buy Repco Home Finance for profits of up to 40%

Current market price Rs 314
Target price Rs Rs 440
Gains % 40%

Motilal Oswal has suggested buying the stock of Repco Home Finance at the current market price of Rs 314 for an upside target of Rs 440.

The brokerage says that the management does not foresee any significant/higher provisioning requirement if there are no new COVID waves/lockdowns in the remainder of FY22. It expects credit costs to be contained at Rs 1 billion in FY22 (with first quarter credit cost already at Rs 783 million).

The management expects 7-8% loan growth in FY22. It looks to grow the loan book to Rs 240 billion (2 times of its current assets under management of Rs 120 billion) by FY26-end.

“We cut our FY22E net profit estimate by 10% to factor in higher credit costs. We estimate a loan growth CAGR of 8% over FY21-24E and model a RoA/RoE of 2.6%/14% over FY23-24E. We have a Buy rating on the stock of Repco Home Finance with a target price of Rs 440 (1 times FY23E price to book value),” the brokerage has said.

Kaveri Seeds

Kaveri Seeds

Current market price Rs 615
Target price Rs Rs 710
Gains % 16%

Motilal Oswal has set a price target of Rs 710 on the stock of Kaveri Seeds, implying a 16% upside from the current levels.

“Kaveri Seeds first quarter FY22 revenue fell 12% on account of de-growth in the Cotton and Maize, offset by growth in the Hybrid Rice and Vegetables segments. Cotton seed sales volumes were impacted by lower cotton acreage and the use of herbicide-tolerant Bt (HTBt) seeds, which further impacted branded seed sales. Also, the pandemic affected the supply chain, resulting in the lower absorption of cotton hybrids by dealers and distributors and the consequent unavailability for the farmer,” the brokerage has said.

According to it, the operating performance was further impacted by write-offs over government dues and the absence of operating leverage.

“Factoring in the 1QFY22 performance, we lower our earnings estimate for FY22 by 34% as 1Q contributes 70% to annual revenue. We lower our earnings estimate for FY23 by 11%, primarily due to a decrease in cotton seed sales volumes (7 million packets v/s 7.5 million earlier) as well as margin estimates for the segment.

“We value the stock at 13 times FY23E EPS to arrive at a target price of Rs 710. Maintain the stock of Kaveri Seeds,” says Motilal Oswal.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of Motilal Oswal Institutional Equities. Please do consult a professional advisor before buying into any of these stocks. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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Axis Bank Now Offers Returns Up To 6.50% On FD To Senior Citizens: Check New Rates Here

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oi-Vipul Das

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The leading private sector lender Axis Bank has recently revised interest rates on its fixed deposit schemes. The bank has modified interest rates on domestic fixed deposits, domestic fixed deposits plus, and NRI fixed deposits/FCNR deposits. With effect from August 14-2021, revised interest rates on these deposits are in force. After the most recent revision, the private sector bank is now offering an interest rate of 2.50% to 5.75% to the general public and 2.50% to 6.50% to senior citizens. Here is the list of the latest interest rates on fixed deposits of Axis Bank for different types of deposit amounts.

Axis Bank Regular Fixed Deposit For The General Public (Less Than Rs 5 Cr)

Axis Bank Regular Fixed Deposit For The General Public (Less Than Rs 5 Cr)

Sr No. Period Interest Rates In %
Deposits Below Rs 2 Cr Rs 2 Cr to Rs.4.91 Cr Rs.4.91 Cr to Rs 4.92 Cr Rs 4.92 Cr to Rs 5 Cr
1 7 days to 14 days 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 2.5 3
4 46 days to 60 days 3 3 2.5 3
5 61 days to less than 3 months 3 3.25 2.6 3.25
6 3 months to less than 4 months 3.5 3.5 2.6 3.5
7 4 months less than 5 months 3.5 3.5 2.6 3.5
8 5 months to less than 6 months 3.5 3.5 2.6 3.5
9 6 months to less than 7 months 4.4 3.7 2.75 3.7
10 7 months to less than 8 months 4.4 3.7 2.75 3.7
11 8 months to less than 9 months 4.4 3.7 2.75 3.7
12 9 months to less than 10 months 4.4 3.8 2.75 3.8
13 10 months to less than 11 months 4.4 3.8 2.75 3.8
14 11 months to less than 11 months 25 days 4.4 3.8 2.75 3.8
15 11 months 25 days to less than 1 year 4.4 3.8 2.75 3.8
16 1 year to less than 1 year 5 days 5.1 4.15 3 4.15
17 1 year 5 days to less than 1 year 11days 5.15 4.15 3 4.15
18 1 year 11days to less than 1 year 25days 5.1 4.15 3 4.15
19 1 year 25 days to less than 13 months 5.1 4.15 3 4.15
20 13 months to less than 14 months 5.1 4.15 3 4.15
21 14 months to less than 15 months 5.1 4.15 3 4.15
22 15 months to less than 16 months 5.1 4.15 3 4.15
23 16 months to less than 17 months 5.1 4.15 3 4.15
24 17 months to less than 18 months 5.1 4.15 3 4.15
25 18 months to less than 2 years 5.25 4.25 3 4.25
26 2 years to less than 30 months 5.5 4.45 3 4.45
27 30 months to less than 3 years 5.5 4.45 3 4.45
28 3 years to less than 5 years 5.4 4.45 3 4.45
29 5 years to 10 years 5.75 4.45 3 4.45
Source: Bank Website

Axis Bank Fixed Deposit Interest Rates For Senior Citizens

Axis Bank Fixed Deposit Interest Rates For Senior Citizens

Sr No. Period Interest Rates In %
Deposits Below Rs 2 Cr Rs 2 Cr to Rs.4.91 Cr Rs.4.91 Cr to Rs 4.92 Cr Rs 4.92 Cr to Rs 5 Cr
1 7 days to 14 days 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 2.5 3
4 46 days to 60 days 3 3 2.5 3
5 61 days to less than 3 months 3 3.25 2.6 3.25
6 3 months to less than 4 months 3.5 3.5 2.6 3.5
7 4 months less than 5 months 3.5 3.5 2.6 3.5
8 5 months to less than 6 months 3.5 3.5 2.6 3.5
9 6 months to less than 7 months 4.65 3.95 3 3.95
10 7 months to less than 8 months 4.65 3.95 3 3.95
11 8 months to less than 9 months 4.65 3.95 3 3.95
12 9 months to less than 10 months 4.65 4.05 3 4.05
13 10 months to less than 11 months 4.65 4.05 3 4.05
14 11 months to less than 11 months 25 days 4.65 4.05 3 4.05
15 11 months 25 days to less than 1 year 4.65 4.05 3 4.05
16 1 year to less than 1 year 5 days 5.75 4.8 3.65 4.8
17 1 year 5 days to less than 1 year 11days 5.8 4.8 3.65 4.8
18 1 year 11days to less than 1 year 25days 5.75 4.8 3.65 4.8
19 1 year 25 days to less than 13 months 5.75 4.8 3.65 4.8
20 13 months to less than 14 months 5.75 4.8 3.65 4.8
21 14 months to less than 15 months 5.75 4.8 3.65 4.8
22 15 months to less than 16 months 5.75 4.8 3.65 4.8
23 16 months to less than 17 months 5.75 4.8 3.65 4.8
24 17 months to less than 18 months 5.75 4.8 3.65 4.8
25 18 months to less than 2 years 5.9 4.9 3.65 4.9
26 2 years to less than 30 months 6.15 5.1 3.65 5.1
27 30 months to less than 3 years 6 4.95 3.5 4.95
28 3 years to less than 5 years 5.9 4.95 3.5 4.95
29 5 years to 10 years 6.5 5.2 3.75 5.2
Source: Bank Website

Axis Bank Fixed Deposit Plus Interest Rates (Premature Withdrawal Not Permitted)

Axis Bank Fixed Deposit Plus Interest Rates (Premature Withdrawal Not Permitted)

Sr No. Period Interest Rates In %
Deposits of Rs 5 Cr to 10 Cr Rs 10 Cr to Rs. 25 Cr Rs.25 Cr to Rs 50 Cr Rs 50 Cr to Rs 100 Cr Rs 100 Cr & Above
1 7 days to 14 days 2.5 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 3 3 3
4 46 days to 60 days 3 3 3 3 3
5 61 days to less than 3 months 3.25 3.25 3.25 3.25 3.25
6 3 months to less than 4 months 3.7 3.7 3.7 3.7 3.7
7 4 months less than 5 months 3.7 3.7 3.7 3.7 3.7
8 5 months to less than 6 months 3.7 3.7 3.7 3.7 3.7
9 6 months to less than 7 months 3.9 3.9 3.9 3.9 3.9
10 7 months to less than 8 months 3.9 3.9 3.9 3.9 3.9
11 8 months to less than 9 months 3.9 3.9 3.9 3.9 3.9
12 9 months to less than 10 months 4 4 4 4 4
13 10 months to less than 11 months 4 4 4 4 4
14 11 months to less than 11 months 25 days 4 4 4 4 4
15 11 months 25 days to less than 1 year 4 4 4 4 4
16 1 year to less than 1 year 5 days 4.35 4.35 4.35 4.35 4.35
17 1 year 5 days to less than 1 year 11days 4.35 4.35 4.35 4.35 4.35
18 1 year 11days to less than 1 year 25days 4.35 4.35 4.35 4.35 4.35
19 1 year 25 days to less than 13 months 4.35 4.35 4.35 4.35 4.35
20 13 months to less than 14 months 4.35 4.35 4.35 4.35 4.35
21 14 months to less than 15 months 4.35 4.35 4.35 4.35 4.35
22 15 months to less than 16 months 4.35 4.35 4.35 4.35 4.35
23 16 months to less than 17 months 4.35 4.35 4.35 4.35 4.35
24 17 months to less than 18 months 4.35 4.35 4.35 4.35 4.35
25 18 months to less than 2 years 4.35 4.35 4.35 4.35 4.35
26 2 years to less than 30 months 4.55 4.55 4.55 4.55 4.55
27 30 months to less than 3 years 4.55 4.55 4.55 4.55 4.55
28 3 years to less than 5 years 4.55 4.55 4.55 4.55 4.55
29 5 years to 10 years 4.55 4.55 4.55 4.55 4.55
Source: Bank Website



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Gold Prices Are Increasing in India Again: Should You Buy Now?

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oi-Kuntala Sarkar

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Gold prices in India are rallying once again. On 17th August, 22 carat gold prices stood at Rs. 46430 and 24 carat gold stood at Rs. 47430 per 10 grams. Major cities like Bangalore, Mumbai, Kolkata, and Delhi have followed the aforesaid trend and saw a price hike. However, on 16th August prices went down to Rs. 180 per 10 grams for both 22 and 24 carat gold in India.

Gold Prices Are Increasing in India Again: Should You Buy Now?

How did gold perform in the last week?

Gold prices in India from 6th August to 11th August were going through depression – as the US jobs data came out positively and investors assumed an interest rate hike by the US Fed. However, the market is at ease now as the prices are on the path to recovery. Since 12th August the prices have been going up.

From 12th August, 10 grams gold prices in the country have been rising each day at – Rs. 260 on 12th August, Rs. 320 on 13th August and Rs. 450 14th August unceasingly. Last Saturday, on 14th August in India the price of 22 carat gold per 10 gram was Rs. 46310 and 24 carat gold per gram was Rs. 47310.

Additionally, in the MCX FUTCOM, gold rates were last traded at Rs. 46930 per 10 grams on 13th August 11.29 PM. It was a 1.2% hike than the earlier day. The absolute price change was Rs. 567 per 10 grams. Since then, the prices have jumped 0.63% on MCX today (17th August, 3.47 PM IST). It saw a Rs. 296 absolute price hike since yesterday’s price drop. Hence, even if the prices fell significantly in the last week after US jobs data release, the rates are going upwards again. Certainly, this is going to be a prospectus field for the investors.

This is naturally reflected in the domestic gold rates in India – as Indian gold rates completely depend on the international gold rates. No up-scaling interest rate in the US helped the gold prices in the international market to rise. So Indian gold prices are seeing upward trend now. As there is no certain indication from the US Fed would hike interest rate hike, investors should buy gold now for better profits in near future.
However, if interest rates are hiked by the US Federal Reserve or the central bank resorts to tapering, we might see gold prices fall.



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Gold Prices Are Fluctuating: Should Investors Trust Gold Now?

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Personal Finance

oi-Kuntala Sarkar

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Gold is a very relevant portfolio asset, globally. But some investors seemed concerned about the price fall of gold this month, or the rate of price hike – they thought it not good. Dominic Schnider, Head of Commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office commented on gold, “If you have a tactical position, get out; if you have a strategic position, hedge it. In a world that looks better, why would you want to hold so much insurance asset, and that simply means the market needs to balance at the lower level.”

Gold Prices Are Fluctuating: Should Investors Trust Gold Now?

He additionally suggested storing platinum because of its better industry exposure. This certainly can be an outlook but the view should also be analyzed critically. Is gold losing its significance in the global market or the situation is completely different?

Price rally

To understand this, one must remember that gold prices in the international market change every day. Any sudden price drop for one day or even one week should not judge the precious metal’s potential. After going historical high last year, gold went down to Rs. 42980 for 10 gram 22 carat gold on 29th March 2021. This rate was significantly low for gold in India this year. Even then investors started to doubt the metal’s future values. However, it overcame. The prices have jumped 0.63% on MCX today (17th August, 3.47 PM IST). It saw Rs. 296 absolute price hike since yesterday’s price drop.

As it is reiterated, the metal’s value should always be considered in long term. People who had invested in gold during late March on MCX certainly got the fruit later. Now the prices are high again compared to that time.

Gold promises a better prospect

Just like that, even if the gold prices are not seeing record highs now, the metal will show its result after few months. Profit from gold is generally considered in a 3-4 years time period. Also for Sovereign Gold Bond (SGB), issued by the RBI, investors are unstuck with it for 8 long years. It is assumed that the prices will be very high within 8 years. So, even if the prices of gold do not offer a better prospect in a short span, no reason to doubt it. It will surely perform better in the long term – as inflation is going high, people must trust gold now as an investment. They should put money in gold when they can. Gold rates will increase as a hedge. It will only depend on how sustainable the economic recovery is going to be down the road.



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Pandemic lifts home loan demand, rise up to 14% despite restrictions, BFSI News, ET BFSI

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As the pandemic raged, people took to the safety of homes, literally.

Banks home loan portfolios jumped up to 14% in the first quarter despite a rise in Covid cases and restrictions due to the pandemic.

The home loan portfolio of the State Bank of India increased 11 per cent to Rs 5,05,473 crore in the first quarter of the current fiscal ended June 30, 2021, compared with ₹4,55,443 crore in the year-ago period. It forms constituting 23 per cent of the bank’s total domestic advances.

Home loans at Canara Bank increased 13.15 per cent during the first quarter to Rs 65,136 crore. In the previous year, the growth in the portfolio was only 10.6 per cent. Punjab National Bank saw a 6.1 per cent growth in home loans.

Rising ticket size

HDFC saw its average loan size jump from Rs 27 lakh to Rs 29.5 lakh during the Covid pandemic as borrowers sought larger homes with many companies shifting to work-from-home mode.

Even as the average property value purchased by borrowers during the pandemic rose, the affordability of loans for borrowers improved to a 25-year high.

The affordability is measured as the number of years of income required to buy a house.

The affordability improved to 3.2 years of income as against 3.3 years in FY20 and 2.5 years in FY19. This was largely because the annual income of borrowers rose from Rs 15 lakh to Rs 16 lakh even as property values remained at FY18 levels. The average age of the borrower also dipped from 39 years to 38 years.

Growing competition

ICICI Home Finance has launched an on-the-spot home loan for workers and self-employed who do not have income tax returns (ITR) to show their earnings.

Under the ”Big Freedom Month”, ICICI Home Finance aims to assist home loan seekers who do not have income tax returns proof to buy their dream home, it said in a statement.

Carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, and auto taxi drivers, among others, can avail of the spot home loan by submitting PAN card, Aadhaar card and bank account statement of the past six months.

Prospective homebuyers can visit the ICICI HFC branch to get free consultation from experts.

SBI is also focusing on home loans. It announced a 100 per cent waiver on processing fees till August 31. Before the offer, the processing fee was 0.40 per cent.



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SBI Platinum FD Vs SBI Regular FD Vs SBI WeCare FD: Latest Interest Rates Compared

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SBI Platinum Deposit Scheme

SBI has recently introduced a Platinum Deposits Scheme for retail investors to commemorate the 75th anniversary of the country’s independence. This scheme is valid from August 15, 2021 to September 14, 2021. Deposits can be made for platinum 75 days, platinum 525 days, or platinum 2250 days under this scheme. Domestic Retail Term Deposits, comprising NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products only, and NRE Deposits (for 525 and 2250 days only), according to SBI, are eligible deposits.

Senior Citizens and SBI Pensioners, according to SBI’s official website, would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional benefit under Platinum Deposits. Interest is paid at monthly/quarterly intervals, and premature withdrawal is allowed as applicable for Term / Special Term Deposits. This special fixed deposit can be opened through a branch, INB, or YONO channel.

SBI Platinum Deposit Interest Rates

SBI Platinum Deposit Interest Rates

Here is the interest rate chart of SBI Platinum Deposit Scheme, according to the official website of the lender.

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 Regular Deposit For The General Public

SBI Regular Deposit For The General Public

For a deposit amount of less than Rs 2 Cr, SBI is currently offering an interest rate ranging from 2.9% to 5.4% to general customers across 7 days to 10 years of maturity period. Here are the most recent interest rates of SBI for the general public which are in force from 8 January 2021.

Tenor Regular Interest Rates In %
7 days to 45 days 2.90
46 days to 179 days 3.90
180 days to 210 days 4.40
211 days to less than 1 year 4.40
1 year to less than 2 year 5.00
2 years to less than 3 years 5.10
3 years to less than 5 years 5.30
5 years and up to 10 years 5.40
Source: SBI

SBI Fixed Deposit For Senior Citizens

SBI Fixed Deposit For Senior Citizens

SBI also offers a “WECARE” deposit scheme for senior citizens with a maturity period of 5 years to 10 years. Under this special fixed deposit scheme, senior citizens will get an additional premium of 30 bps (over and above the existing premium of 50 bps). A senior citizen will get an interest rate of 6.20% if he or she opens this special fixed deposit scheme for a period of 5 years to 10 years. Here are the latest interest rates on fixed deposits for senior citizens provided by the bank.

Tenor Interest Rate for Senior Citizens In %
7 days to 45 days 3.40
46 days to 179 days 4.40
180 days to 210 days 4.90
211 days to less than 1 year 4.90
1 year to less than 2 year 5.50
2 years to less than 3 years 5.60
3 years to less than 5 years 5.80
5 years and up to 10 years 6.20
Source: SBI



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3 Stocks To Buy For Potential Gains Up To 52%, Says ICICI Securities

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3 Stocks To Buy For Potential Gains Up To 52%, Says ICICI Securities

Company Recommendation Target Price Upside Potential
Time Technoplast BUY Rs 100 25%
Sagar Cements BUY Rs 390 26%
Triveni Engineering BUY Rs 270 52%

Buy Time Technoplast with 25% potential gain

Buy Time Technoplast with 25% potential gain

ICICI Securities is bullish on the Time Technoplast for gains of 25% as it has set the target price of Rs 100. With 34 manufacturing locations in 11 countries, Time Technoplast is a prominent manufacturer of polymer-based packaging and composite products.

Revenue growth led by easing of lockdown restrictions

As per the brokerage, increased utilisation, incremental demand for composite goods, and better EBITDA margin are driving revenue and PAT CAGRs of 17 percent and 50 percent in FY21-23E, respectively. According to the company’s management, demand for type IV composite cylinders has surged, and revenue potential in this category might be as high as Rs 2,200 crore each year.

“Time Technoplast’s share price has grown by ~2.3x over the past year. We maintain our BUY rating on the stock Target Price & valuation: We roll over our valuation on FY23E and value Time Technoplast at Rs 100 i.e. 5x EV/EBITDA on FY23E EBITDA.

By FY25, the business intends to generate revenues of Rs 5000 crores. During the same period, the value-added product (20 percent of revenue) will witness a 16 percent CAGR”, the brokerage has said.

Buy Sagar Cements with potential upside of 26%

Buy Sagar Cements with potential upside of 26%

Sagar Cement‘s shares were divided on August 17, 2021 (ex-date) as a result of board and shareholder approvals issued on July 1, 2021, and July 28, 2021, respectively, for sub-division of shares.

“We expect revenue and EBITDA CAGR of 30.8% and 27.3%, respectively, in FY21-23E. At the current market price of Rs 311/share, the stock is still trading at attractive valuations of 6.4x FY23E EV/EBITDA leaving decent scope for further upside. Hence, our target price has also been revised upwards to Rs390/share (i.e. by raising multiple to 8.0x FY23E EV/EBITDA) vs. earlier target price of Rs 340/share. Accordingly, we continue to reiterate our BUY rating on the stock,” the brokerage said in its research report.

ICICI Securities recommend a ‘BUY’ with a target price of Rs. 390, implying an upside of over 26%.

Buy Triveni Engineering with a upside potential of 52%

Buy Triveni Engineering with a upside potential of 52%

ICICI Securities recommends a ‘Buy’ on the stock of the Triveni Engineering company with a potential upside of 52%.

The company reported significant earnings growth. EBITDA was Rs. 149.6 crore, down 3.9 percent year on year, with 13.5 percent margins. With decreased tax provisioning, PAT was at Rs 92.3 crore, up 10.2 percent YoY.

Distillery expansion, surging sugar prices to drive PAT

“TEL’s share price has gone up 3.2x in the last five years. We expect 2.1x increase in distillery volumes to boost earnings with CAGR of 24.2% during FY21-24E. We continue to maintain our BUY rating on the stock Target Price and Valuation: We maintain our target price on the stock at Rs 270, valuing the business at 13x FY23 PE.

With distillery capex, TEL would be able to increase its ethanol volumes 2.1x to 22 crore litre by FY24. Distillery sales may witnessed 35% CAGR to Rs1248.6 crore in FY21-24E, which would be 25% of total revenues, the brokerage said in its research report.

Disclaimer

Disclaimer

The stocks listed in the article are taken from the brokerage report of ICICI Securities and need not be construed as investment advice. The company and the author will not be held responsible for any losses on any investment call taken based on this report.



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WhatsApp brings new ‘payments backgrounds’ feature in India, BFSI News, ET BFSI

Personal Finance

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Designed in partnership with the National Payments Corporation of India (NPCI), on the Unified Payment Interface (UPI), the payments feature on WhatsApp enables transactions with over 227 banks.

In a bid to strengthen its payment services offering in India, instant messaging platform WhatsApp has introduced ‘Payments Backgrounds feature on the platform.

“Built for India, this new feature is relevant, exciting, and memorable as it helps people easily convey a feeling along with sending money,” said a company statement on Tuesday.

Designed in partnership with the National Payments Corporation of India (NPCI), on the Unified Payment Interface (UPI), the payments feature on WhatsApp is an India-first, real-time payment system that enables transactions with over 227 banks, it said.

Manesh Mahatme, Director of WhatsApp Payments said: “WhatsApp is a safe space where people share their thoughts and feelings with their friends and family. With Payments Backgrounds, our effort is to bring excitement to everyday payments through WhatsApp and enable our users to express themselves if they wish, through a range of emotive themes denoting celebrations, affection, warmth or fun.”

“We believe that sending and receiving money is so much more than just a transaction. Often, it’s the stories behind the exchanges that are priceless. We look forward to creating more features and functionalities and continue making payments on WhatsApp an interesting and interactive experience,” he added.

Conversations around payments

Conversations involving payments are often imagined to be simply transactional. WhatsApp has created this thematic range of artful expressions to complement sending payments on birthdays, holidays, or for gifts and travel, the company said.

As per WhatsApp, the core idea of this feature update is to create a more personalised experience for the sender as well as the receiver by adding an element of expression when friends and family exchange money.

“Whether it is friends splitting the bill after a meal, sending money to near and dear ones as a token of your love or gifting your sister on the occasion of Rakshabandhan, payment backgrounds make sending money personal and brings alive the story behind every payment,” the statement said.

WhatsApp has been trying hard to make a mark in the already crowded online payments segment in India with strong incumbents including Paytm, Google Pay, PhonePe, Amazon Pay already having consolidated their position.



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