Tag: axis bank

Axis Bank says reports on Srei exposure ‘grossly inaccurate’

Banking & Finance

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In its clarification, Axis Bank said it has complied with its underwriting practices and approval processes for any exposure taken in relation to Srei Equipment Finance and Srei Infrastructure Finance (collectively “Srei entities”).

Private sector lender Axis Bank on Tuesday said the report, issued by an Australia-based news platform, which alleged that the bank has provided loans to Srei entities without any due diligence and verification of end use of the loan amount is “grossly inaccurate and baseless”.

“…the report is grossly inaccurate and baseless in so far as Axis Bank Limited’s outstanding to Srei entities or underwriting practices and processes are concerned. We are evaluating all remedies available to us against the author/publisher of the captioned report,” the bank said in a stock exchange filing, clarifying a press statement, issued by the Scams Breaking on its website breaking@scamsbreaking.com.

The news platform has alleged that, “As per the records maintained by MCA21 (a ministry of corporate affairs website) the Axis Bank etc. have provided loans to Srei Infrastructure and Finance to the tune of Rs 44,000 crore without any due diligence and verification of end use of the loan amount. This loan amount has been disbursed with sham receivables including related party transactions.”

In its clarification, Axis Bank said it has complied with its underwriting practices and approval processes for any exposure taken in relation to Srei Equipment Finance and Srei Infrastructure Finance (collectively “Srei entities”). The bank said its outstanding exposure to Srei group (including Srei entities) as on December 14 stood at Rs 800 crore as against Rs 44,000 crore alleged by Scams Breaking.

On the allegations, Srei said, “It has come to our notice that certain individual/group of individuals acting in collusion have hatched a pre-planned conspiracy whereby they have been circulating false, fictitious and imaginary content, by twisting facts and figures, through images, videos and article on the internet in a concerted manner through their website and on various other social media platforms with a view to cause wrongful loss in terms of reputation and business in the eyes of investors, creditors and public at large.”

“We have filed a police complaint, alerted authorities in cyber cell department and are pursuing legal recourse against the individuals/group engaged in this criminal conspiracy of intentionally distorting facts for pecuniary gains,” it added.

Notably, the Reserve Bank of India (RBI) has appointed an auditor to conduct a special audit of Srei Infrastructure Finance and its subsidiary Srei Equipment Finance(SEFL). In a stock exchange last month, Srei Infrastructure Finance, had said, “We would like to inform you that a special audit of the company and its subsidiary, Srei Equipment Finance Limited is being undertaken by an auditor appointed by Reserve Bank of India (RBI) in exercise of its powers under Section 45 MA(3) of the RBI Act, 1934.”

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Here are the latest FD Interest rates offered by top banks, BFSI News, ET BFSI

Personal Finance

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Fixed deposits (FDs) are financial instruments provided by banks or NBFCs that offer investors better interest rates than the regular savings accounts. FDs are considered one of the safest investment options and are also called term deposits as they are booked for a fixed term that may range from 7 days to up to 10 years.

Given below are the latest interest rates offered by top banks for tenures ranging from 7 days to 10 years as of December 2020.

State Bank Of India
On FDs between 7 days and 45 days, SBI gives 2.9% interest. Between 46 days and 179 days, the interest is 3.9%. FDs of 180 days to less than one year will get you an interest of 4.4%. For deposits with maturity between 1 year and up to 2 years fetch 4.9% interest. FDs with tenor 3 years to less than 5 years give 5.3%, while those maturing in 5 years and up to 10 years give 5.4 percent.

HDFC Bank
On FDs between 7 and 29 days, HDFC Bank gives 2.50% interest. For 30 to 90 days, it is 3.00%. For 91 days to 6 months, the interest rate will be 3.50%. For FDs of 6 months 1 days to 1 day less than a year, the interest is 4.40%. For 1 year it is 4.90%. For 1 year 1 day to 2 years, you can get an interest of 4.90%. For 2 years 1 day to 3 years, the rate is 5.15%. On FDs between 3 year 1 day and 5 years, you can enjoy an interest rate of 5.30%. And FDs maturing between 5 years 1 day and 10 years will fetch you 5.50%.

ICICI Bank
On FDs between 7 and 29 days, ICICI Bank gives 2.50% interest. From 30 to 90 days, it is 3.00%. From 91 days to 184 days, the interest rate will be 3.50%. For FDs of 185 to 290 days to less than 1 year, you can get interest of 4.40%. For 1 year to 389 days to 390 days upto 18 months, the rate is 4.90%. On FDs between 18 months upto 2 years, you can enjoy interest rate of 5%. From 2 years 1 day upto 3 years, the interest rate is 5.15%, whereas for 3 years 1 day upto 5 years it is 5.35%. For 5 years 1 day to 10 years, the interest rate is 5.50%.

Axis Bank
For Axis Bank, the FDs between 7 and 29 days is 2.50% and 30 days to 3 months is 3.0%. From 3 months upto 6 months, the interest rate will be 3.50%, and from 6 months upto 11 months and 25 days it will be 4.40%. For FDs from 11 months and 25 days upto 1 year 5 days it is 5.15%. On FDs between 1 year 5 days and upto 18 months the interest rate will be 5.10% whereas from 18 months upto 2 years it will be 5.25%.

Senior citizen FD rates
FD interest rates vary from bank to bank depending on their tenure, amount, and type of depositor. Senior citizens, who are above 60 years, get special interest rates on their fixed deposits, which are often 0.5% above the prevailing interest rates.

Timely closure
Timely closure refers to closing the fixed deposit account at the time of its maturity only. When closed upon maturity date, the bank pays back the principal amount with the interest accrued over the tenure chosen.

Premature withdrawal
Premature withdrawal or breaking of FD is usually discouraged by lenders, and in such a case they levy a penalty along with paying back the principal amount and interest at a lower rate. However, in case of emergencies, certain banks do waive off the penalty.



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