Get Bank IFSC & MICR codes here.
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E-tender no.: RBI/Chandigarh/Estate/74/21-22/ET/102 Attention is invited to the captioned e-tender no. RBI/Chandigarh/Estate/74/21-22/ET/102. This e-tender was floated on August 27, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (https://www.mstcecommerce.com). 2. The captioned tender stands cancelled. A fresh tender will be uploaded on RBI website as well as MSTC portal. Regional Director |
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“These efforts have resulted in the bank posting a recovery of Rs 6.10 crore, in NPA accounts. Due to the pendency of cases in various courts whose functioning was hampered because of the pandemic, resulting in delays in final verdicts, the recoveries in many NPA accounts could not be achieved as targeted,” he added.
Mehdi said the bank expects a healthy recovery of NPAs during the ensuing year.
The bank’s gross bad loans stood at 6.61 per cent and the net NPAs were 5.11 per cent during FY21.
The NPA is slightly higher due to the pandemic, however, it is still within the permissible limit of the regulators, he added.
The CRAR (capital to risk-weighted assets ratio) stood at 17.26 per cent against 16.88 per cent in the preceding fiscal.
BMC Bank registered a net profit of Rs 3.78 crore in FY21. Mehdi said the bank posted a second consecutive year of profit, however, the target was much higher.
The total business of the bank during 2020-21 stood at Rs 3,467.55 crore, of which deposits were Rs 2,363.38 crore and advances Rs 1,104.17 crore.
“During the year, the bank has been allotted its own IFSC code by the RBI, with all branches using exclusive IFSC codes. The bank is now a direct member of IFTAS and has been given permission to use INFINET connectivity to provide a variety of services to our customers and our treasury department,” the chairman said.
These services are RTGS, NEFT, SGL account with RBI, NDS-OM, NDS-Call, SWAP, LAF and MSF. Earlier, the bank did not have such facilities, he added.
The implementation of these digital initiatives would result in the enhancement of the customer experience, he said.
“The bank is moving ahead digitally at a fast pace…we are launching Mobile-App to our valued customers to meet the emerging business challenges and be at par with the best in the industry,” Mehdi added. PTI KPM BAL BAL
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Investment
oi-Vipul Das
Among the leading private sector banks of India, Kotak Mahindra Bank allows different types of term deposit schemes for its debt investors having a low-risk appetite. For salaried individuals who are seeking to earn risk-free returns against their regular deposits, the bank offers a unique deposit account dubbed as Recurring Deposit (RD). The highest amount of Rs 25,000 each month is allowed to deposit in an RD account for a tenure of more than 36 months and a maximum RD amount of Rs.1,00,000/- per month is allowed for a tenure of up to 36 months at Kotak Mahindra Bank. One can open an RD account at the bank for a flexible tenure ranging from 6 months to 10 years. On the other hand, Kotak Mahindra Bank also allows a fixed deposit scheme where investors can park a fixed amount of money for a tenure that can range from 7 days to 10 years to gain interest rate on their deposits of less than Rs 2 Cr. For both deposit schemes, the bank has recently revised interest rates which are in force from 23rd September 2021.
For recurring deposits made by resident individuals & HUF only, Kotak Mahindra Bank is offering the following interest rates which are applicable from 23rd September 2021.
| Period | Interest Rate p.a. (%) | Senior Citizen Rates p.a. (%) |
|---|---|---|
| 6 Months | 4.25% | 4.75% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.50% | 5.00% |
| 15 Months | 4.75% | 5.25% |
| 18 Months | 4.75% | 5.25% |
| 21 Months | 4.75% | 5.25% |
| 24 Months | 5.00% | 5.50% |
| 27 Months | 5.00% | 5.50% |
| 30 Months | 5.00% | 5.50% |
| 33 Months | 5.00% | 5.50% |
| 3 years – less than 4 years | 5.10% | 5.60% |
| 4 years – less than 5 years | 5.20% | 5.70% |
| 5 years – 10years | 5.25% | 5.75% |
| Source: Bank Website |
For Domestic, NRO, NRE fixed deposits of less than Rs 2 Cr, Kotak Mahindra Bank is offering the following interest rates to the regular customers with a premature withdrawal option.
| Maturity Periods | Less than Rs.2 Crore | Annualised Yield |
|---|---|---|
| 7 – 14 Days | 2.50% | 2.50% |
| 15 – 30 Days | 2.50% | 2.50% |
| 31 – 45 Days | 2.75% | 2.75% |
| 46 – 90 Days | 2.75% | 2.75% |
| 91 – 120 Days | 3.00% | 3.00% |
| 121 – 179 days | 3.20% | 3.20% |
| 180 Days | 4.20% | 4.20% |
| 181 Days to 269 Days | 4.25% | 4.30% |
| 270 Days | 4.40% | 4.45% |
| 271 Days to 363 Days | 4.40% | 4.45% |
| 364 Days | 4.40% | 4.45% |
| 365 Days to 389 Days | 4.50% | 4.58% |
| 390 Days (12 months 25 days) | 4.75% | 4.84% |
| 391 Days – Less than 23 Months | 4.75% | 4.84% |
| 23 Months | 4.90% | 4.99% |
| 23 months 1 Day- less than 2 years | 4.90% | 4.99% |
| 2 years- less than 3 years | 5.00% | 5.09% |
| 3 years and above but less than 4 years | 5.10% | 5.20% |
| 4 years and above but less than 5 years | 5.20% | 5.30% |
| 5 years and above upto and inclusive of 10 years | 5.25% | 5.35% |
| Source: Bank Website, effective from 23rd September 2021 |
On their fixed deposits of less than Rs 2 Cr, senior citizens will get an additional rate over the applicable card rate to the general public. For deposits maturing in 7 days to 10 years, senior citizens will now get the following interest rates.
| Maturity Periods – Premature Withdrawal Allowed | Less than Rs.2 Crore | Annualised Yield |
|---|---|---|
| 7 – 14 Days | 3.00% | 3.00% |
| 15 – 30 Days | 3.00% | 3.00% |
| 31 – 45 Days | 3.25% | 3.25% |
| 46 – 90 Days | 3.25% | 3.25% |
| 91 – 120 Days | 3.50% | 3.50% |
| 121 – 179 days | 3.70% | 3.70% |
| 180 Days | 4.70% | 4.70% |
| 181 Days to 269 Days | 4.75% | 4.81% |
| 270 Days | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.90% | 4.96% |
| 364 Days | 4.90% | 4.96% |
| 365 Days to 389 Days | 5.00% | 5.09% |
| 390 Days (12 months 25 days) | 5.25% | 5.35% |
| 391 Days – Less than 23 Months | 5.25% | 5.35% |
| 23 Months | 5.40% | 5.51% |
| 23 months 1 Day- less than 2 years | 5.40% | 5.51% |
| 2 years- less than 3 years | 5.50% | 5.61% |
| 3 years and above but less than 4 years | 5.60% | 5.72% |
| 4 years and above but less than 5 years | 5.70% | 5.82% |
| 5 years and above upto and inclusive of 10 years | 5.75% | 5.88% |
| Source: Bank Website, effective from 23rd September 2021 |
Story first published: Friday, September 24, 2021, 16:05 [IST]
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Yes Bank allows recurring deposits for a tenure ranging from 6 months to 10 years. For a deposit amount of less than Rs 2 Cr, the bank has revised its interest rates on recurring deposits from 5th August 2021. On an RD account, senior citizens are also entitled to get an additional rate of 0.50% and the most recent interest rates on the RD account of Yes Bank are as follows.
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) |
|---|---|---|
| 6 Months | 5.00% | 5.50% |
| 9 Months | 5.25% | 5.75% |
| 12 Months | 5.75% | 6.25% |
| 15 Months | 5.75% | 6.25% |
| 18 Months | 6.00% | 6.50% |
| 21 Months | 6.00% | 6.50% |
| 24 Months | 6.00% | 6.50% |
| 27 Months | 6.00% | 6.50% |
| 30 Months | 6.00% | 6.50% |
| 33 Months | 6.00% | 6.50% |
| 36 Months | 6.25% | 7.00% |
| 5 years upto 10 Years | 6.50% | 7.25% |
| Source: Bank Website, w.e.f 5th August, 2021 |
With a minimum deposit amount of Rs 1000 one can open a recurring deposit amount at RBL Bank for a tenure ranging from 6 months and up to 20 years. With effect from 1st September 2021, RBL Bank has revised interest rates on its domestic recurring deposits and NRO/NRE Deposits of less than Rs 3 Cr which are listed below.
| Period of Deposit | Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 240 days | 5.00% | 5.50% |
| 241 days to 364 days | 5.25% | 5.75% |
| 12 months to less than 24 months | 6.00% | 6.50% |
| 24 months to less than 36 months | 6.00% | 6.50% |
| 36 months to less than 60 months | 6.30% | 6.80% |
| 60 months to 60 months 1 day | 6.30% | 6.80% |
| 60 months 2 days to less than 120 months | 5.75% | 6.25% |
| 120 months to 240 months | 5.75% | 6.25% |
| Source: Bank Website, w.e.f. September 01, 2021 |
With a minimum deposit amount of Rs 500 and thereafter in multiples of 100, you can open an RD account at IndusInd Bank for a maturity period of 9 months to 61 months and above. With effect from 23rd July 2021, this private sector bank had revised interest rates on recurring deposits which can be found below.
| Tenure | Interest Rates p.a. (%) | Senior Citizen Rates p.a.(%) |
|---|---|---|
| 09 Months | 5.5 | 6 |
| 12 Months | 6 | 6.5 |
| 15 Months | 6 | 6.5 |
| 18 Months | 6 | 6.5 |
| 21 Months | 6 | 6.5 |
| 24 Months | 6 | 6.5 |
| 27 Months | 6 | 6.5 |
| 30 Months | 6 | 6.5 |
| 33 Months | 6 | 6.5 |
| Above 3 years to below 61 month | 6 | 6.5 |
| 61 months and above | 5.5 | 6 |
| Source: Bank Website, w.e.f. July 23rd, 2021 |
At IDFC First Bank, one can open a recurring deposit account for minimum and maximum monthly deposit amount of Rs 100 and Rs 75,000 respectively. The bank has revised its interest rates on RD with effect from 1st May 2021 which are framed below. Note: Senior citizens will be eligible to get an additional rate of 0.50% over the below rate.
| Period (in Months) | RD-Rate of Interest (%p.a.) w.e.f. May 01, 2021 |
|---|---|
| 6 months | 5.00% |
| 9 months | 5.25% |
| 12 months | 5.50% |
| 15 months | 5.50% |
| 18 months | 5.50% |
| 21 months | 5.50% |
| 24 months | 5.50% |
| 27 months | 5.75% |
| 36 months | 6.00% |
| 39 months | 6.00% |
| 48 months | 6.00% |
| 60 months | 6.00% |
| 90 months | 5.25% |
| 120 months | 5.25% |
| Source: Bank Website |
With an online account opening option, Axis Bank allows minimum monthly installments of Rs. 500 while the maximum can run into multiples thereof with no maximum limit to open an RD account for a tenure ranging from 6 months to 10 years. The bank recently revised its interest rates on domestic term deposits and the new rates are applicable from 23rd September 2021 which can be seen below for a deposit amount of less than Rs 2 Cr.
| Period | Regular Interest Rates (in % p.a.) | Senior citizens interest rates ( in % p.a.) |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days | 3 | 3 |
| 3 months | 3.5 | 3.5 |
| 4 months | 3.5 | 3.5 |
| 5 months | 3.5 | 3.5 |
| 6 months | 4.4 | 4.65 |
| 7 months | 4.4 | 4.65 |
| 8 months | 4.4 | 4.65 |
| 9 months | 4.4 | 4.65 |
| 10 months | 4.4 | 4.65 |
| 11 months | 4.4 | 4.65 |
| 11 months 25 days | 4.4 | 4.65 |
| 1 year | 5.1 | 5.75 |
| 1 year 5 days | 5.15 | 5.8 |
| 1 year 11days | 5.1 | 5.75 |
| 1 year 25 days | 5.1 | 5.75 |
| 13 months | 5.1 | 5.75 |
| 14 months | 5.1 | 5.75 |
| 15 months | 5.1 | 5.75 |
| 16 months | 5.1 | 5.75 |
| 17 months | 5.1 | 5.75 |
| 18 months | 5.25 | 5.9 |
| 2 years | 5.4 | 6.05 |
| 30 months | 5.4 | 6.05 |
| 3 years | 5.4 | 6.05 |
| 5 years to 10 years | 5.75 | 6.5 |
| Source: Bank Website, W.E.F. 23/09/2021 |
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Fixed deposits are also known as term deposits. This is because money is deposited with a bank for a fixed predetermined time period or term. Here are certain things that you must know while opening an FD account.
You can open a term deposit account with a bank where one already has a savings account. Some banks may allow you to open an FD account without having to open a savings bank account. However, you will be required to undergo a know-your-customer (KYC) process in case the bank allows you to place an FD without a savings account. You will be asked to provide self-attested photocopies of ID proof such as PAN, address proof such as Aadhaar, Voter ID card, passport etc. and coloured passport size photographs. You will be required to show the original documents which will be returned immediately post-verification.
The minimum amount needed to open a fixed deposit account varies from bank to bank. However, there is no limit on the maximum amount which one can invest in an FD.The minimum and maximum tenure offered for which an FD can be placed varies from one bank to another. Usually, one can invest in FD for a minimum period of 7 days and for a maximum of 10 years. You can choose the period for which you wish to keep your FD as per your requirement.
Top 5 bank fixed deposit interest rates
Tenure: 1 year
| Bank Name | Interest rate (%) Compounded qtrly | What Rs 10,000 will grow into |
| Indusind Bank | 6.00 | 10613.64 |
| RBL Bank | 6.00 | 10613.64 |
| DCB Bank | 5.55 | 10566.66 |
| Bandhan Bank | 5.50 | 10561.45 |
| South Indian Bank | 5.40 | 10551.03 |
Tenure: 2 years
| Bank Name | Interest rate (%) Compounded qtrly | What Rs 10,000 will grow into |
| Indusind Bank | 6.00 | 11264.93 |
| RBL Bank | 6.00 | 11264.93 |
| Bandhan Bank | 5.50 | 11154.42 |
| DCB Bank | 5.50 | 11154.42 |
| Karur Vysya Bank | 5.50 | 11154.42 |
Tenure: 3 years
| Bank Name | Interest rate (%) Compounded qtrly | What Rs 10,000 will grow into |
| RBL Bank | 6.30 | 12062.63 |
| Indusind Bank | 6.00 | 11956.18 |
| DCB Bank | 5.95 | 11938.52 |
| Karur Vysya Bank | 5.50 | 11780.68 |
| South Indian Bank | 5.50 | 11780.68 |
Tenure: 5 years
| Bank Name | Interest rate (%) Compounded qtrly | What Rs 10,000 will grow into |
| RBL Bank | 6.30 | 13669.00 |
| Indusind Bank | 6.00 | 13468.55 |
| DCB Bank | 5.95 | 13435.42 |
| Axis Bank | 5.75 | 13303.65 |
| Karur Vysya Bank | 5.75 | 13303.65 |
All data sourced from Economic Times Intelligence Group (ETIG)
Data as on September 24, 2021The interest rate offered on fixed deposits (FDs) will depend on the period for which you are investing in the FD and also vary from bank to bank for FDs for the same tenure. Senior citizens are typically offered higher interest rates. To receive the interest payment, you can choose either cumulative option or non-cumulative option.
Under the cumulative option, interest accrued on the deposit is reinvested and paid at the time of maturity along with principal amount.
In the non-cumulative option, interest is credited into the depositors account at the pay-out interval chosen at the time of placing the FD. Generally, one can choose from the options of receiving the interest on monthly, quarterly, half-yearly or annually basis as offered by the bank.
Interest received on FD is fully taxable in the hands of the investor. It will be taxed at the rates applicable to your income tax slabs. TDS will be deducted by the bank if the interest payment in a single financial year exceeds Rs 10,000, as per current tax laws. To avoid TDS, one can submit Form 15G or Form 15H (as applicable) to the bank.In case of any urgent requirements, one can break his/her FD before the maturity date. A penalty may be levied by the bank on premature withdrawals. The penalty amount varies from one bank to another.
While placing a FD, one must check the rules regarding pre-mature withdrawals. Sometimes, banks offer FDs without premature withdrawal facility as well as FDs without penalty on premature withdrawal.
One can use FD as a collateral to obtain a loan. The maximum loan sanctioned is usually a certain percentage of the principal deposit. This percentage may vary bank to bank.Nomination facility for Fixed Deposits (FDs) is also available.At maturity, if no specific instructions are given, most banks automatically renew the FD for the same period for which it was initially placed at the interest rates prevailing on the date the FD matures. If you do not want automatic renewal of your FD, you need to choose this option on the account opening form.
If you have forgotten to mention it, then you can visit the bank branch on the day of maturity and ask them to credit the proceeds into your savings account.
Nowadays banks offer the facility of opening an FD account online via Net banking through your account. One can invest in FD without having to visit a branch physically. However, remember that your bank may not issue you a printed FD receipt/advice if invested online.
Disclaimer: The data/information given above is subject to change therefore before taking any decision based on it, contact the bank/institution concerned.
For any queries or changes, please write to us on etigdb@timesgroup.com or call us at 022 – 66353963.
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Ajit Prasad Press Release: 2021-2022/922 |
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Reserve Bank of India, Jammu invites tender for ‘Supply of 5 No. IPCCTV Cameras including Lifetime Camera License for existing IPCCTV System at Main Office Building Reserve Bank of India, Jammu.’ All eligible and interested companies / agencies / firms must submit their bids in two sealed envelopes, Part-I consisting of Technical Bid and Part- II consisting of Price Bid. The Schedule of tender is as follows:
Regional Director Date: 24.09.2021 |
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The Deposit Insurance and Credit Guarantee Corporation (DICGC) has clarified that it will separately communicate the revised date for submission of claims and the procedure to be followed in respect of payment of deposits in the case of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.
This clarification comes even as big depositors of PMC Bank were on tenterhooks about submitting a form that requires them to declare the “willingness of depositors to receive insurance claim amount (up to ₹5 lakh) from DICGC.”
The “willingness” clause was interpreted by some of the depositors to mean that they may not receive deposits above ₹5 lakh. Hence, PMC Bank depositors, with deposits above Rs 5 lakh, were reluctant to submit the form.
Now, the Corporation has stated that in the case of PMC Bank, there may be a need to invoke the provisions of Section 18 A (7) (a) of the DICGC (Amendment) Act, 2021.
Also read: Banking venture of Centrum Financial Services christened Unity SFB
As per the aforementioned section, “the Reserve Bank finds it expedient in the interest of finalising a scheme of amalgamation of the insured bank with other banking institution or a scheme of compromise or arrangement or of reconstruction in respect of such insured bank, and communicates to the Corporation accordingly, the date on which the Corporation shall become liable to pay every depositor of such insured bank may further be extended by a period not exceeding ninety days.”
Chander Purswani, President, PMC Depositors Forum, said: ”Our fight was never for ₹5 lakh but for the entire money. We stand by that. We are confident that the RBI and the Centrum-BharatPe combine will not let us down.”
Purswani emphasised that RBI should give a roadmap as to how and when PMC Bank depositors with deposits above ₹5 lakh will get their money back along with accrued interest.
He said PMC Bank has about one lakh depositors with deposits up to ₹5 lakh and about 43,000 depositors with deposits above ₹5 lakh.
RBI had accorded “in-principle” approval to Centrum Financial Services Ltd (CFSL), which is a wholly owned subsidiary of Centrum Capital Ltd, on June 18, 2021, to set up a small finance bank (SFB). This approval was in specific pursuance to CFSL’s February 2021 offer in response to PMC Bank’s November 2020 Expression of Interest (EoI) notification.
CFSL has christened its proposed banking venture as Unity Small Finance Bank.
Under the “in-principle” approval, CFSL will first operationalise Unity SFB in 120 days. Thereafter, RBI will place in public domain a draft scheme of amalgamation of PMC Bank with the SFB. The last step will be government’s sanction for the scheme.
DICGC had, on September 21, 2021, asked the depositors of 21 urban co-operative banks (UCBs), including PMC Bank, Sri Gururaghavendra Sahakara Bank, Rupee Co-operative Bank and Kapol Co-Operative Bank, which are currently under the Reserve Bank of India’s All-Inclusive Directions (AID), to contact their banks and submit the declaration of willingness to enable DICGC to make payments.
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Ajit Prasad Press Release: 2021-2022/921 |
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Emkay Global sees an upside of nearly 30% on the stock of Zee Entertainment to a target price of Rs 430 in 12-months time.
Zee and Sony Pictures Networks India (SPNI) have entered into a non-binding term sheet (with a 90-day exclusivity period) for the merger of the two companies. The deal should address investor concerns, and fill the content gaps each of them are currently having.
Emkay Global views the transaction as a big positive as it might resolve a slew of issues relating to corporate governance and investor activism, with the board of directors to be decided by
Sony.
“The merged entity will become the market leader with a comprehensive bouquet of offerings, along with the necessary balance sheet strength to invest in digital businesses and
sports rights. Sony Pictures Networks India emphasis has been on building sports and HSM portfolios, while Zee has been focused on regional, HSM and movie channels,” the brokerage has said.
According to Emkay Global, the merged entity will benefit from increased bargaining power with content producers and distributors; optimization of costs by shutting down tail-end channels, thus, freeing up management bandwidth and costs attached to them; and 3) competitive edge. All these factors should augur well for better valuation, the brokerage says.
“Zee’s underlying broadcasting business has been facing challenges due to the Covid-induced shift toward digital. However, in our view, the merged entity’s comprehensive
offerings will place it ahead of competitors on the growth front,” the brokerage has said.
Brokerage firm Sharekhan too has recommended buying the stock of Zee Entertainment with a price target of Rs 400 on the stock. The brokerage feels that the proposed merger would be a strategic fit from a revenue perspective as it would strengthen Zee Entertainment’s portfolio with sport, kids and English movie properties.
“The infusion of growth capital of $1.6 billion by Sony Pictures, the combined entity’s cash balance would increase to $1.8 billion, which would be used to accelerate its digital platform growth and invest in premier content including sports. We believe that corporate governance concerns will get addressed with the controlling stake of Sony Pictures and this will trigger multiple re-ratings for Zee Entertainment. The stock is currently trading at a reasonable valuation at 20x/18x of FY2023E/FY2024E earnings estimates. Hence, we maintain a Buy rating on Zee Entertainment with a revised rice target of Rs. 400,” the brokerage has said.
The recommendation of the Zee Entertainment is taken from the brokerage reports of Sharekhan and Emkay Global. The stock has run-up significantly and hence investors may also want to exercise caution. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article.
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