Kerala to send delegation to Centre over RBI guidelines on cooperative sector, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Kerala Cabinet on Wednesday expressed deep concern over the Reserve Bank of India‘s statement cautioning the public against cooperative societies using ‘bank’ in their names as well as accepting deposits from people who are not their members.

The Cabinet meeting, held under Chief Minister Pinarayi Vijayan here, has decided to send a delegation to meet all those concerned at the Centre to see that similar statements should not be put out as they create panic in the state, where the cooperative sector is flourishing.

State Cooperative Minister V.N. Vasavan has already gone on record to state that this move will “destroy” the flourishing cooperative sector in the state and it will be dealt with strongly using all means like discussions with the Centre, holding protests and considering seeking legal redress.

The RBI order that came out on Tuesday stated that after the amendment in the Banking Regulation Act, 1949, effective September 29, 2020, cooperative societies cannot use the words “bank”, “banker” or “banking” as part of their names, except as permitted under the provisions or by the RBI.

Union Home Minister Amit Shah also holds the portfolio of the Cooperative Minister. The Ministry was created in July this year with the aim to strengthen the cooperative movement in the country.

–IANS

sg/svn/bg



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Govt of India, Asian Development Bank sign $300 million loan to improve primary health care in the country, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


NEW DELHI: The government of India (GOI) and Asian Development Bank (ADB) has signed a 300 million dollar loan to improve primary health care in urban areas of 13 states that will benefit over 256 million urban dwellers including 51 million from slum areas.

As per an official release by the Ministry of Finance, “Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, signed for the GOI the agreement for Strengthening Comprehensive Primary Health Care and pandemic preparedness in Urban Areas Program while Takeo Konishi, Country Director of ADB’s India Resident Mission, signed for ADB.”

Mishra said, “the programme supports the Government of India’s key health initiatives – Ayushman Bharat Health and Wellness Centres (AB-HWC) and Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PM-ASBY) – which has been renamed as Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) – by expanding availability and access to quality primary health care services particularly for vulnerable populations in urban areas.”

Ayushman Bharat programme, launched in 2018, aims to improve access to comprehensive primary health care as a key strategy to achieve universal health coverage in India. With the spread of the coronavirus disease (Covid-19) pandemic that put additional pressure on the country’s health system, the government launched PM-ASBY later renamed as PM-ABHIM in October 2021 to adopt a long-term approach to system strengthening to prepare for future pandemics and other emergencies.

“Ensuring equitable access to non-COVID-19 primary health care is critical amid challenges posed by the coronavirus pandemic to India’s health system,” said Konishi.

The programme will be implemented in urban areas across 13 states: Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, and West Bengal.

Besides the pandemic response, interventions through the program promote increased utilization of urban HWCs with the provision of comprehensive primary health care packages including non-communicable diseases and community outreach services such as awareness-raising activities on health care options, particularly for women.

Delivery and health information systems for primary health care will be upgraded through digital tools, quality assurance mechanisms, and engagement and partnership with the private sector.

The programme is supported by a 2 million dollar technical assistance grant from ADB’s Japan Fund for Poverty Reduction to provide support for programme implementation and coordination, capacity building, innovation, knowledge sharing and application of scalable best practices across the healthcare system.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

DCB Bank Modifies Interest Rates On Fixed Deposits: Now Get Up To 6.45%

Personal Finance

[ad_1]

Read More/Less


DCB Bank FD Rates

Regular customers will now receive a 4.35 percent interest rate on single deposits of less than Rs.2 crore maturing in 7 to 90 days. DCB Bank is currently providing 5.05 percent and 5.25 percent interest rates on term deposits maturing in 91 days to less than 6 months and 6 months to less than 12 months. The bank is providing the general public an interest rate of 5.55 percent and 5.30 percent on deposits maturing in 12 months and more than 12 months to less than 15 months, respectively.

Regular customers will now get a 5.50 percent interest rate on deposits maturing in 15 months to fewer than 700 days. DCB Bank is now promising an interest rate of 5.95% and 5.50% to the general public on their deposits maturing in 700 days and more than 700 days to less than 36 months. On single deposits maturing in 36 months to 120 months, regular customers will get an interest rate of 5.95%.

Tenure Deposit Interest Rate (percent per annum) Annualised Yield (% per annum)
7 days to 14 days 4.35% 4.35%
15 days to 45 days 4.35% 4.35%
46 days to 90 days 4.35% 4.35%
91 days to less than 6 months 5.05% 5.05%
6 months to less than 12 months 5.25% 5.34%
12 months 5.55% 5.67%
More than 12 months to less than 15 months 5.30% 5.41%
15 months to less than 18 months 5.50% 5.65%
18 months to less than 700 days 5.50% 5.73%
700 days 5.95% 6.22%
More than 700 days to less than 36 months 5.50% 5.89%
36 months 5.95% 6.46%
More than 36 months to 60 months 5.95% 6.87%
More than 60 months to 120 months 5.95% 8.05%
Source: Bank Website, (with effect from 22nd November 2021)

DCB Bank FD Rates For Senior Citizens

DCB Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50% on their deposits of less than Rs. 2 Cr maturing in 7 days to 120 months. Here are the new interest rates on fixed deposits of DCB Bank that senior citizens will get respectively.

Tenure Rate for Senior Citizens (% per annum) Annualised Yield (% per annum)
7 days to 14 days 4.85% 4.85%
15 days to 45 days 4.85% 4.85%
46 days to 90 days 4.85% 4.85%
91 days to less than 6 months 5.55% 5.55%
6 months to less than 12 months 5.75% 5.86%
12 months 6.05% 6.19%
More than 12 months to less than 15 months 5.80% 5.93%
15 months to less than 18 months 6.00% 6.18%
18 months to less than 700 days 6.00% 6.28%
700 days 6.45% 6.77%
More than 700 days to less than 36 months 6.00% 6.47%
36 months 6.45% 7.05%
More than 36 months to 60 months 6.45% 7.54%
More than 60 months to 120 months 6.45% 8.96%
Source: Bank Website, (with effect from 22nd November 2021)

DCB Bank NRO FD (Non-Resident Ordinary Fixed Deposit) Interest Rates

DCB Bank NRO FD (Non-Resident Ordinary Fixed Deposit) Interest Rates

The bank has also altered its interest rates on Non-Resident Ordinary Fixed Deposits of less than Rs. 2 Cr. Following are the recent interest rates applicable on Non-Resident Ordinary Fixed Deposits by DCB Bank.

Tenure Deposit Interest Rate (% per annum) Annualised Yield (% per annum)
7 days to 14 days 4.35% 4.35%
15 days to 45 days 4.35% 4.35%
46 days to 90 days 4.35% 4.35%
91 days to less than 6 months 5.05% 5.05%
6 months to less than 12 months 5.25% 5.34%
12 months 5.55% 5.67%
More than 12 months to less than 15 months 5.30% 5.41%
15 months to less than 18 months 5.50% 5.65%
18 months to less than 700 days 5.50% 5.73%
700 days 5.95% 6.22%
More than 700 days to less than 36 months 5.50% 5.89%
36 months to 120 months 5.95% 8.05%
Source: Bank Website, (with effect from 22nd November 2021)



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


I. T-Bill 91 days 182 days 364 days
II. Total Face Value Notified ₹10,000 Crore ₹3,000 Crore ₹7,000 Crore
III. Cut-off Price and Implicit Yield at Cut-Off Price 99.1276
(YTM: 3.5300%)		 98.1260
(YTM: 3.8301%)		 96.0443
(YTM: 4.1299%)
IV. Total Face Value Accepted ₹10,000 Crore ₹3,000 Crore ₹7,000 Crore

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1239

[ad_2]

CLICK HERE TO APPLY

Leave a comment

CARE Ratings revises ratings of AT I Bonds of 4 public banks

Banking & Finance

[ad_1]

Read More/Less


CARE Ratings has revised the ratings of AT I Bonds of four public sector banks including Canara Bank, Indian Bank, Punjab National Bank and Union Bank of India. It considered the strengthening in the overall credit profile of the banks including improvement in capital cushions over the minimum regulatory requirement, improvement in both profitabilities as well as the distributable reserves position.

While rating instruments are issued by public sector banks (PSB), CARE Ratings assigns high weightage to support from the Government of India (GoI) due to its majority shareholding and the systemic importance of these banks in the Indian financial system.

Considering the significant size and financial franchise of the banks, a default by a PSB would have material economic consequences for the government as well as regulators, hence, the importance of PSBs for GOI and the economy as a whole cannot be undermined. Additional Tier I (AT I) Bonds are perpetual debt instruments that banks are allowed to raise under the Basel III capital framework and form a part of Tier I capital for banks. These instruments have several unique features, which make them very different from other types of debt instruments and provide them equity.

The issuing bank has full discretion over coupon payments at all times on these instruments. Therefore, if a bank does not have sufficient distributable reserves to service the coupon on AT I Bonds, it may not pay the coupon. These bonds also have loss-absorption features through conversion/writedown/ write-off on breach of pre-specified trigger on capitalisation requirement or at the point of non-viability (PONV) which may be decided by the Reserve Bank of India (RBI).

As per CARE Ratings’ criteria for rating of hybrid instruments issued by banks, CARE Ratings has been notching down the AT I Bonds issued by the banks by one to several notches below the Tier II Bonds rating depending on the expected adequacy of eligible reserves, cushion over minimum regulatory capital and other credit risk assessment parameters of the individual bank to factor in the additional risk in these instruments on account of several unique features.

In the last few years, PSBs have received significant government as well as regulatory support. GOI has initiated consolidation of the sector by amalgamation of relatively weaker and smaller banks into anchor banks which have gained significant scale increasing their economic and systemic importance and has further recapitalised these banks.

“With the strengthening of the resolution of NPAs under the Insolvency and Bankruptcy Code (IBC) process, the banks have seen recoveries in some of the large NPAs. The banks also have made higher provisioning on bad assets and additional provisioning in anticipation of expected losses due to Covid-19 which has increased the provision coverage ratio (PCR) and provided strength to the balance sheets of these banks,” the rating agency said.

“Further, instances of GOI and regulatory support by way of broadening of the definition of distributable reserves to include more categories of reserves as distributable reserves and allowing accumulated losses to be set-off against the share premium account which has increased the ability of PSBs to service the coupons of AT I Bonds, reiterate that the stance to extend support even to hybrid instruments. PSBs are expected to receive capital support well in advance so that the coupon payment trigger is not breached in future,” it added.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Crypto asset investors in the country should stay calm: CoinSwitch Kuber CEO

Banking & Finance

[ad_1]

Read More/Less


Ashish Singhal, Founder & CEO, CoinSwitch Kuber said on Wednesday that crypto industry is hopeful that the government will involve the industry stakeholders while drafting the bill

“At CoinSwitch Kuber, we shall follow the directions provided by the government. As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion. Investors should wait for a government statement on this matter and not rely on secondary sources of information,” Singhal said.

On Wednesday morning, Bitcoin’s price dropped 16.75 per cent on WazirX, Ethereum plunged 12.1 per cent, Shiba Inu dropped over 20 per cent, Dogecoin was down by over 16 per cent, Sandbox by 4 per cent and USDT or Tether by over 14 per cent.

This happened after the Lok Sabha’s summary of bills to be tabled in the winter parliamentary session released in the evening before mentioned that the government is seeking to prohibit private cryptocurrencies in the description of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Singhal who is also the Co-Chair of the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) said the industry has been actively communicating with all stakeholders keeping investor protection at the forefront. “Our discussions over the last few weeks indicate there is broad agreement on ensuring customers are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution,” he said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

‘Buy’ This Stock For +20% Upside In 1 Year: Sharekhan Recommends

Personal Finance

[ad_1]

Read More/Less


Target Price

The Current Market Price (CMP) of Balkrishna Industries Ltd is Rs. 2246 The brokerage firm, Sharekhan has estimated a Target Price for the stock at Rs. 2700. Hence the stock is expected to give a 20.21% return, in a Target Period of 6 months.

Stock Outlook
Current Market Price (CMP) Rs. 2246
Target Price Rs. 2700
1 year returns 20.21%

Company performance

Company performance

Balkrishna Industries Ltd. reported lower-than-expected operational performance, led by increased raw-material price and higher freight rates. Net revenue grew by 32.1% y-o-y to Rs. 2,050 crore in Q2FY2022, driven by 18.8% volume growth at 72,748 MT of tyres and 11.2% improvement in average realisation. EBITDA margin declined by 350 bps q-o-q to 25.4% in Q2FY2022 due to rise in raw-material costs and increased freight rates. As a result, EBITDA and adjusted PAT improved by 2% y-o-y and 11.1% y-o-y to Rs. 519 crore and Rs. 377 crore, respectively. The brokerage firm has mentioned that the stock trades at P/E multiple of 21.6x and EV/EBITDA multiple of 15.1x its FY2023E estimates.

Comments by Sharekhan

Comments by Sharekhan

According to Sharekhan, “We upgrade our rating on Balkrishna Industries Ltd.’s to Buy with a revised PT of Rs. 2,700 given robust outlook and earnings growth. We expect strong double-digit volume growth in FY2022E, driven by infrastructure creation and pick-up in economic activity and continued market share gains.”

About the company

About the company

Balkrishna is one of the leading manufacturers of over-the-highway tyres. The company makes tyres that are used in various applications, including agricultural, construction, and industrial vehicles as well as earthmoving, port, mining, ATV, and gardening. Balkrishna is a global player present in Europe, US, and India.

Disclaimer

Disclaimer

The above stock was 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.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 5,01,407.68 3.58 1.00-5.50
     I. Call Money 8,404.91 3.34 2.00-3.75
     II. Triparty Repo 3,90,811.45 3.55 3.17-3.90
     III. Market Repo 1,02,121.32 3.72 1.00-3.97
     IV. Repo in Corporate Bond 70.00 5.50 5.50-5.50
B. Term Segment      
     I. Notice Money** 191.30 3.12 2.50-3.40
     II. Term Money@@ 290.50 – 3.25-3.65
     III. Triparty Repo 200.00 3.48 3.35-3.60
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 50.00 5.10 5.10-5.10
  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 Tue, 23/11/2021 1 Wed, 24/11/2021 1,56,814.00 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 Tue, 23/11/2021 7 Tue, 30/11/2021 1,48,073.00 3.99
3. MSF Tue, 23/11/2021 1 Wed, 24/11/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,04,887.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 18/11/2021 15 Fri, 03/12/2021 4,45,742.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
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
  Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 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
Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
  Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       20,001.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -3,89,650.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -6,94,537.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 23/11/2021 6,57,780.80  
     (ii) Average daily cash reserve requirement for the fortnight ending 03/12/2021 6,50,308.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 23/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 05/11/2021 11,23,716.00  
@ 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 (Communications)
Press Release: 2021-2022/1238

[ad_2]

CLICK HERE TO APPLY

Leave a comment

JM Financial’s NBFC arm launches digital investment platform

Banking & Finance

[ad_1]

Read More/Less


JM Financial Products Ltd (JMFPL), the non-banking financial company (NBFC) arm of the JM Financial Group, has launched Bondskart.com, a digital investment platform for debt securities.

Bondskart.com features fixed income investment options across rating categories, yields and instrument types such as plain vanilla bonds, sub-debt or Tier II and perpetual bonds, alongside in-house analytics and a data-driven technology platform, JM Financial said in a statement.

ICICI Bank launches new online platform for exporters and importers

Available on the web as well as on a mobile app, it offers investors the flexibility to sell their debt securities with secure settlements, the company said.

Inside Freecharge’s neo banking gameplan

Vishal Kampani, Managing Director, JMFPL, said that Bondskart.com complements JMFPL’s investment distribution framework to serve all categories of investors.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

IDFC First Bank Revises Interest Rates On FD & RD: Now Get Up To 6% Returns

Personal Finance

[ad_1]

Read More/Less


IDFC First Bank FD Rates

On fixed deposits of less than Rs 2 Cr maturing in 7 days to 29 days, regular customers will now get an interest rate of 2.50%. On deposits maturing in 30 days to 90 days and 91 – 180 days, the general public will now receive an interest rate of 2.75% and 3.25% respectively. Whereas fixed deposits maturing in 181 days – less than 1 year and 1 year – 2 years will now fetch an interest rate of 4.75% and 5.25% respectively. Regular customers will now get an interest rate of 5.75% and 6.00% on their deposits maturing in 2 years 1 day – 3 years and 3 years 1 day to less than 10 years.

Period Rate of Interest (%p.a.) w.e.f. November 23, 2021 Less than INR 2 Crores
7 – 14 days 2.50%
15 – 29 days 2.50%
30 – 45 days 2.75%
46 – 90 days 2.75%
91 – 180 days 3.25%
181 days – less than 1 year 4.75%
1 year – 2 years 5.25%
2 years 1 day – 3 years 5.75%
3 years 1 day – 5 years 6.00%
5 years Tax Saver Deposit 6.00%
5 years 1 day – 10 years 6.00%
Source: Bank Website

IDFC First Bank FD Rates For Senior Citizens

IDFC First Bank FD Rates For Senior Citizens

On their domestic term deposits, senior citizens will continue to get an additional rate of 0.50% over the rate applicable to the general public. Following the most recent revision made on fixed deposit interest rates by the bank, senior citizens will now have interest rates of 3.00% to 6.50% on their deposits maturing in 7 days to less than 10 years.

Period Rate of Interest (%p.a.)
7 – 14 days 3.00%
15 – 29 days 3.00%
30 – 45 days 3.25%
46 – 90 days 3.25%
91 – 180 days 3.75%
181 days – less than 1 year 5.25%
1 year – 2 years 5.75%
2 years 1 day – 3 years 6.25%
3 years 1 day – 5 years 6.50%
5 years Tax Saver Deposit 6.50%
5 years 1 day – 10 years 6.50%
Source: Bank Website

IDFC First Bank Recurring Deposit (RD) Rates

IDFC First Bank Recurring Deposit (RD) Rates

On November 23, 2021, the bank also adjusted its interest rates on domestic, NRE, and NRO recurring deposits (RD) which are as follows.

Period (in Months) Rate of Interest (%p.a.) w.e.f. November 23, 2021
6 months 3.25%
9 months 4.75%
12 months 5.25%
15 months 5.25%
18 months 5.25%
21 months 5.25%
24 months 5.25%
27 months 5.75%
36 months 6.00%
39 months 6.00%
48 months 6.00%
60 months 6.00%
90 months 6.00%
120 months 6.00%
Source: Bank Website



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 47 48 49 50 51 … 16,280