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Archives - Ratekhoj.com, Indian Personal Finance Trends and News | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

October 22, 2008, Ratekhoj.com. DBS Bank, a foreign bank operating in India, is now offering the highest interest rate for NRO fixed deposits among all the banks in India. DBS Bank is offering the highest fixed deposit rate of 11.25% for a term of 1 year to 2 years for fixed deposit amounts below Rs. 15 lacs.

There are several banks offering an interest rate of 11.00% for NRO fixed deposits currently. They include ING Vysya Bank, Union Bank of India, Karur Vysya Bank and Tamilnad Mercantile Bank. This rate is being offered for various fixed deposit terms between 1 and 3 years.

October 21, 2008, Ratekhoj.com. DBS Bank, a foreign bank operating in India, is now offering the highest interest rate for fixed deposits among all the banks in India for non-senior citizens. Union Bank of India which was earlier offering the highest interest rate for fixed deposits has reduced its interest rates thereby giving DBS Bank the status of having the highest interest bearing fixed deposit account in the country. DBS Bank is offering the highest fixed deposit rate of 11.25% for non-senior citizens. This fixed deposit rate is being offered for a term of 1 year to 2 years for fixed deposit amounts below Rs. 15 lacs.

For senior citizens, DBS Bank is offering the highest fixed deposit rate of 11.75% for a term of 1 to 2 years. Karur Vysya Bank, Lakshmi Vilas Bank, Karnataka Bank and ING Vysya Bank are all offering fixed deposit products with an interest rate of 11.50% for terms ranging between 1 and 5 years duration. City Union Bank is offering the next highest rate of 11.35% for senior citizens for a term of 400 days. Tamilnad Mercantile Bank is offering a rate of 11.30% for a term of 777 days to senior citizens.

Oct 20, 2008, Ratekhoj.com. Karnataka Bank, a private sector bank in India, has increased its fixed deposit interest rates effective October 20, 2008. The highest interest rate offered by Karnataka Bank to non-senior citizens is now 11.00% for a term of 3 years to less than 5 years. Senior citizens get the highest rate of 11.50% for the same term.

Karnataka Bank is also offering an interest rate of 10.60% for a term of 1 year to less than 3 years for non-senior citizens with senior citizens getting 11.10% for the same term.

Karnataka Bank has also increased the interest rate on its tax saver fixed deposit product with a term of 5 years and above. It now offers a interest rate of 11.00% for non-senior citizens with senior citizens getting 11.50% for the tax savings fixed deposit.

October 20,2008, Ratekhoj.com. Indian Prime Minister, Dr. Manmohan Singh, in a statement to Parliament today regarding the global financial crisis assured depositors in banks that their deposits are safe. “Our first concern was to ensure the stability of our banking system. I am happy to inform the House that the Indian banking system is not directly exposed to the sub-prime mortgage assets. Their exposure to other problem assets is also minimal. Our banks, both in the public sector and in the private sector, are financially sound, well capitalised and well regulated. There should be no fear of a failure of any bank. In particular, I wish to assure depositors in our banks that their deposits are entirely safe” Singh said, while saying that India, like other developing countries, is experiencing the ripple effects of the financial crisis but has taken a number of steps to minimise the impact.

Singh also said that the government welcomed the decision announced by RBI of a 100 basis points cut in the repo rate which is the rate at which banks can borrow against surplus SLR securities. He said that this will have a beneficial effect on the interest rate structure and, in combination with the other steps to increase liquidity, will help to support economic activity and investment.

Oct 17, 2008, Ratekhoj.com. Punjab National Bank, a public sector bank, has announced a reduction in its home and car loan interest rates effective October 16, 2008 for the festival season. The reduction is by 0.50% for both existing and new loans in both floating and fixed rate home loans as well as car loans. According to the press release, this reduction in home loan rates has been made possible on account of reduction of Cash Reserve Ratio by RBI and is designed to ensure credit to customers during the festival season. If you are looking for home loans, you can get the best home loan rates in India by comparing home loan rates across all major banks in India.

Punjab National Bank has also announced a increase in fixed deposit rates effective October 15, 2008. It now offers a peak fixed deposit rate of 10.50% for non-senior citizens (11.00% for seniors) for a term of 1-2 years.

October 16, 2008, Ratekhoj.com. Union Bank of India, a public sector bank, has hiked its interest rates on October 15, 2008 and is now offering the highest interest rate for fixed deposits among all the banks in India. Union Bank is offering a interest rate of 11.50% for non-senior citizens for fixed deposit maturity terms of 9 months to 1 year as well as 1 year. It must be noted that this rate is offered only for fixed deposit amounts of Rs. 1 crore and above.

If you are interested in fixed deposit amounts below Rs. 15 lacs, DBS Bank, a foreign bank, is offering the highest fixed deposit rate of 11.25% for non-senior citizens. This fixed deposit rate is being offered for a term of 1 year to 2 years.

There are many banks offering a fixed deposit interest rate of 11.00% currently for non-senior citizens. They include ING Vysya Bank, Karur Vysya Bank, Tamilnad Mercantile Bank and City Union Bank. These rates are offered by these banks for various fixed deposit terms of between 1 and 3 years.

For non-senior citizens, among short term (maturity period of less than a year) fixed deposits, DBS Bank is offering a interest rate of 10.75% for terms of 181 days to 269 days and 269 days to 1 year. IndusInd Bank is also offering the same interest rate of 10.75% for a fixed deposit with a maturity of 200 days. Dhanalakshmi Bank has a fixed deposit option with a term of 300 days offering a interest of 10.60%.

For senior citizens, there are many banks offering a fixed interest rate of over 11.00% currently. DBS Bank is offering the highest fixed deposit rate of 11.75% for senior citizens for a term of 1 to 2 years. Karur Vysya Bank, Lakshmi Vilas Bank, Union Bank of India and ING Vysya Bank are all offering fixed deposit products with an interest rate of 11.50% for terms ranging between 1 and 3 years duration. City Union Bank is offering the next highest rate of 11.35% for senior citizens for a term of 400 days. Tamilnad Mercantile Bank is offering a rate of 11.30% for a term of 777 days to senior citizens. See the Top 20 interest rates tab for senior citizens given at Ratekhoj.com for more details on the highest fixed deposit rates offered by Indian banks to senior citizens currently.

Oct 17, 2008, Ratekhoj.com. Several banks in India have hiked the interest rates on Foreign Currency Non Resident (FCNR) and Non Resident External (NRE) accounts effective immediately. The increase of 50 basis points (or 0.50%) in interest rates in NRE and FCNR accounts is based on changes in Reserve Bank of India guidelines.

SBI, PNB, Dena Bank, Syndicate Bank are among the banks that have increased the FCNR and NRE rates. The FCNR rate changes impact deposits in US dollars, Euros, Canadian dollars, Japanese Yen and Australian dollars.

With these changes NRE rates for a term of 1 to 2 years stands at 4.96%. The rates for a term of 2 to 3 years is 4.27% and rates for terms of 3 years and above are 4.56%.

FCNR accounts denominated in US dollars earn a interest of 4.21% for a deposit term of 1 to 2 years. Euro accounts for the same term of 1 to 2 years will earn a interest of 5.74%. US dollar FCNR accounts for a maturity period of 5 years earn a interest of 4.14%. The following table provides a complete listing of current FCNR rates:

  US$ Euro GBP CAN$ AUD YEN
1 year to less than 2 years 4.21 5.74 6.77 5.05 8.05 1.47
2 years to less than 3 years 3.52 4.87 5.57 3.27 6.55 1.36
3 years to less than 4 years 3.81 4.84 5.50 3.42 6.56 1.46
4 years to less than 5 years 3.95 4.87 5.46 3.55 6.61 1.55
5 years 4.14 4.87 5.43 3.67 6.59 1.62

Oct 17, 2008, Ratekhoj.com. Syndicate Bank, a public sector bank, has increased its fixed deposit interest rates effective October 16, 2008. The increase is for terms between 1 and 3 years. The highest interest rate offered by Syndicate Bank to non-senior citizens is now 10.50% for a term of 500 days to less than 2 years. Senior citizens get the highest rate of 11.00% for the same term.

Syndicate Bank also offers a interest rate of 9.50% for its tax savings fixed deposit scheme (SyndTax Shield scheme) with a term of 5 years and above.