INDIAN BANK SAVINGS ACCOUNT

Three different types of asset allocation strategies

If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the 12th part of this series, ET Wealth explains what asset allocation means.

Three different types of NRI bank accounts

Here is an overview of the different bank accounts NRIs can open and their specific use cases.

There is more to banking than SBI and HDFC Bank: 7 bank stocks which are a kind of hybrid of PSU and Private banks

In the last few days, there has been a debate about PSU and private banks. A debate which partially has been ignited by the fact that in the last few trading sessions both the PSU and private banks have come under pressure. There is a third set of banks which once again not finding much mention on the street. But the fact is that over the last few years, they have been improving their performance. The reason for the improvement is simple, when RBI makes a change in law, it applies equally to all, whether it is HDFC banks or SBI or a bank which is neither private nor public and is some sort of hybrid. So, these lesser talked ones are a set which come with their own shortcoming and strength.

CAD to be higher in FY'25 on higher domestic demand and global prices

India's economy has been growing at an average of 8 percent for the last three years at a time when major advanced economies are seeing a slowdown in growth. Though not the entire growth over the period is consumption driven, of late consumption demand is seen picking up and a sizable portion of this demand is met through imports either through import of the product or raw materials.

Make your money work for you: Don't let large cash sit in a bank savings account, how to invest

Get up to 8.5% FD interest rate, 8% on savings accounts: Latest Bandhan Bank interest rates on deposits

Bandhan Bank has revised its fixed deposit interest rates for retail deposits of up to Rs 3 crore, according to the bank website. The revised FD rates are effective from August 7, 2024.

Minimum balance charge of savings bank account: SBI vs HDFC Bank, ICICI Bank, Yes Bank, PNB

Minimum balance charges: The minimum balance required can differ based on the type of savings account and the complimentary services provided. Banks communicate the minimum balance needed, considering the expenses linked to maintaining and managing these accounts, and imposing specific fees if the minimum balance is not upheld.

Indian banks need to quell a looming threat as savers flock to stocks

Bank deposit rates: Indian banks reported a brief surge in deposit growth over credit offtake as of mid-July 2024. Despite this, banks are facing a growing challenge as urban savers increasingly opt for higher-yield investments like mutual funds and stocks. HDFC Bank's Managing Director highlighted this trend, expressing concerns over the stability and growth prospects of bank deposits.

Airtel Payments Bank Q1 net profit rises 41pc to Rs 7.2 crore as revenue hits milestone

"During the quarter, the Bank's Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53 per cent year-on-year to Rs 2,943 crore," it said.

Mexican fintech Stori to broaden offerings with fresh $212 million funding

The funding round for the unicorn - a term for a startup with a valuation of more than $1 billion - comes in the form of $105 million in capital and $107 million in debt, Stori said in a release.

DBS Bank India launches exclusive banking program for senior citizens

DBS Bank India introduced ‘DBS Golden Circle’, a priority banking initiative for senior citizens, providing attractive interest rates on savings and fixed deposits, cyber insurance, and several other benefits. The program aims to secure income in old age, offering flexibility in accessing funds and enhancing the overall banking experience for those aged 60 and above.

State Bank of India forms a team of 2,000 bankers to attract the rich clients

State Bank of India, the largest lender in the country, made a renewed push into wealth management. By deploying 2,000 executives as relationship managers and focusing on smaller companies, SBI aimed to capture a share of the growing wealth. The bank also reported a slight profit increase for the quarter, exceeding market expectations.

Govt to allow up to 4 nominees per deposit account

On Friday, the Union Cabinet approved several amendments to banking laws aimed at addressing unclaimed deposits and improving customer ease. Key changes include increasing the number of nominees per deposit account to up to four and introducing "successive and simultaneous" nominations, which will help joint account holders and heirs access funds after an account holder's death.

Suryoday Small Finance Bank Q1 Results: Profit jumps 46% to Rs 93 crore

Suryoday Small Finance Bank reported a 46% jump in net profit for the June quarter at Rs 92.7 crore over Rs 63.4 crore in the year ago period. Its operating profit was 23% higher at Rs 144 crore against Rs 117 crore.

Tuck away, depositors

Banks are ramping up their blockbuster deposit schemes to bolster their deposit bases in response to heightened credit growth rates, amidst recent tax changes stemming from the budget. Households are realigning their investment choices, as bank deposit interest rates now rank low in post-tax efficiency. These schemes aim to engage 'silent' depositors despite the challenging landscape.

FD rate up to 8.6%: This private bank revises interest rates on fixed deposits

RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 3 crore. The revised FD interest rates are effective from July 29, 2024. The bank has also revised savings account interest rates, and the new rates are effective July 1, 2024.

Indian Bank Q1 Results: Net profit soars 41% to Rs 2,403 crore, NII up 8%

State-owned Indian Bank reported 41% year-on-year jump in net profit for the June quarter at Rs 2403 crore against Rs 1709 crorein the year ago period, helped by a fall in total provisions.

Changing customer behaviour forces India's banks to recalibrate strategies

Banks are having to respond to the changing landscape by employing various strategies to maintain and grow their deposit bases, even as customers increasingly shift their funds towards investment avenues.

Apart from Post Office, you can open Mahila Samman Savings Scheme account only with these banks: Check full list

Mahila Samman Savings scheme: The Mahila Samman Savings Certificate, 2023, is a special small savings scheme offered by the Government of India exclusively designed for women investors. It is a one-time scheme that will be available for a period of two years, from April 2023 to March 2025.

Idle money in savings bank account? 5 ways to invest and ensure liquidity

Savings account interest rate up to 7.25%: Post office savings account vs SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank

Savings account interest rates: Compare the interest rates of savings accounts at Post Office, SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, and IDFC FIRST Bank to find the highest rate.

Don't let idle money sit in bank savings account: Here's how you should invest instead

Investors often end up keeping funds idle in their bank savings accounts as crucial factors of liquidity and risk play on their minds. Here are some smart ways to utilise idle funds lying in the bank accounts while ensuring liquidity and relatively low risk.

Bank of Maharashtra logs 19% loan growth in April-June

Bank of Maharashtra reported a 19% growth in credit to Rs 2.09 lakh crore for the April-June quarter, with outstanding credit at Rs 1.75 lakh crore. Total deposits increased by 9.44% to Rs 2.67 lakh crore, with Current Accounts and Savings Accounts declining to 49.86%. Credit Deposit ratio increased to 78.18%.