Yes Bank has launched its XLrate savings account which is a “smart savings account” that automatically transfers balance above Rs 1 lakh from the savings account to a fixed deposit (FD) for one year, offering a higher interest on the surplus fund.This newly launched saving account aims to cater to customers looking for higher returns. XLrate saving account also offers a higher interest rate of 5% on the balance below Rs 1 lakh while the balance above Rs 1 lakh will earn an interest rate of 7.25% p.a. The amount transferred into an FD will have to bear a minimum Rs 25,000.For the case of balance falling below the minimum amount of Rs 25,000, “the shortfall is adjusted from the FD linked of that savings account” with only the amount of shortfall actually needed is transferred from FD to savings account and the remaining amount continues to earn higher FD interest.In addition to the benefits of the XLrate savings account, and will offer free complimentary family … [Read more...] about Yes Bank attempts to woo depositors with higher interest rates
Harris bank refinance rates
Despite the raging slowdown, Axis Bank doesn’t believe in going slow.The bank aims to open 550 branches in fiscal 2020 and has added 12,000 employees, which resulted in an increase in the opex run-rate.Powered by retail loans, the bank reported an in-line operating performance in the third quarter with 4.5% rise net profit to Rs 1,760 crore, 15% year on year increase in net interest income to Rs 640 crore and margin expansion of 6bp quarter on quarter to 3.6%.Slippages riseHowever, with aggressive lending, the slippages rose too.Slippages from the loan book were at Rs 5,124 crore and that from investment exposures stood at Rs 1,090 crore.According to the bank, recoveries and upgrades from NPAs during the quarter stood at Rs 2,422 crore, while write-offs were at Rs 2,790 crore.Consequently, net slippages (before write-offs) for the quarter stood at Rs 3,792 crore as compared to Rs 2,124 crore in the corresponding quarter of the last fiscal.The bank expects a few recoveries in the … [Read more...] about Axis Bank adds 12,000 employees, aims to open 550 branches
NEW DELHI: The biggest and most important financial decision of your life is buying a house of your own. Once you have finalised the home that you want you buy, the next important step is to identify the bank that will provide you loan for its purchase. Eligibility criteria, interest rates, processing fee and other factors need to be looked upon while choosing a bank for a home loan. You can start the search for a bank that can provide you best home loan by considering the following important factors: Loan amount and eligibility: It is the monthly income of an individual on the basis of which amount of the loan is decided. Also, the loan amount is decided on the basis of the value of the property. The loan amount granted is 80% - 90% of the property's value. The rate of interest: The EMI and interest outflow depends upon the rate of interest on the home loan. Research in the market before you finalize the bank from which you take the loan. Try to get the lowest interest rate on the … [Read more...] about How to choose a bank for a home loan?
NEW DELHI: Nifty futures on the Singapore Exchange traded 4 points, or 0.03 per cent, higher at 12,144, indicating a flat start for Dalal Street. HDFC Life, Nippon Life: HDFC Life Insurance Company, Biocon, Canara Bank, PNB Housing, Oriental Bank, Nippon Life Asset Management, JM FInancial and Cholamandalam Investment are some of the companies which will report Q3 earnings today. Larsen & Toubro: Notwithstanding the challenges in project execution in the domestic market, engineering major Larsen & Toubro (L&T) on Wednesday reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019, helped by higher revenues from international contracts. YES Bank: State Bank of India's chairman Rajnish Kumar said YES Bank ‘will not be allowed to fail.’ Kumar told Bloomberg that he’s certain “some solutions will emerge” to steady Yes Bank , which has been on a prolonged quest to raise new capital. Axis … [Read more...] about Stocks in the news: Axis Bank, L&T, YES Bank, Adani Gas, RBL Bank, Cipla, ITI and Asian Paints
The Union Budget is scheduled to be presented on February 1st and India Inc is considerably anxious. The budget is expected to provide relief to the economy and the industry is ready with its wish list. Brickwork Ratings (BWR), a credit rating agency in India reveals their budget expectations in a report dated January 22nd, 2020. The government’s tax revenue has been severely impacted due to lower economic growth and a corporate tax cut and government finances are now under pressure. The rating agency provided sector specific expectations and expects the budget to provide a boost to investments and savings.With respect to the banking sector, BWR does not expect any additional funding from the government for Public Sector Banks (PSBs) as the capital adequacy ratios are above regulatory requirement, but does expect the current PSB amalgamation to stabilise.Corporate governance issues have engulfed the market and BWR believes the government should address the issue. One other aspect … [Read more...] about Fresh capital infusion unlikely: Brickwork Ratings