Indian Bank hikes interest rates
Indian Bank has hiked the interest rates on deposits up to Rs 5 crore with maturity of two years and above by 50 bps to 7.75% (7.25% earlier). The bank has launched two new fixed maturity deposit products,Indouble and Indouble Senior. Indouble doubles the amount in 108 months and Indouble Senior meant for senior citizens doubles the amount in 100 months.
Dhanlaxmi Bank ups deposit rates
Following the larger players,Thrissur-based lender Dhanlaxmi Bank on Thursday announced a 25-75 basis points hike in its deposit rates on all tenures up to Rs 1 crore from Friday,but left its lending rates unchanged. As part of its efforts to attract more retail liability base,the bank has also announced the launch of a new term deposit scheme with a 250-day maturity.
State Bank of Patiala revises rates
State Bank of Patiala has revised interest rates on its domestic term deposits by 25 to 125 bps. The associate bank of SBI group said it has created a new slab of 555 days with a rate of 7.50%. For deposit of one year to 554 days & 556 days to two years,the bank is offering 7.25% a year. Senior citizens will continue to get an additional rate of interest of 0.5% for deposits of over one year.
SBBJ raises deposits rate by 25-50 bps
State Bank of Bikaner & Jaipur on Thursday said it will raise interest rates on domestic term deposits by 25-50 basis points from August 20. The bank said it will also hike its benchmark prime lending rate by 50 bps to 12.75%. The bank will accept domestic term deposits across maturities at 3.50-7.75% from Friday.
Reliance Lifes total premium up 33%
Reliance Life Insurance Company,part of Reliance Capital,has witnessed a 33% growth in its total premium to Rs 1,201 crore for the first quarter of the current fiscal as compared to Rs 902 crore in the corresponding period a year earlier.
The company’s new business premium grew 20% to Rs 605 crore for the reporting period.