Irdas draft norms for insurers to hedge interest rate risks

AMFI extends free registration schemes till September

New Delhi: Association of Mutual Funds in India has extended the free registration schemes for a new cadre of distributors which includes senior citizens and retired teachers by three months till September. The earlier deadline was June 30,according to information available with the AMFI. AMFI had made the registration fees zero from February 1 this year. The initiative is aimed at enlarging distribution network and attracting new cadre of distributors or Independent Financial Advisors for selling mutual fund products.

No plan to trim saving deposit rate from 6: Kotak Mahindra Bank

Mumbai: Kotak Mahindra Bank is unlikely to reduce its savings bank deposit rate this fiscal,a top official said. We will maintain the 6 per cent rate for some time. We have no plans to change the rate this fiscal, president for consumer banking KVS Manian said on the sidelines of a bank event here. He said the bank has more than doubled its savings account base over the last 18 months,ever since the Reserve Bank of India deregulated interest rates on the product helping it tap into the market with an aggressive offering. As against the 4 per cent given by the most others,Kotak offers 6 per cent per annum on a savings account with a balance of over Rs 1 lakh and 5.5 per cent for deposits under Rs 1 lakh,Manian said. pti