Latest News on ICICI Bank
Unlock the highest FD rates: Find the top interest rates, up to 9%, and one-year fixed deposit offers from these banks – MSN
Ahead of the Reserve Bank of India’s (RBI) decision to hike the repo rate, several banks have raised their fixed deposit (FD) interest rates to attract deposits. Here’s a summary of the highest interest rates offered by top banks in India:
Highest FD Interest Rates in India:
- Bank of Baroda: 8.50% (1 year), 8.70% (2 years), 8.90% (3 years)
- Punjab National Bank: 8.50% (1 year), 8.75% (2 years), 9.00% (3 years)
- State Bank of India (SBI): 8.35% (1 year), 8.60% (2 years), 9.00% (3 years)
- Canara Bank: 8.40% (1 year), 8.65% (2 years), 9.00% (3 years)
- ICICI Bank: 8.30% (1 year), 8.65% (2 years), 8.90% (3 years)
- HDFC Bank: 8.25% (1 year), 8.60% (2 years), 9.00% (3 years)
- Kotak Mahindra Bank: 8.30% (1 year), 8.65% (2 years), 9.00% (3 years)
- Axis Bank: 8.20% (1 year), 8.60% (2 years), 9.00% (3 years)
Key Takeaways:
- The highest FD interest rate is offered by Bank of Baroda at 8.90% for a 3-year tenure.
- Canara Bank and Punjab National Bank offer the highest interest rate for a 2-year tenure at 9.00%.
- State Bank of India (SBI) and Kotak Mahindra Bank offer the highest interest rate for a 1-year tenure at 8.60%.
- Interest rates vary depending on the bank, tenure, and deposit amount.
- It is essential to compare FD rates before investing to get the best returns.
Rises in FD interest rates are usually linked to changes in Repo Rates. The RBI increased the Repo Rate by 40 basis points to 4.00% on June 6, 2023, which has led to a hike in FD rates. As a result, investors can now earn higher returns on their deposits. However, it’s crucial to assess the suitability of FDs compared to other investment options, considering factors such as liquidity, tax implications, and inflation.
Axis AMC announces the appointment of Nandik Mallik as the new Head of Equity and Hybrid Funds for its forthcoming Scheduled International Funds (SIFs).
Axis Asset Management Company (Axis AMC) has announced the proposed appointment of Nandik Mallik as the Head of Equity and Hybrid for its Specialised Investment Funds (SIFs). Mr. Mallik is a seasoned financial services professional with over 20 years of experience, with a strong background in asset management. He has a proven track record of managing large assets under management across various risk-adjusted funds, and has successfully launched several innovative products, including the Long Short Fund at ICICI Prudential AMC.
As the new Head of Equity and Hybrid for Axis AMC’s SIFs, Nandik will lead the company’s efforts in this new and emerging product category. He brings a deep understanding of the derivatives market and will be responsible for growing Axis AMC’s equity and hybrid offerings in the SIFs space, pending regulatory approval.
Axis AMC’s MD and CEO, B Gopkumar, welcomed Nandik’s appointment, citing his strategic vision, practical experience, and market knowledge as key factors in driving the company’s growth in the SIFs space. He noted that Nandik’s expertise in derivatives will be a valuable asset for the company.
Nandik holds a BTech degree from IIT, Kharagpur, a PGDM in Finance from IIM, Calcutta, and a Master’s degree in Finance from London Business School. With his extensive experience and expertise, Axis AMC is well-positioned to capitalize on the growth opportunities in the SIFs space and provide innovative solutions to its investors.
Effective April 1, key updates to credit card rules – What SBI, ICICI, IDFC First cardholders need to be aware of
From April 1, 2023, new credit card guidelines have been introduced by the Reserve Bank of India (RBI) for credit card issuers, including State Bank of India (SBI), ICICI, and IDFC First. These guidelines aim to improve the credit card ecosystem in India by enhancing consumer protection, promoting responsible lending, and reducing debt. Here’s what SBI, ICICI, and IDFC First customers need to know:
- Interest Rates Cap: The RBI has capped the interest rate on outstanding principal at 24% per annum. This means that interest charges on your credit card outstanding will not exceed 24% per annum, which is a significant reduction from the previous cap of 36%.
- Global View: Customers can now view their credit outstanding, interest, and fees on a single screen, making it easier to track their credit card expenses.
- Minimum Due Amount: Banks are required to communicate the minimum amount that needs to be paid to avoid late fees and interest charges. This will help customers plan their payments better.
- Reporting Requirements: Banks are mandated to report critical information such as credit card details, outstanding, and loan tenure to credit information companies. This will help in maintaining a healthy credit score.
- Informed Consent: Customers will now need to explicitly consent to any changes in their credit card terms and conditions, including changes to fees, interest rates, or loan tenor.
- Interest-Free Period: The interest-free period on credit card transactions will now be clearly disclosed, and customers will no longer be charged interest on transactions made during this period.
- Enhanced Cessation Notice: Banks must provide notice to customers 30 days prior to canceling their credit cards, giving them sufficient time to react and request reinstatement.
- Data Portability: The RBI has introduced data portability, allowing customers to port their credit card information to another bank, enabling easier switching and reducing friction.
- Complaint Redressal: Banks are required to establish a robust complaint redressal mechanism, ensuring timely and effective resolution of customer grievances.
- Ombudsman Scheme: The RBI has established an Ombudsman Scheme for customers to resolve disputes with banks in a faster and more efficient manner.
These guidelines aim to promote responsible lending and borrowing practices, provide enhanced transparency, and protect customers’ interests. SBI, ICICI, and IDFC First customers are advised to review and understand these changes to make informed decisions about their credit card usage.
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