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Make the most of your funds with FD! Utkarsh SFB and three other banks are currently offering attractive annual returns of up to 9.5%. Learn more about the details here.

The article highlights three Indian banks, including Utkarsh Small Finance Bank (SFB), that are offering attractive annual returns ranging from 8% to 9.5%. This is a great opportunity for investors to earn higher returns on their fixed deposits (FDs). Here’s a summary of the details:

  1. Utkarsh Small Finance Bank: Utkarsh SFB is offering an annual return of 9.5% for deposits of INR 50,000 to INR 1 crore with a tenure of 456 days.
  2. RBL Bank: RBL Bank is offering an annual return of 9.2% for deposits of INR 50,000 to INR 2 crore with a tenure of 1-5 years.
  3. Federal Bank: Federal Bank is offering an annual return of 8.5% for deposits of INR 50,000 to INR 1 crore with a tenure of 1-5 years.

To be eligible for these high-yield FDs, investors need to meet certain conditions, such as:

  • Senior citizens: 65 years old or above
  • Non-individuals: Corporates, partnerships, Limited Liability Partnerships (LLPs), and Non-Resident Indians (NRIs)

The interest rates offered by these banks are based on the quarterly rate of increase in the benchmark PMFL (Prime Lending Rate) and are subject to change.

Investors can enjoy additional benefits, such as:

  • Liquidity: FDs are a low-risk savings instrument with principle protection
  • Returns: Higher returns than traditional saving accounts or regular recurring deposits
  • Tax benefits: Interest earned on FDs is tax-free up to INR 40,000 for senior citizens and up to INR 1.5 lakh for others

This is a great opportunity for investors to earn higher returns on their FDs. However, it’s essential to review the terms and conditions, interest rates, and other factors before making an investment decision.

In a unique collaboration, RBL Bank partners with chess grandmaster D. Gukesh to promote financial expertise through its latest campaign.

RBL Bank has launched a new campaign featuring World Chess Champion D. Gukesh, highlighting the connection between chess and financial planning. The campaign showcases how strategic thinking, like in chess, can lead to long-term financial success and security. In the advertisement, Gukesh demonstrates how the principles of strategy that made him a world-class chess player can be applied to financial planning. He guides viewers through the process of making bold, informed financial decisions with RBL Bank’s expertise and personalized solutions.

The campaign emphasizes the importance of making informed financial decisions, much like making calculated moves in chess. It encourages individuals to take charge of their finances and emphasizes the value of careful planning, smart choices, and guidance from a trusted financial institution. The campaign targets individuals seeking a strategic partner in their financial journey, highlighting RBL Bank’s commitment to providing the necessary tools and expertise to secure their future. The campaign encourages viewers to think strategically about their financial decisions and to consider RBL Bank as a trusted advisor in their financial journey.

Unlock high-yield returns: Top banks are offering FD rates of 8-9%, don’t miss out on the details!

The Reserve Bank of India has recently cut the repo rate by 0.25%, leading experts to believe that banks will reduce interest rates on fixed deposits (FDs). As a result, investors have limited time to take advantage of higher returns on FDs before banks start reducing their interest rates. Small Finance Banks are currently offering the highest interest rates on FDs, with Unity Small Finance Bank and Northeast Small Finance Bank offering 9% interest on certain term deposits. Private sector banks such as Bandhan Bank and RBL Bank are also offering interest rates above 8%, while foreign banks like Deutsche Bank are offering 8% interest on certain term deposits.

Public sector banks, on the other hand, are offering lower interest rates, ranging from 7.30% to 7.50%. Small Finance Banks are offering higher interest rates on longer-term deposits, with some offering up to 9% interest on deposits ranging from 1 year to 5 years. Private sector banks are offering higher interest rates on shorter-term deposits, with some offering up to 8% interest on deposits ranging from 1 year to 18 months.

Investors looking for good returns while keeping their money safe may want to consider FD schemes offered by Small Finance Banks, private sector banks, and foreign banks. However, it’s essential to read the terms and conditions of each bank and choose the right option according to individual needs. With the repo rate cut, it’s likely that interest rates on FDs will continue to decline, making it essential for investors to act quickly to take advantage of higher returns.

RBL Bank and Zomato Seperate Ways, Ending Co-branded Credit Card Venture

Here is a 400-word summary of the article:

Food delivery and social networking platform Zomato has ended its partnership with RBL Bank for co-branded credit cards. The move comes after a three-year partnership between the two companies, which launched a co-branded credit card in 2019.

The Zomato-RBL Bank credit card was designed to offer users benefits such as cashback, discounts, and exclusive offers on Zomato orders. The card was specifically tailored for food enthusiasts, with rewards points redemption options and rewards on transactions at Zomato-partnered restaurants.

The partnership aimed to expand the reach of RBL Bank’s credit card offerings and tap into Zomato’s vast user base. However, the partnership did not quite meet the expectations, and Zomato has decided to end the association. The exact reasons for the termination remain unclear, but industry insiders suggest that the partnership faced challenges in terms of customer adoption and usage.

The decision to end the partnership is seen as a strategic shift for Zomato, which is focusing on its core business of food delivery and social dining. The company is likely to explore new partnerships to drive its growth and user engagement. In the meantime, existing cardholders will continue to enjoy the benefits of the Zomato-RBL Bank credit card, with the option to continue using it or opt-out of the program.

The news marks a significant change in the fintech landscape, as partnerships between technology companies and banks continue to evolve. The collaboration between Zomato and RBL Bank aimed to create a seamless experience for customers, but ultimately, the partnership did not yield the desired results. The end of the partnership may force companies to reassess their strategies for successfully integrating technology and financial services.

In conclusion, the termination of the Zomato-RBL Bank credit card partnership highlights the importance of effective partnerships in the fintech space. As the competitive landscape continues to evolve, companies must adapt and innovate to meet the needs of their customers, and partnerships must be designed with a clear understanding of the benefits and challenges involved.

Piramal Finance partners with RBL Bank to offer co-lending arrangements.

RBL Bank, a private sector lender, has entered into a co-lending partnership with Piramal Finance, a subsidiary of Piramal Enterprises, to provide loans to middle- and low-income borrowers in rural and semi-urban areas across India. This collaboration combines RBL Bank’s financial expertise with Piramal Finance’s technology-enabled loan processing system, “High Tech + High Touch”. This is Piramal Finance’s third co-lending partnership, following similar agreements with Axis Bank and Central Bank of India.

The co-lending model, initiated by the Reserve Bank of India (RBI), aims to scale credit flow to underprivileged sectors by facilitating collaboration between banks and non-banking financial companies (NBFCs). By combining their strengths, RBL Bank and Piramal Finance plan to offer loans personalized to meet the needs of micro, small, and medium-sized enterprises (MSMEs) and home loan borrowers in underserved regions.

The partnership focuses on addressing the credit gap in Tier 2 and Tier 3 markets, with a goal of providing formal credit access and competitive interest rates. RBL Bank and Piramal Finance will leverage their combined customer reach, underwriting practices, and credit assessment tools to achieve this aim. This collaboration advances RBL Bank’s commitment to financial inclusion across the region, and the companies are set to create a significant impact in the market. Overall, this partnership has the potential to bring affordable credit to those who need it most, helping to bridge the financial divide and stimulate economic growth.

Scammers are persistently targeting Royal Bank of Louisiana (RBL) customers, highlighting the need for heightened vigilance to protect personal and commercial accounts.

Republic Bank Limited (RBL) has warned its customers about a persistent threat of fraudsters attempting to deceive them into revealing their personal banking information. The fraudsters are using suspicious websites, email addresses, and telephone numbers to trick customers into divulging their sensitive details. To alert its customers, RBL has posted a notice on its social media pages, listing nine numbers associated with these fraudulent activities. Additionally, the bank has made a detailed list of the URLs, email addresses, and numbers available on its website for customers to check.

To protect themselves from these phishing attempts, RBL urged customers to be cautious of unsolicited emails, SMS/Text messages, and telephone calls asking for personal information or verification of existing account details. The bank emphasized that no employee would ever contact customers asking for sensitive information such as PIN or account numbers, and customers should report any such occurrences to the bank immediately.

Furthermore, RBL advised against opening suspicious emails and clicking on associated links, as this can compromise their system’s security. The bank is urging customers to remain vigilant and report any suspicious activity to help prevent these fraudulent attempts. By staying informed and taking proactive measures, customers can better protect themselves from these scams and ensure the safety of their financial information.

FD Rates: Top banks are offering the highest returns on 400-day fixed deposits – find out where to invest your money for maximum yield.

Here is a summary of the content in 400 words:

In India, fixed deposit (FD) interest rates vary across different banks, depending on the deposit amount, period, and age of the depositor. Private sector banks typically offer higher interest rates for shorter periods. This article highlights various FD schemes from public sector banks, private sector banks, and some individual banks.

Among public sector banks, the Central Bank of India offers the highest interest rate of 7.50% for FDs of 1111 and 3333 days. Punjab & Sind Bank and Bank of Maharashtra also offer high interest rates of 7.45% for 555 days and 366 days, respectively.

Among private sector banks, DCB Bank offers the highest interest rate of 8.05% for FDs of 19-20 months. RBL Bank and IndusInd Bank also offer competitive rates of 8% for 500 days and 7.99% for FDs of 1 year 5 months to 1 year 6 months, respectively. HDFC Bank, ICICI Bank, and YES Bank offer lower interest rates ranging from 7.40% to 7.75% for different periods.

State Bank of India (SBI) offers a maximum rate of 7.25% for 444 days under its Amrit Vrishti scheme. Other public sector banks, such as Bank of Baroda, Bank of India, and Union Bank of India, offer lower interest rates ranging from 6.50% to 7.30% for different periods.

In conclusion, fixed deposit rates in India vary widely depending on the bank, deposit period, and deposit amount. Individuals should research and compare the rates offered by different banks to choose the best FD scheme that suits their financial goals and needs.

Piramal Finance and RBL Bank Partner to Provide Loans to Rural India

RBL Bank, a leading private sector bank in India, and Piramal Capital and Housing Finance Limited (PCHFL), a subsidiary of Piramal Enterprises Limited, have formed a strategic partnership under their co-lending business. The partnership aims to provide loans to middle and low-income borrowers, with a focus on rural and semi-urban regions. RBL Bank’s financial expertise and extensive network of 2000+ touchpoints will be combined with PCHFL’s cutting-edge loan processing technology, “High Tech + High Touch”, which includes an expansive network of 508 branches across 13,000 pin codes, serving 1.3 million active customers in 26 states.

The collaboration will address the credit gap for MSMEs and home loan borrowers, leveraging the combined customer reach, rigorous underwriting practices, and sophisticated credit assessment tools of both lenders. The partnership plans to offer competitive interest rates and tailored credit solutions in Tier 2 and Tier 3 markets. Jairam Sridharan, Managing Director of PCHFL, expressed his enthusiasm for the partnership, stating that it is a significant step towards boosting financial inclusion by combining strengths to extend formal credit access and empower individuals and businesses in underserved markets. The goal is to drive economic growth, foster opportunities, and help customers across India fulfill their aspirations through formal financial support.

Senior citizens take note: Interest rates for you have been updated by these banks, check the new rates now

Many major Indian banks, including State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Union Bank of India, and RBL Bank, have introduced new fixed deposit (FD) schemes for super senior citizens aged 80 and above. As per the Income Tax Act, residents aged 80 years or above are considered super senior citizens. This age group is entitled to higher returns on FDs than senior citizens above 60 years.

SBI has launched a special FD scheme called ‘SBI Patrons’ for super senior citizens, offering 10 basis points (bps) higher interest rates than the current rates. SBI offers the highest interest rate of 7.60% on super senior citizen FDs for tenures of 2 years to less than 3 years and 5 years to 10 years.

PNB offers a maximum interest rate of 8.10% for super senior citizens for a tenure of 400 days, with an additional 80 bps interest rate benefit over the applicable card rate. Indian Bank is offering 25 bps higher interest rate to super senior citizens than senior citizens, with its ‘IND SUPER 400 DAYS’ scheme offering 8.05% for super senior citizens.

RBL Bank is offering 0.25% higher interest on FDs to super senior citizens than senior citizens, with the highest interest rate of up to 8.75% on 500 days FD for super senior citizens. Union Bank of India is offering an additional interest rate of 0.50% over the normal rate for resident senior citizens, with a bonus 0.25% higher rate for resident super senior citizens.

These new FD schemes are available to existing and new customers, and the interest rates are valid until March 31, 2025. Super senior citizens can consider these schemes to earn higher returns on their fixed deposits, making them a great option for those looking to maximize their returns in a relatively low-risk investment.

How to cancel or close an RBL credit card: Three easy methods

RBL Bank offers credit cards that provide rewards and cashbacks on daily transactions and favorite brands. While credit cards can be beneficial, they can also be habit-forming and lead to unplanned spending, resulting in debt. If you’re considering closing your RBL credit card, there are three ways to do so: contacting the customer care helpline, visiting a branch, or submitting a formal letter. Before closing the account, it’s essential to clear outstanding dues, redeem reward points, and cancel automatic payments.

Additionally, it’s crucial to consider the potential impact on your credit score, which may temporarily dip after closing the card. However, making timely repayments in the future can help improve your credit score. To avoid financial constraints, it’s recommended to be mindful of spending habits and avoid keeping too many credit cards.

In conclusion, credit cards can be a useful tool for managing expenses and earning rewards, but it’s essential to use them responsibly and be aware of the potential risks. By being mindful of spending habits and making timely repayments, individuals can enjoy the benefits of credit cards while also improving their credit score.

RBL Bank Reports Staggering 86% Decline in Q3 Profit Amidst Difficulty in Managing Microfinance Loan Portfolio

RBL Bank, a private sector lender in India, has reported a significant decline in its net profit for the third quarter (Q3) of the current financial year. The bank’s net profit has slumped by 86% to ₹64 crore (approximately $8.3 million) from ₹467 crore (approximately $61.5 million) in the same period last year. This steep decline is primarily attributed to the challenges faced by the bank’s microfinance loan portfolio.

The microfinance segment, which is a significant contributor to RBL Bank’s revenue, has been under pressure due to the Reserve Bank of India’s (RBI) new norms and regulations introduced in August 2020. The RBI has imposed stricter lending norms and reduced the permissible limits for microfinance institutions (MFIs) to reduce their vulnerability to the economic downturn. These regulations have led to a decline in disbursements and growth in the microfinance segment, resulting in higher provisioning and slippages for RBL Bank.

In addition to the regulatory challenges, RBL Bank has also been facing difficulties in collecting dues from its microfinance borrowers. The bank has reported a significant increase in non-performing assets (NPAs) in its microfinance portfolio, which has resulted in higher provisioning and a decline in profitability.

The bank’s overall asset quality has also deteriorated, with the gross NPA ratio increasing to 4.44% from 3.44% in the same period last year. The bank’s net interest margin (NIM) has also declined to 4.21% from 4.56% due to the increased competition in the market and the rise in interest rates.

Despite these challenges, RBL Bank’s management remains optimistic about the bank’s prospects. The bank’s CEO, Vishwavir Ahuja, stated that the bank is taking steps to strengthen its microfinance portfolio and improve its asset quality. The bank is also exploring opportunities to diversify its lending business and reduce its dependence on the microfinance segment.

Overall, RBL Bank’s Q3 results are a reflection of the challenges faced by the microfinance industry in India. The industry is going through a significant transformation, and banks like RBL Bank are taking steps to adapt to the new regulatory environment and improve their risk management practices.

Kotak’s pain from RBL’s microfinance defaults

Private banks in India are facing challenges in the microfinance segment, with Kotak Bank and RBL Bank reporting higher defaults in this area. Kotak Bank’s consolidated net profit for the quarter ended December 2024 increased by 10% to Rs 4,701 crore, while its standalone net profit rose by 10% to Rs 3,305 crore. However, its microfinance arm, BSS, reported a loss of Rs 50 crore, compared to a profit of Rs 104 crore in the same quarter last year.

RBL Bank’s net profit declined by 86% to Rs 33 crore, primarily due to a significant increase in provisions for the quarter, which jumped twofold to Rs 1,180 crore. This was largely driven by an additional Rs 414 crore provision for joint liability group loans (JLG), which are micro advances made to borrowers as a group.

Kotak Bank’s Managing Director and CEO, Ashok Vaswani, attributed the asset quality issues in the microfinance segment to an industry-level problem, stating that the rate of deterioration has slowed down and is expected to plateau and decline in the next two to three quarters. This sentiment was echoed by other banks in the sector, with IndusInd Bank recently selling Rs 1,573 crore of non-performing microfinance retail loans due to mounting stress in the sector.

The challenges faced by private banks in the microfinance segment are a result of the sector’s inherent vulnerabilities, including high interest rates, lack of regulation, and borrower defaults. As the industry continues to grapple with these issues, it remains to be seen how private banks will navigate this challenging environment and maintain their profitability.

RBL Bank’s Q3 results show a significant 86% decline in net profit to Rs 33 crore, amidst an improvement in asset quality.

RBL Bank, one of India’s fastest-growing private sector banks, has reported a significant decline in its net profit for the quarter ended December 31, 2022. According to the bank’s quarterly results, the net profit has dropped by 86% to Rs 33 crore (approximately $4.2 million) compared to the same period last year.

Despite the decline in net profit, the bank has reported an improvement in its asset quality. The gross non-performing assets (NPAs) ratio has reduced to 2.34% as of December 31, 2022, from 2.64% in the previous quarter. The net NPAs ratio has also improved to 1.12% from 1.37% in the previous quarter.

The bank’s total income has decreased by 13.1% to Rs 2,334 crore (approximately $298 million) compared to the same period last year. The decline in income is mainly attributed to a decrease in net interest income and other income.

The net interest income, which is the difference between interest earned and interest expended, has decreased by 15.5% to Rs 1,643 crore (approximately $208 million) compared to the same period last year. The net interest margin has also decreased to 4.44% from 4.54% in the previous year.

The bank’s provisions and contingencies have increased by 25.8% to Rs 344 crore (approximately $43 million) compared to the same period last year. The bank has made provisions for bad loans and also set aside some amount for possible future losses.

The bank’s total assets have increased by 9.1% to Rs 2,36,444 crore (approximately $30 billion) compared to the same period last year. The bank’s capital adequacy ratio has also improved to 17.34% from 16.54% in the previous year.

RBL Bank has reported a significant decline in its net profit due to various reasons including a decrease in net interest income, an increase in provisions and contingencies, and a decline in other income. However, the bank has reported an improvement in its asset quality, which is a positive sign. The bank’s capital adequacy ratio has also improved, indicating its ability to withstand potential shocks.