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Tag: SBI

  • SEBI Clears NSDL IPO; IDBI Bank, SBI To Sell Stakes In OFS | Economy News

    Mumbai: The Securities Exchange Board of India (SEBI) has cleared the initial public offering (IPO) of India’s largest depository, the National Securities Depository Ltd (NSDL). 

    The market watchdog issued an observation on Sept 30, for the company’s public offering. In SEBI’s parlance, obtaining the observation letter means its go-ahead to float the public issue.

    The issue of the Mumbai-based securities depository will consist only of an offer for sale component.

    According to a draft red herring prospectus (DRHP) filed by NSDL on July 7, 2023, the depository will sell up to 5.72 crore shares through the issue of equity shares with a face value of Rs 2.

    The IDBI Bank which holds a nearly 26 per cent stake in NDSL, will sell up to 2.22 crore shares, while the NSE which has a 24 per cent stake in the depository firm, will sell up to 1.8 crore shares in the IPO.

    The State Bank of India (SBI), the Union Bank of India (UBI), and the Canara Bank hold 5 per cent, 2.8 per cent and 2.3 per cent stakes in the company, respectively. The UBI will sell 56.2 lakh shares, and the SBI, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 40 lakh and 34 lakh shares in the OFS, respectively.

    The HDFC Bank holds an 8.95 per cent stake in the NSDL and the private lender will sell a 2 per cent stake in the company.

    The National Securities Depository Ltd. is the largest depository in India, as of March 31, 2023, measured by the number of issuers, active instruments, market share in demat settlement volume, and the value of assets held under custody. In November 1996, NSDL became the pioneer of securities dematerialisation in India following the implementation of the Depositories Act.

  • THESE 5 Special FD Schemes With High Interest Rates Are Ending On September 30, SBI FD In The List | Personal Finance News

    New Delhi: The deadline for Special Fixed Deposit (FD) Schemes of several banks –State Bank Of India, IDBI and Indian Bank, Punjab and Sindh Bank will come to an end on September 30. Interested senior citizen investors can put their money in the schemes to earn a higher interest rate on FD policies. 

    Banks had earlier introduced the scheme for a select period to provide senior citizens and regular customers with a chance to get better returns on their investments. However, Banks later revised the deadlines a few times, considering demand from public. 

    IDBI Utsav Callable FD (Revised Rates w.e.f. August, 15, 2024)

    Validity is up to September 30, 2024. The interest rate structure is as follows:





    Interest Rate (% p.a.)
     
     




    Special Buckets
    General/NRE/NRO
    Senior Citizens


    300 Days
    7.05
    7.55


    375 Days
    7.25
    7.75


    444 Days
    7.35
    7.85


    700 Days
    7.20
    7.70

    Indian Bank Special FD

    The Deadline for Indian Bank Special Ind Super 300 Days Fixed Deposit scheme is 30 September 2024. The details of the special FD scheme, interest rates are as follows:





    SCHEME
    Special Term Deposit Product “IND SUPREME 300 DAYS “ with fixed maturity tenor of 300 days in the form of FD/MMD.
     
     
     
     



    TARGET CUSTOMERS


    Individual (singly or jointly)
    HUF
    NRI
    Firm (Proprietorship/Partnership), Company, Association, Society, Club in its name.
    Religious, Charitable or Educational Institutions.
    Municipality or Panchayat, Government or Quasi Government Body
    Any other entity not prohibited by RBI.
     
     
     
     


    DEPOSIT AMOUNT
    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.
    Bulk deposits of Rs.3 crore & above are not eligible.


    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.




    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
     
     
     
     


    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.


     
     
     
     


    PERIOD OF DEPOSIT
    300 Days
     
     
     
     


    RATE OF INTEREST
    7.05 % p.a
     
     
     
     
     


    ADDITIONAL INTEREST RATE
     
    Senior Citizen: 0.50 % p.a
    Super Senior Citizen: 0.75 % p.a
    Staff: 1.00% p.a.
    Staff Senior Citizen: 1.50% p.a.
    Staff Super Senior Citizen: 1.75 % p.a
    (Additional interest offered to Senior Citizens & Staff are not applicable for NRO Deposits)
     
     
     
     

    Punjab and Sind Bank Special FD

    Punjab and Sind Bank’s special Fixed Deposit deadline ends on 30 September, 2024. Under the special FD customers get interest rates of up to 7.15% for 333 days.

    SBI AMRIT KALASH FD

    SBI’s Retail Term Deposit ‘AMRIT KALASH’ scheme of 400 days tenor offers @7.10% p.a interest. SBI AMRIT KALASH FD is available up to 30 September 2024. Eligible Deposits are Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore); ii) New and Renewal Deposits and iii) Term Deposit and Special Term Deposit only. Interest rate is 7.10%. Senior Citizens, Staff and Staff Pensioners are eligible for additional interest rate applicable to them.

    SBI Deposit Scheme “SBI WECARE’

    SBI’s Deposit Scheme “SBI WECARE’ is valid till 30 September 2024. The Scheme is available on fresh deposit and renewal of maturing deposits. SBI Wecare Senior Citizen FD Scheme will fetch interest rate of 7.50 percent. Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.

     

  • Nine Of Top 10 Valued Firms Add Rs 95,522 Cr To Market Valuation; Reliance, TCS Lead Gainers | Economy News

    New Delhi: The combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers.

    Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 on Friday. Last week, the BSE benchmark jumped 649.37 points or 0.80 per cent.

    The market capitalisation (Mcap) of Reliance Industries surged by Rs 29,634.27 crore to Rs 20,29,710.68 crore. The valuation of TCS jumped Rs 17,167.83 crore to Rs 16,15,114.27 crore and that of Hindustan Unilever by Rs 15,225.36 crore to Rs 6,61,151.49 crore.

    The Mcap of Bharti Airtel rallied by Rs 12,268.39 crore to Rs 8,57,392.26 crore and that of ICICI Bank by Rs 11,524.92 crore to Rs 8,47,640.11 crore. ITC soared Rs 3,965.14 crore to Rs 6,32,364.24 crore, while State Bank of India added Rs 2,498.89 crore to Rs 7,27,578.99 crore.

    In addition, the valuation of Life Insurance Corporation of India jumped by Rs 1,992.37 crore to Rs 6,71,050.63 crore and that of Infosys by Rs 1,245.64 crore to Rs 7,73,269.13 crore.

    However, the mcap of HDFC Bank plunged by Rs 4,835.34 crore to Rs 12,38,606.19 crore. Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.

  • SBI Q4 Profit Grows 18% To Rs 21,384 Crore | Companies News

    Mumbai: The country’s largest lender SBI on Thursday reported 18.18 per cent growth in March quarter consolidated net profit to Rs 21,384.15 crore as against Rs 18,093.84 crore in the year-ago period.

    On a standalone basis, profit grew to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago, the lender said in a regulatory filing.

    Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs 67,084.67 crore as against Rs 55,648.17 crore in FY23.

    In Q4 FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period’s Rs 29,732 crore.

    The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

    There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.

    The bank scrip was trading 1.81 per cent up at Rs 825.10 on the BSE as against a 1.15 per cent correction on the benchmark.

  • Opportunity To Invest In These SBI Higher Rates FD To Close On March 31: Check Interest Rates, Tenures & More | Personal Finance News

    New Delhi: People want to invest in schemes that can give good returns and are risk-free. Bank FDs have become a popular choice for such investors. Fixed deposits are a lucrative opportunity because they give decent returns and have no risk. To cater to commoners’ investment needs, financial institutions launch different schemes. 

    Following suit, the State Bank of India (SBI) has rolled out two exclusive fixed deposit (FD) schemes tailored to cater to the needs of retail investors, offering attractive interest rates that surpass those of regular FDs. (Also Read: Advance Income Tax Deadline Today: Check What It Is, Who Needs To Pay, & How To Pay)

    Let’s delve into the features of these schemes, compare their interest rates with FDs from other banks, and more. (Also Read: Rajasthan Govt Cuts VAT On Petrol, Diesel; Hikes DA Of Employees By 4%)

    SBI Amrit Kalash Deposit Scheme

    Amrit Kalash Deposit Scheme: Tenure

    The Amrit Kalash deposit scheme presents investors with a unique opportunity, featuring a tenure of 400 days.

    Amrit Kalash Deposit Scheme: Interest Rate For General Investor

    As of March 13, 2024, this FD offers an impressive interest rate of 7.10 percent per annum.

    Amrit Kalash Deposit Scheme; Interest Rate For Senior Citizens

    Senior citizens are in for an even sweeter deal, as they are eligible for an extra 0.5 percent i.e. 7.60 percent per annum on their Amrit Kalash FDs.

    Amrit Kalash Deposit Scheme: How To Make Investment?

    The scheme accommodates both new deposits and renewals of existing ones, with applications accepted through SBI branches, internet banking, or the YONO App.

    Amrit Kalash Deposit Scheme: Loan Facility

    Moreover, depositors can avail themselves of loans against their FDs.

    SBI We-care Deposit Scheme

    The We-care deposit scheme is exclusively designed for senior citizens, aiming to safeguard their income by offering additional interest on term deposits.

    SBI We-care Deposit Scheme: Tenure

    The scheme comes with a minimum tenure of 5 years and a maximum of 10 years.

    SBI We-care Deposit Scheme: Interest Rate

    This FD provides senior citizens with a competitive interest rate of 7.5 percent per annum. In contrast, depositors below the age of 60 receive a lower interest rate of 6.5 percent per annum for FDs of similar tenures.

    SBI We-care Deposit Scheme: Benefits For Senior Citizens

    Senior citizens stand to benefit from an extra interest rate of 1 percent or 100 basis points through the We-care FD.

    SBI We-care Deposit Scheme: How To Make Investment?

    Similar to the Amrit Kalash scheme, the We-care FD allows for new deposits and renewals, with application avenues including SBI branches, internet banking, or the YONO App.

    SBI We-care Deposit Scheme: Loan Facility

    Additionally, depositors have the option to secure loans against their FDs.

    Deadline Of Both Scheme

    Both the Amrit Kalash and We-care deposit schemes are open for investment until March 31, 2024.

  • Want To Invest In Eco-Friendly Schemes? Check Detailed Comparison Of SBI vs BoB Green Rupee Term Deposit | Personal Finance News

    New Delhi: There are many investment avenues in India. But, as the world turns its focus towards environmental sustainability, Indian banks are stepping up their efforts to support green initiatives. State Bank of India (SBI) and Bank of Baroda are among the key players in this movement.

    Both banking giants offer green fixed deposit (FD) facilities to their customers. Here we are decoding the comparison of the green FDs provided by these two prominent banks. (Also Read: Indian CEO Leaves High-Paying Microsoft Job to Pursue Passion for Farming)

    Continue reading to delve deep into the further details. (Also Read: NHAI Revised Banks & NBFC List To Issue FASTags: Check New Authorized Entities Here)

    What Is Green Deposits?

    Green deposits are interest-bearing deposits received by regulated entities, with the funds specifically earmarked for allocation towards green finance, as per the Reserve Bank of India’s notification.

    The circular is dated April 11, 2023. These deposits aim to channel funds towards environmentally sustainable projects.

    RBI Issued FAQs

    The RBI recently released a document addressing various inquiries investors may have regarding green deposits, providing clarity and guidance on the matter.

    Introduction Of SBI And BoB Green Term Deposits

    Bank of Baroda has rolled out the BOB Earth Green Term Deposit Scheme, allowing both existing and new customers to open green deposits at any Bank of Baroda branch across India.

    Meanwhile, the State Bank of India offers the SBI Green Rupee Term Deposit (SGRTD) through its branch network. Additionally, plans are underway to make SGRTD available through digital channels such as YONO and Internet Banking Services (INB).

    SBI vs BoB Green Rupee Term Deposit: Tenors

    SGRTD from SBI provides investors with flexibility, offering three distinct tenors: 1111 days, 1777 days, and 2222 days.

    On the other hand, the BOB Earth Green Term Deposit Scheme introduces innovative tenures including 1 year, 1.5 years, 1111 days, 1717 days, and 2201 days.

    SBI vs BoB Green Rupee Term Deposit: Interest Rates

    According to information available on the SBI website, SGRTD offers interest rates 10 basis points (bps) below the card rate for retail and bulk deposits, varying based on the respective tenor.

  • 65% SHG Members Turn Into Lakhpati Didis As Incomes Triple: SBI Report | Economy News

    New Delhi: The Women’s Self-Help Group (SHG) schemes are turning out to be a huge success in the rural areas resulting in a tripling of incomes with 65 per cent SHG members turning into Lakhpati Didis nationwide, according to an SBI report released on Tuesday.

    The report sees Lakhpati Didis emerging as a game changer by 2026-27 across most states & UTs.

    Highlights of the report:

    ❑ Credit linkage, digital access and targeted policy measures, coupled with an unwavering sense of entrepreneurial spirit have ensured female SHG members accounts witnessing income tripling during FY19-FY24 (credits in accounts), with urban female members showing 4.6X increase while age group <27 years harnessing income increase of 4.7 times, a testimony to young nation theory…Most of the Female SHG members belong to the age of 35 to 50 years with median age of 43 years.

    ❑ Income has increased for SHG Members across the board… relative income analysis suggests around 65 per cent of rural SHG members have moved upwards in terms of relative income in FY24 when compared to FY19.

    ❑ All the regions, except metros have witnessed maximum increase in income of female SHG members belonging to 28 to 42 years in FY24 when compared to FY19….For metro regions, maximum increase is in age group <27 years.

    ❑ While Andhra Pradesh and Telangana are leaders in SHGs, other states like Tamil Nadu, Uttarakhand, Kerala, Punjab, Gujarat have also significantly increased female SHG incomes in recent times…Further, Female SHG members of Haryana, MP, West Bengal, and Jharkhand are expected to cross annual income of Rs 1 lakhs in 1 year…SHG members of UP, Maharashtra, Chhattisgarh, and Rajasthan may take 2 more years in earning annual income of Rs 1 lakhs…by FY27, India will have millions of Lakhpati Didis in almost every state.

    ❑ Expenditure at ATM is nearly constant during FY19-23 for SHG members…Average SHG members spending at POS has increased by 1.7 times during FY20-FY23…Highest spending is observed in Urban and Metro region.

    ❑ When it comes to UPI, there are not much region-specific differences as the expenditure of rural SHG members and Metro SHG members is not that much different as observed in other measures….Share of P2M transactions in UPI transactions by SHG members has nearly doubled in four years, across four regions in the country signifying ease of digital payments for merchant payments permeating physical boundaries.

    ❑ Expenditure through Aadhar enabled system increased by at least 3 times in FY24 from FY23 in all regions.

  • RBI Imposes Penalties Amounting To Nearly Rs 3 Crore On SBI, Canara Bank, City Union Bank | Personal Finance News

    Mumbai: The Reserve Bank of India (RBI) on Monday said it has imposed penalties amounting to almost Rs 3 crore on State Bank of India, Canara Bank, and City Union Bank for violation of regulatory norms. In each case, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

    RBI imposes Rs 2 crore Penalty on SBI

    In a statement, the RBI said a penalty of Rs 2 crore has been imposed on the State Bank of India (SBI) for contravention of certain norms related to the Depositor Education Awareness Fund Scheme, 2014.

    “The Reserve Bank of India (RBI) has, by an order dated February 26, 2024, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on State Bank of India (the bank) for contravention of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act), and sub-section (2) of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme, 2014. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 (1) of the BR Act,” RBI release said.

    RBI imposes Rs 66 lakh Penalty on City Union Bank Limited

    A penalty of Rs 66 lakh has been imposed on City Union Bank Limited for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances — Divergence in NPA Accounts’ and Know Your Customer Directions..

    “The Reserve Bank of India (RBI) has, by an order dated February 08, 2024, imposed a monetary penalty of ₹66.00 lakh (Rupees Sixty-six lakh only) on City Union Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’ and ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949,” RBI said in another release.

    RBI imposes Rs 32.30 lakh Penalty on Canara Bank

    The RBI has also levied a penalty of Rs 32.30 lakh on Canara Bank for non-compliance with certain directions.

    “The Reserve Bank of India (RBI) has, by an order dated February 06, 2024 imposed a monetary penalty of ₹32.30 lakh (Rupees Thirty two lakh thirty thousand only) on Canara Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’ and ‘Resolution Framework – 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 and section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005,” RBI release added.

    RBI imposes Rs 16 lakh Penalty on Ocean Capital Market Ltd

    A penalty of Rs 16 lakh has been imposed on Ocean Capital Market Ltd, Rourkela, Odisha, for non-compliance with certain provisions related to non-banking financial companies.

     

  • Latest SBI FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here | Personal Finance News

    New Delhi: Investment horizon, risk tolerance, and personal financial objectives all influence where one should put their hard-earned money. For cautious investors looking to preserve wealth, fixed deposits (FDs) are a great option because they provide security and consistent returns. A fixed-income instrument unaffected by erratic market fluctuations is the fixed deposit.

    During the selected tenor, the interest rate that is in effect at the time of booking an FD stays the same. Estimating the returns at maturity is made simple by it. (Also Read: From Investment To Income: A Rs 5-7 Lakh Investment In This Business Idea Could Yield Rs 1.5 Lakh Monthly Returns)

    It is an ideal investment instrument if you have financial objectives that you need to meet within a set amount of time. It’s among the safest investing choices out there right now. (Also Read: ‘Return To Office Or…’: TCS Issues Final Warning To Employees Doing Work From Home)

    Here are the interest rates you can get on fixed deposits with State Bank of India (SBI) if you’re depositing less than Rs 2 crore starting from December 27, 2023:

    For short-term deposits (7 days to 45 days), the interest rate is 3.5 percent for the general public and 4 percent for senior citizens.

    For medium-term deposits (46 days to 179 days), the interest rate is 4.75 percent for the general public and 5.25 percent for senior citizens.

    For slightly longer periods (180 days to 210 days), the interest rate is 5.75 percent for the general public and 6.25 percent for senior citizens.

    If you’re looking to invest for around a year, the interest rate is 6 percent for the general public and 6.5 percent for senior citizens.

    For 1 year to less than 2 years, the interest rate is 6.8 percent for the general public and 7.3 percent for senior citizens.

    For 2 years to less than 3 years, the interest rate is 7 percent for the general public and 7.5 percent for senior citizens.

    For 3 years to less than 5 years, the interest rate is 6.75 percent for the general public and 7.25 percent for senior citizens.

    For longer-term deposits (5 years and up to 10 years), the interest rate is 6.5 percent for the general public and 7.5 percent for senior citizens.

    There’s also a special scheme for 400 days called Amrit Kalash, where the interest rate is 7.1 percent for the general public and 7.6 percent for senior citizens.

  • DCW problems understand to SBI, seeks withdrawal of employment pointers for pregnant ladies

    By way of PTI

    NEW DELHI: The Delhi Fee for Girls (DCW) on Saturday issued a understand to SBI in the hunt for withdrawal of its new laws by which a lady who’s over 3 months pregnant can be regarded as “briefly undeserving” and he or she is also allowed to enroll in inside of 4 months after supply.

    State Financial institution of India (SBI), the rustic’s greatest lender, may no longer instantly be reached for remark.

    “State Financial institution of India turns out to have issued pointers combating ladies who’re over 3 months pregnant from becoming a member of carrier & have termed them as ‘briefly undeserving’. That is each discriminatory and unlawful. We’ve issued a Realize to them in the hunt for withdrawal of this anti ladies rule,” DCW Leader Swati Maliwal tweeted.

    Within the understand, the panel sought a replica of the brand new pointers in addition to a replica of the identical laws operational ahead of this. It has additionally sought an motion taken document within the subject.

    The financial institution’s transfer has elicited grievance from some quarters, together with from the All India State Financial institution of India Workers’ Affiliation.

    In its newest clinical health pointers for brand spanking new recruits or promotees, the financial institution stated a candidate could be regarded as have compatibility in case of being pregnant which is not up to 3 months.

    “On the other hand, if being pregnant is of greater than 3 months, she can be regarded as briefly undeserving and he or she is also allowed to enroll in inside of 4 months after supply of kid,” as in line with the clinical health and ophthalmological requirements for brand spanking new recruits and promotees dated December 31, 2021.

    Previous, ladies applicants with as much as six months of being pregnant have been allowed to enroll in the financial institution topic to quite a lot of stipulations.

    The stipulations come with furnishing a certificates from a consultant gynaecologist that her taking over financial institution’s employment at that level is on no account more likely to intrude together with her being pregnant or the traditional construction of the foetus, or isn’t more likely to motive her miscarriage or in a different way to adversely have an effect on her well being.