Savings Bank - New Interest Rates in 2011

Banks were so far paying interest @ 3.5% on savings bank accounts. However, the interest was calculated on the minimum balance by an account holder from 10th of every month to last day of the month. This had bunched withdrawals by account holders before 10th of every month. Why 3.5% interest when banks were lending as high as 12.5% and inflation rate of .10%. This was due to savings bank interest rate being regulated by Reserve Bank of India.

Bank Shares Shine on surging FII inflows

Th record Foreign Institutional Investors (FII) inflows on account of portfolio management by FIIs besides helping Rupee appreciate significantly over the last month, were also net buyers of equity in the quarter ended September 30, 2010. Due to the surging inflows into the capital market, for the quarter ended September 30, 2010 the holding of shares by FIIs have gone up significantly.

Banks - What is Internet Banking System

To face the competition and be a leader in the market, new products are being introduced in the banking system. Now with the introduction of ATMs it has become convenient for many to withdraw cash at any time and any place. Likewise, almost all leading banks have introduced what are known as internet banking. For this purpose, all one should have computer and internet connectivity. Just by downloading and giving an application to the bank, the bank gives you a user id and password.

Meaning Of Real Time Gross Settlement - What you should know ?

Gone are the days when bank customers have to wait for "clearing" of the check's, drafts and other instruments sent for clearing. In case of emergency, funds could be transferred much easier now. With the introduction of RTGS, consequent on wide use of technology, in the banking sector, Reserve Bank of India (RBI) introduced what is known as Real Time Gross Settlement (RTGS). RTGS is the fastest possible way of transferring money through normal banking system.

PNB and UBI hikes deposit interest rates and new rates

MUMBAI: Major public sector bank viz. Punjab National Bank (PNB) increased their term deposit rates by up to one percentage point depending on the maturity, from September 1, 2010. PNB said this in a communication to Bombay Stock Exchange.