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Tag: Bank of Baroda

  • SBI, Bank of Baroda, Kotak Mahindra reduce residence mortgage charges. Details right here

    Several banks just like the State Bank of India (SBI), Kotak Mahindra and Bank of Baroda (BoB) are providing loans at file low-interest charges to money within the spending rush forward of the festive season.

    SBI cuts residence mortgage charges

    State Bank of India (SBI) on Thursday mentioned it would cost residence mortgage debtors an curiosity of 6.7% primarily based on their credit score rating, no matter the mortgage quantity. This is a part of the financial institution’s provides throughout the festive season to nudge demand and push credit score development. At current, debtors with residence loans over ₹75 lakh needed to pay an rate of interest of seven.15%, whereas others paid much less. Since 1 May, the financial institution’s residence mortgage fee for debtors as much as ₹30 lakh was at 6.8% and for these taking loans above ₹30 lakh and as much as ₹75 lakh, the speed was at 7.05%, in line with its web site.

     “We are happy to launch the festive provide for our potential residence mortgage prospects. Generally, the concessional rates of interest are relevant for a mortgage as much as a sure restrict and are additionally linked to the career of the borrower. This time, we now have made the provides extra inclusive and the provides can be found to all segments of debtors no matter the mortgage quantity and the career of the borrower. The 6.70% residence mortgage provide can be relevant to steadiness switch instances. We imagine zero processing charges and concessional rates of interest within the festive season will make homeownership extra reasonably priced. Our nation has proven great resilience throughout the pandemic. Being the Banker to each Indian, we, are dedicated to doing our bit in reviving the financial system by enabling housing for all,” C.S. Setty, Managing Director (Retail & Digital Banking), SBI mentioned.

    Kotak Mahindra Bank cuts residence mortgage charges 

    Kotak Mahindra Bank has diminished its residence mortgage rates of interest by 15 foundation factors (bps) from 6.65% to six.50% p.a beginning tomorrow. This particular fee of 6.50% p.a. is a restricted interval festive season provide starting tenth September and ending eighth November 2021.

    “Rates for each contemporary residence loans and steadiness transfers now begin at 6.50% p.a., providing the perfect worth to residence patrons. This particular fee is out there throughout all loans quantities and is linked to a borrower’s credit score profile,” the lender mentioned in an announcement.

    Bank of Baroda cuts residence mortgage charges

    Bank of Baroda on Thursday introduced mortgage provides below which it has waived off residence and automobile mortgage charges. As per the revised charges, the lender is providing a waiver of @0.25% within the present relevant charges for residence and automobile loans. In addition to that, the financial institution can be providing a waiver of processing charges in residence loans. Now, residence mortgage charges will begin at 6.75% and automobile mortgage charges begin at 7.00%.

    “ With the introduction of those retail mortgage provides for this festive season, we intend to deliver festive cheer amongst our present loyal prospects and in addition provide new to financial institution prospects a gorgeous proposition for availing residence loans and automobile loans who can be benefited from decrease charges and waiver of processing charge on provide,” H.T.Solanki, GM- Mortgages & Other retail belongings, Bank of Baroda mentioned.

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  • SBI vs HDFC Bank vs ICICI Bank vs BoB: Which particular FD scheme will yield extra

    SBI vs HDFC Bank vs ICICI Bank vs BoB: In the wake of Covid-19, the deadline for Special FD (mounted deposit) Scheme for senior residents has been prolonged from thirtieth June 2021 to thirtieth September 2021. So, particular mounted deposit scheme launched by 4 Indian Banks — State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) — is now accessible for aged Indian until the brand new deadline. Amid falling FD rates of interest, these banks had provided this particular FD scheme in May 2020 for senior residents to assist them preserve their earnings throughout first wave of Covid-19 pandemic.

    SBI particular FD rate of interest

    The largest Indian industrial financial institution launched particular FD scheme — We Care — the place a further 30 bps rate of interest is given to the senior residents on their FD for the tenor of 5 years and extra. Interestingly, this extra FD rate of interest is past 50 bps FD rate of interest being given to the senior residents. So, on this particular FD scheme for senior residents at SBI, a depositor can get a further 0.80 per cent extra FD rate of interest compared to regular FD rates of interest provided to the shoppers under 60 years of age.

    As per the SBI FD rates of interest efficient from ninth January 2021, SBI is providing 5.40 per cent FD rate of interest on 5 years and above tenor. So, within the case of Special FD Scheme for senior residents at SBI, a buyer has a chance to fetch 6.20 per cent FD rate of interest (5.40 + 0.50 + 0.30).

    HDFC Bank particular FD rate of interest

    HDFC Bank particular FD scheme for senior residents known as HDFC Senior Citizen Care. The personal lenders is providing a further 25 bps FD rate of interest to aged Indians, which is past 50 bps rate of interest provided to senior residents in regular circumstances. So, a senior citizen has a chance to get 0.75 per cent extra FD rate of interest below HDFC Senior Citizen Care.

    As per the HDFC Bank FD rates of interest efficient from 21 May 2021 on 5 years and above tenor, HDFC Bank FD rate of interest is 5.50 per cent. So, if a senior citizen opens FD scheme below the particular FD scheme for senior residents at HDFC Bank, they are going to get 6.25 per cent return on their FD.

    ICICI Bank particular FD fee for senior residents

    ICICI Bank launched ICICI Bank Golden Years FD scheme below the particular FD scheme for senior residents. In this FD scheme, ICICI Bank is providing 80 bps extra FD rates of interest to the senior residents compared to the conventional FD depositors. ICICI Bank is providing 5.50 per cent to the FD for the tenor 5 years and above, so a senior citizen will get 6.30 per cent FD returns below ICICI Bank Golden Years FD scheme.

    Bank of Baroda particular FD scheme

    Bank of Baroda is providing 100 bps increased yields on senior residents’ FDs. If an aged Indian citizen opens an FD below the particular FD scheme, then the rate of interest relevant to its FD will likely be 6.25 per cent. These charges are efficient from 16 November.

    So, ICICI Bank is giving highest FD rate of interest of 6.30 per cent to the senior residents below Special FD Scheme whereas SBI is providing least 6.20 per cent FD rate of interest to senior residents below ‘We Care” scheme.

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  • You can take a mortgage in opposition to these two small financial savings schemes

    Small Savings Schemes not solely supply greater rates of interest for lengthy tenure investments, however in addition they turn out to be useful if you wish to pledge them to lift cash in an emergency.

    An investor can solely pledge the next two merchandise to lift a mortgage.

    Kisan Vikas Patra

    At current, the product gives 6.9% rates of interest. The quantity invested doubles in 10 years and 4 months, which can also be the maturity interval at present. An investor can make investments as little as ₹1,000. There isn’t any most restrict on funding in Kisan Vikas Patra (KVP).

    National Savings Certificate

    It is a five-year product that gives a 6.8% rate of interest. Like KVP, the minimal funding quantity is ₹1,000, and there’s no restrict on the utmost funding quantity. Every ₹1,000 invested grows to ₹1,389.49 after 5 years.

    According to the Bank of Baroda web site, a borrower can stand up to 85% mortgage of the face worth of those two merchandise if the residual maturity interval is lower than three years.

    If the residual maturity is over three years, a borrower can stand up to 80% mortgage of the face worth. An particular person may also pledge these securities for an overdraft facility. The rates of interest that the financial institution expenses is greater of the next:

    One-year MCLR (7.35%) + strategic premium + 3.5% or 0.5% over the NSC/KVP price.

    According to the State Bank of India’s web site, the financial institution expenses round 11.9% rate of interest for a mortgage in opposition to these merchandise.

    An investor can pledge these merchandise solely to specified establishments, together with banks, non-banking monetary corporations, private and non-private companies, authorities corporations, native authorities, and the President of the nation and the Governor of a state.

    (Do you could have private finance queries? Send them to [email protected] and get them answered by trade specialists)

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  • Check which lenders supply greatest rates of interest on new automobile loans

    MUMBAI: While buying a brand new automobile, the supplier is prone to ask for those who want a mortgage. In case you do, they may direct you to a mortgage desk the place completely different lenders supply loans.

    Most patrons find yourself taking a automobile mortgage from a lender which has partnered with the supplier because it’s handy that every one providers can be found beneath one roof. However, earlier than you join the mortgage with the lender who has partnered with the supplier, test if you may get a less expensive charge elsewhere.

    Even a 1% distinction within the rate of interest may help you save. Suppose you desire a ₹7 lakh mortgage, the supplier presents it at 8% for 5 years. Your equated month-to-month instalment (EMI) will work out to be ₹14,194 and the entire outgo might be ₹8,51,609.

    If your mortgage is 0.5% cheaper, your EMI might be ₹14,027 and the entire mortgage outgo might be ₹8,41,594.

    If the mortgage is 1% cheaper, the EMI and whole mortgage outgo might be ₹13,861 and ₹8,31,650, respectively.

    Other than rates of interest, the processing price added to the entire outgo could make a extra important distinction.

    View Full Image.

    Public sector banks (PSBs) are usually cheaper than private-sector lenders in a number of mortgage classes. At current, the bottom rate of interest supplied by Bank of Baroda presents is 7%, Union Bank of India at 7.15%, Canara Bank at 7.3%, in line with knowledge from Paisabazaar.com. The lowest charge that State Bank of India presents is 7.5%.

    In non-public banks, ICICI Bank and HDFC Bank supply 7.9% and seven.95%, respectively, as their lowest charges.

    Some of the banks that supply decrease processing charges embody Union Bank of India ( ₹1,000), IDBI Bank ( ₹2,500), and Federal Bank ( ₹1,500 – 2,500).

    Hence, whenever you consider mortgage presents, contemplate rates of interest together with different expenses.

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  • Samsung pronounces provides on sensible TVs, home equipment: Details right here

    Samsung has launched new provides on it well-liked product vary. The South Korean firm will present the brand new provides until June 30.

    Additionally, Samsung has tied up with main banks corresponding to HDFC Bank, ICICI Bank, Bank of Baroda, Axis Bank, Federal Bank and State Bank of India for patrons to get pleasure from cashback provides of as much as 20%.

    Smart TVs

    Samsung is providing its soundbars free with its choose TVs. During the provide interval, shoppers shopping for 75-inch and above QLED TVs will get a free soundbar Q900T value ₹99,990 or Q800T value ₹48,990 relying on the QLED TV mannequin.

    Consumers will get Samsung Soundbar T450 value INR 16,490 when shopping for Samsung QLED TVs (65-inch and above) and Samsung UHD TVs (75-inch and above). The provide additionally consists of Samsung Soundbar T420 value INR 13,490 with Samsung QLED TVs (55-inch and above) and Samsung UHD TVs (65-inch and above).

    Consumers can additional avail as much as 36-month EMIs, low-cost EMIs as little as ₹990, prolonged guarantee and as much as 20% cashback (as much as ₹20,000) on their buy.

    Consumers can avail as much as 10% extra cashback as much as ₹6,000 on buy of chosen Samsung Soundbars.

    Refrigerators

    On buy of Samsung’s­ Side-by-Side, Curd Maestro, Frost Free and Direct Cool fridges, shoppers will get cashback as much as 15% with simple EMI choices beginning as little as ₹990 and a 10-year guarantee on the digital compressor.

    Microwaves

    Consumers shopping for Samsung Microwaves can avail as much as 10% cashback, 5 years prolonged guarantee on Magnetron and 10 years guarantee on ceramic enamel cavity and a pair of free models of Borosil set.

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  • Bank of Baroda’s new cheque cost rule from at present: 10 issues to know

    If you’re a buyer of Bank of Baroda (BoB), then please be aware that efficient at present, 1 June 2021, the Bank has made sure adjustments in its cheque cost guidelines. To stop incidents of fraud, BoB has made ‘Positive pay confirmation’ for cheque funds necessary for its clients. The financial institution added that the purchasers will solely need to make the reconfirmation of cheque particulars when the quantity to be processed is greater than ₹2 lakh.

    “Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for ₹2 Lacs & above. Avail the benefit of the Positive Pay System & prevent fraud in your account,” Bank Of Baroda stated in a tweet.

    Centralized Positive Pay System is proposed to be necessary from 1st June for all of the cheques issued for Rs.2 Lacs & above. Avail the good thing about the Positive Pay System & stop fraud in your account. Know extra toll-free 18002584455 / 18001024455 or go to https://t.co/2ZHA16Dmbn pic.twitter.com/cz3zVLnMh5— Bank of Baroda (@bankofbaroda) May 27, 2021

    What is Positive Pay

    The idea of Positive Pay entails a means of reconfirming key particulars of enormous worth cheques. Under this course of, the issuer of the cheque submits particulars – such because the cheque quantity, cheque date, payee title, account quantity, quantity – electronically.

    Here is all you could find out about Bank of Baroda’s new cheque cost rule from at present:

    1) A cheque of ₹50,000 and above could be confirmed.

    2) There is not any choice for modification or deletion of a registered affirmation in any mode.

    3) Customers can cease the cost of issued cheques at any level of time earlier than its presentment/cost in CTS clearing or on the counter.

    4) The cheque will likely be handed if supplied key particulars matches with the precise cheque offered within the CTS clearing and if in any other case is so as viz. adequate funds, Signature match and so on.

    5) Confirmations submitted/verified as much as 6 pm (every day) by any channel/ mode will solely be processed for the subsequent clearing session. Afterwards, all of the confirmations will likely be processed for subsequent clearing session.

    6) Confirmation by branches could be supplied throughout the regular enterprise hours of the respective Branch.

    7) Rest all of the modes/channels will likely be obtainable 24×7 to supply the Positive Pay confirmations.

    8) A reference (registration} quantity will likely be shared by SMS on the registered cell quantity for every profitable submission of Positive Pay affirmation.

    9) Customers have to make sure keep adequate funds as much as the presentment/cost of the issued cheque/s both confirmed or not.

    10) Stale cheques (3 months older than the date of affirmation) won’t be accepted.

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  • Bank of Baroda’s new cheque fee rule from subsequent month: Key issues to know

    If you’re a buyer of Bank of Baroda, then you will need to observe that from 1 June 2021, Bank of Baroda will make ‘Positive pay confirmation’ necessary for its clients to forestall incidents of fraud throughout funds made by means of cheques. The financial institution added that the shoppers will solely must make the reconfirmation of cheque particulars when the quantity to be processed is greater than ₹2 Lakh.

    “Customers are requested to supply us advance intimation of cheques issued to the beneficiaries in order that Bank on the time of presentment in CTS clearing can cross the High-Value cheques with out contacting to the shoppers,” mentions Bank of Baroda on its web site.

    Bank of Baroda’s new cheque fee rule from subsequent month:

    A cheque of ₹50,000 and above may be confirmed.There is not any choice for Modification or deletion of a registered affirmation in any mode as a result of modification/deletion couldn’t happen as soon as the information shall be submitted to the server offered by the National Payment Corporation of India. However, clients can cease the fee of issued cheques at any level of time earlier than its presentment/fee in CTS clearing or on the counter.The cheque shall be handed if offered key particulars matches with the precise cheque introduced within the CTS clearing and if in any other case is so as viz. adequate funds, Signature match and so forth.Confirmations submitted/verified as much as 6 pm (every day) by means of any channel/ mode will solely be processed for the following clearing session. Afterwards, all of the confirmations shall be processed for subsequent clearing session. Confirmation by means of Branches may be offered through the regular enterprise hours of the respective Branch. Rest all of the modes/channels shall be accessible 24×7 to supply the Positive Pay confirmations.A reference (registration} quantity shall be shared by means of SMS on the registered cellular quantity for every of the profitable submission of Positive Pay affirmation.Customers have to make sure preserve adequate funds as much as the presentment/fee of the issued cheque/s both confirmed or not.Confirmations should be offered by means of anybody mode only- Mobile Banking, Net Banking, Branch go to, SMS, Call CenterStale cheques (3 months older from the date of affirmation) is not going to be accepted.What is ‘Positive Pay’?

    The idea of Positive Pay includes a strategy of reconfirming key particulars of excessive worth cheques. Under this course of, the issuer of the cheque submits electronically particulars associated to the cheque introduced for clearings, such because the cheque quantity, cheque date, payee title, account quantity, quantity, and different particulars towards an inventory of cheques beforehand approved and issued by the issuer.

    Meanwhile, Canara Bank knowledgeable its clients that the IFSC codes of its branches will change on 1 July 2021. Whereas the shoppers of Syndicate Bank have been advised to replace their IFSC code by 30 June 2021.

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  • Senior residents particular mounted deposit: What SBI, HDFC Bank, ICICI and BoB provide

    Senior residents particular mounted deposit scheme have been launched amid the coronavirus pandemic to safeguard the pursuits of senior residents because the rates of interest have been falling quickly. Special mounted deposit (FD) schemes for senior residents have been prolonged until 30 June 2021. The common FD schemes provide an extra 50 foundation factors (bps) to senior residents, the particular FD scheme present an extra charge of curiosity on high of that and is relevant on both- recent deposits in addition to deposits renewed.

    Let’s check out the senior residents particular FD scheme rates of interest supplied by SBI, ICICI and HDFC Bank and Bank of Baroda.

    SBI ‘Wecare Deposit’

    SBI ‘Wecare Deposit’ particular FD scheme for senior residents fetches 80 foundation factors (bps) rate of interest above the speed relevant to most people. If a senior citizen places a hard and fast deposit underneath the particular FD scheme, then rate of interest relevant to the FD will likely be 6.20%.

    HDFC Bank Senior Citizen Care

    HDFC Bank Senior Citizen Care FD offers 75 bps larger rate of interest to senior residents on these deposits. If a senior citizen places a hard and fast deposit underneath the particular FD scheme, then rate of interest relevant to the FD will likely be 6.25%.

    ICICI Bank Golden Years

    ICICI Bank affords 80 bps larger rate of interest on these deposits. ICICI Bank Golden Years FD scheme affords senior residents an rate of interest of 6.30% each year.

    Bank of Baroda

    Bank of Baroda (BoB) affords 100 bps larger on these deposits to senior residents. Under the particular FD scheme (above 5 years to as much as 10 years), if a senior citizen places a hard and fast deposit, then the rate of interest relevant to the FD will likely be 6.25 per cent.

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  • CBI recordsdata two instances for alleged financial institution fraud of over Rs 200 crore

    Image Source : FILE PHOTO CBI, financial institution fraud, SBI, Bank of Baroda, Bank of India, Dena Bank, IDBI Bank
    The Central Bureau of Investigation (CBI) has registered two separate instances associated to financial institution fraud and carried out searches at 8 places in Delhi, Ahmedabad, Gandhinagar and Gurgaon.

     

    The first case was registered in opposition to a personal firm based mostly at Ahmedabad and others together with its Directors and unknown public servants/individuals on a criticism from State Bank of India. It was alleged that the mentioned firm was in enterprise of building, erection and commissioning of energy transmission and telecom towers since 2004.

     

    State Bank of India, Ahmedabad Branch (together with E- State Bank of Patiala) had sanctioned numerous credit score amenities to mentioned firm represented by its Managing Director, Directors/ Promoters together with SBI (lead Bank), different banks together with Bank of Baroda, Bank of India, Dena Bank and IDBI Bank had sanctioned credit score amenities to the corporate beneath consortium banking association. It was additional alleged that in the course of the interval from 2014-15 to 2016-17, the accused entered right into a conspiracy and after availing the mentioned limits, the accused diverted the sanctioned amenities by falsifying books of accounts & issuing bogus invoices/payments and thereby inflicting lack of Rs.182.37 crore (approx) to SBI.

     

    Searches have been carried out at Ahmedabad (Gujarat) and Gurgaon (Haryana) on the premises of accused which led to the restoration of sure incriminating paperwork together with overseas forex of assorted international locations; particulars and keys of lockers; particulars of Investment in securities, Mutual Funds & different funding and money of Rs. 42 lakh (approx).

     

    The second case was registered on a criticism from Indian Overseas Bank in opposition to a personal agency based mostly at Delhi and others together with its Directors and different unknown individuals/public servants on the allegations that the mentioned accused had defrauded Indian Overseas Bank by giving improper data and falsification of paperwork.

     

    It was additional alleged that the agency carried out substantial wrongful transactions with sister considerations/associates exhibiting wrongful use of borrowed funds & diversion of funds to sister considerations, thereby inflicting lack of Rs. 42.72 crore (approx) to the Bank.

     

    Searches have been carried out on the premises of accused at three locations in Delhi and recovered incriminating paperwork. Investigation in each the instances is constant.

     

    Name of the accused in first case:

    Archon Engicon Ltd.
    Chandrashekhar Balkrushan Panchal
    Nehal Chandershekhar Panchal
    Ajit Raina
    Devendra Singh
    Sunil Mishra
    Unknown public servants and Private Persons
    Name of the accused in second case:

    Goyal Engineering Polymers Pvt.Ltd.,New Delhi.
    Pawan Goyal
    Usha Goyal
    Gunjan Goyal
    Seiji Itagki
    Yogi Sakai
    Unknown public servants and unknown others
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