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Tag: Bank of India

  • Bank of India modifies fastened deposits rates of interest: Check revised charges right here

    Interest charges on fastened deposits beneath ₹2 crore have been revised by the general public sector lender Bank of India (BOI). The financial institution issued this notification on June 23, 2022, and on account of the modification, BOI is now offering an rate of interest on deposits starting from seven days to 10 years of two.85 per cent to five.35 per cent.

    BOI FD Rates 2022

    The financial institution is now providing an rate of interest of two.85 per cent on fastened deposits maturing in 7 days to 45 days, whereas the BOI can even give an rate of interest of three.85 per cent on deposits maturing in 46 days to 179 days. BOI will give rates of interest of 4.35 per cent on deposits maturing in 180 days or much less to 1 yr and 5.30 per cent on deposits maturing in a single yr to 443 days. A brand new 444-day time period with a most rate of interest of 5.50 per cent has been launched by the financial institution.

    Meanwhile, BOI is now providing rates of interest of 5.40 per cent and 5.35 per cent, respectively, for time period deposits of 445 days to a few years and three years to 10 years. For the good thing about seniors residents, Bank of India has talked about on its web site that “Additional premium of 25 bps, over & above the present 50 bps shall be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all of the tenors of three Years & above i.e. 75bps.” For senior residents to learn from an extra charge of 0.50 per cent, the deposit period have to be 6 months or extra, in response to BOI. In order to obtain the extra charge benefit, a senior citizen should open the fastened deposit account as the first account holder and be older than 60 on the time of deposit.

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    BOI FD Rates (bankofindia.co.in)

    Canara Bank additionally elevated the rates of interest on its fastened deposits beneath ₹2 crore. On June 23, 2022, the financial institution modified its rates of interest. As a end result, it now presents an rate of interest vary of two.90 per cent to five.75 per cent to most of the people and a couple of.90 per cent to six.25 per cent to senior residents on deposits with maturities starting from seven days to 10 years. On fastened deposits made for a maturity interval of 5 years & above to 10 Years, Canara Bank presents a most common charge of 5.75% and 6.25% to senior residents as of now.

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  • Bank of India provides engaging fee on this particular time period deposit scheme

    Bank of India on Thursday launched a 444 days time period deposit scheme with a compelling rate of interest of 5.50% each year. Senior residents will get an extra curiosity of 0.50% each year.

    In a press release, the government-owned financial institution stated this particular time period deposit scheme is launched on account of the Bank’s ensuing 117th Foundation Day to be celebrated on seventh Sept 2022, with an intent to reaffirm its dedication to go on the advantages of coverage fee adjustments in direction of its prospects & common public.

    The Bank, in its endeavour to serve all sections of society viz. salaried, entrepreneurs, self-employed, farmers, and so on, has at all times taken all potential measures, conserving worth for purchasers on the centre stage, it stated.

    Notably, the provide is accessible on the financial institution’s all branches and on-line platforms together with web banking and BOI Mobile App. However, the provide is legitimate for a restricted interval.

    Under the particular time period deposit, senior residents will even get the extra curiosity of 0.50% each year.

    Also, the financial institution has hiked its ROI as much as 40 foundation factors on time period deposits of varied tenures.

    As per the Bank of India’s web site, the rate of interest on time period deposits lower than ₹2 crore has been revised with impact from June 23 onward.

    The financial institution provides a 5.50% rate of interest on time period deposits under ₹2 crore for 444 days. This could be the very best fee within the maturity buckets.

    An rate of interest of 5.40% is obtainable on tenures from 445 days to lower than 3 years. Meanwhile, an rate of interest of 5.35% is relevant on tenures beginning above 3 years and as much as 10 years.

    Bank of India provides a 5.30% fee on 1 yr to 443 days tenure. While the speed is about at 4.35% on maturity interval from 180 days to lower than 1 yr. The fee is 3.85% for tenures ranging from 46 days to 179 days.

    An rate of interest of two.85% is given on tenures starting from 7 days to 45 days.

    The minimal deposit quantity is ₹1 lakh.

    Notably, the financial institution pays an extra premium of 25 foundation factors, over and above the prevailing 50 foundation factors to senior residents on their retail TD (lower than ₹2 crore) for all of the tenors of three Years & above. This makes the overall further fee of 75 foundation factors that the elders will earn on their deposits for 3 years and above tenures.

    Bank of India newest FD charges

    Maturity BucketsDeposits lower than Rs.2 Cr 7 days to 14 days2.85*15 days to 30 days2.8531 days to 45 days2.8546 days to 60 days3.8561 days to 90 days3.8591 days to 179 days3.85180 days to 269 days4.35270 days to lower than 1 year4.351 Year to 443 Days5.3444 Days5.5445 Days to < 2 Year5.42 Year to < 3 Year5.43 Year to < 5 Year5.355 Year to < 8 Year5.358 Year and upto 10 year5.35

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  • Bank of India Q3 revenue surges 90% to Rs 1,027 crore

    Bank of India (BoI) on Friday reported 90 per cent surge in internet revenue at Rs 1,027 crore for the third quarter ended December 2021 as dangerous loans state of affairs improved.
    The state-owned financial institution had logged a internet revenue of Rs 540.72 crore within the year-ago interval.
    However, whole revenue through the quarter was down at Rs 11,211.14 crore as towards Rs 12,310.92 crore in the identical interval a 12 months in the past, BoI mentioned in a regulatory submitting.
    Net Interest Income (NII) too slipped to Rs 3,408 crore from Rs 3,739 crore in the identical interval a 12 months in the past, it mentioned.

    On the asset high quality entrance, gross dangerous loans or non-performing belongings (NPA) declined to 10.46 per cent of gross advances on the finish of December 2021 as towards 13.25 per cent within the year-ago interval.
    However, internet NPA elevated marginally to 2.66 per cent from 2.46 per cent. As a end result, provisions apart from tax and contingencies considerably declined to Rs 334.93 crore towards Rs 1,809.63 crore in the identical quarter a 12 months in the past.

    The Provision Coverage Ratio (PCR) stood excessive at 86.86 per cent on the finish of December.
    “As on December 31, 2021, the Capital Adequacy Ratio (CRAR) stood at 16.66 per cent against 17.05 per cent in September 2021 and 12.51 per cent in December 2020,” it mentioned.

  • Check which financial institution gives lowest rates of interest on used vehicles loans

    Lenders normally have a substantial distinction within the rates of interest between a brand new automobile and a used automobile mortgage. The distinction will be over 5% in some circumstances.

    For instance, Axis Bank’s rate of interest on new automobile mortgage is within the vary of 8.65%-10.9%. For a used automobile, the financial institution prices 14.4%-16.4%, in line with its web site.

    Among public sector lenders, Canara Bank, Bank of India and Union Bank supply decrease charges on pre-owned vehicles in comparison with different government-owned banks. Canara Bank gives used automobile mortgage at 7.3%-9.9%, Bank of India offers a mortgage at 7.35%-8.55% and Union Bank gives them at 8.9%-10.5%, in line with knowledge from Paisabazaar.com.

    View Full Image.

    Among non-public lenders, South Indian Bank gives 13.3%-13.75% rates of interest for pre-owned automobile loans, HDFC Bank prices 13.75%-16%, and Federal Bank 13.8%.

    If debtors are in search of a protracted tenure mortgage, HDFC Bank’s most tenure is seven years. Most different lenders supply a mortgage for as much as 5 years. Some, just like the Bank of India, has a most tenure of three years.

    The crucial think about a used automobile mortgage is the loan-to-value (LTV) ratio — the quantity of mortgage a lender is keen to supply debtors in opposition to the worth of the automobile. While public sector banks are cheaper, additionally they present a decrease LTV. Canara Bank and Union Bank of India supply an LTV of 60%.

    Suppose your used automobile is costing ₹5 lakh. These banks will supply a mortgage of as much as ₹3 lakh.

    Among government-owned banks, State Bank of India gives a better LTV of 80%.

    Even although non-public lenders cost extra, additionally they supply higher LTVs in comparison with public sector banks. South Indian Bank and Federal Bank supply 75% LTV. Axis Bank prices as much as 85%, and HDFC Bank can supply a mortgage as much as 100% of the automobile worth.

    (Do you’ve private finance queries? Send them to [email protected] and get them answered by trade consultants)

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  • Bank of Maharashtra companions with Vayana Network to supply Channel Financing service for MSMEs

    Image Source : PTI Bank of Maharashtra companions with Vayana Network to supply Channel Financing service for MSMEs
    Bank of Maharashtra has entered right into a strategic partnership with Vayana Network, India’s largest Supply Chain Financing (SCF) platform to supply monetary assist to MSME sector. Through this affiliation, Bank of Maharashtra will present brief time period credit score to fulfill funding necessities of sellers/ distributors of reputed corporates by “Mahabank Channel Financing Scheme” launched by the financial institution, by Vayana Network’s experience on this phase. 

    Under the partnership, Vayana Network will present its distinctive SCF options to Bank of Maharashtra supported by Vayana’s know-how and repair experience. The SCF options will embody vendor and vendor financing packages throughout financial institution’s community of 1,870+ branches throughout the nation. Vayana Network’s proprietary tech platform will assist to digitize the transactions of Supply Chain Financing, whereas the market companies will assist to extend penetration within the under-served MSME phase.

    Speaking on the event, Mr. A. S. Rajeev, MD & CEO of Bank of Maharashtra mentioned, “Bank of Maharashtra is proud to announce the launch of its Channel Financing solution for MSMEs in partnership with Vayana Network, India’s leading Supply Chain Finance platform. We believe in the power of partnerships, and hence have tied up with leading Fintechs to launch innovative digital offerings. Through this partnership with Vayana, we look forward to offer a fully digital financing experience to our MSME customers, suppliers and distributors of leading corporates.”


     
    Mr. Hemant Tamta, Executive Director of Bank of Maharashtra, mentioned, “MSMEs are the backbone of our economy and Bank of Maharashtra is fully committed to support their recovery and growth in a post pandemic world. Easy and affordable access to working capital is critical to make supply chains resilient and to boost the mission of Atmanirbhar Bharat. The tie-up with Vayana has enabled rapid go-to-market for the Bank and we look forward to adding a robust portfolio within our MSME business through Channel Financing Scheme.”        
     
    Speaking concerning the partnership, Mr. Ram Iyer, Founder and CEO, Vayana Network mentioned, “Supply Chain Finance or Trade Finance has become a critical vehicle for affordable MSME loans. It has especially gained more traction in the post COVID era as both Corporates and their MSME Supply Chains aim to streamline their working capital cycles and liquidity. At this juncture, MSMEs are looking to rebound in 2021 and the ease to access finance is the need of the hour. Our partnership with Bank of Maharashtra, one of India’s most reputed banks will help them to rapidly scale up the SCF portfolio supported by our tech platform at virtually zero risk”.

    Vayana Network is certainly one of India’s largest Supply Chain Finance platform having enabled over USD 6 Billion (Rs. 45,000 crores) in commerce finance for 300 provide chains in 25 completely different industries. The firm connects Corporates and their commerce ecosystems to supply digital, handy and inexpensive entry to credit score for his or her payables and receivables. With its proprietary know-how, Vayana has processed over 1.7 million transactions and provides a zero-change expertise to clients. The Network at present spans throughout 600 cities and 1150+ pin codes in India and likewise extends to twenty international locations throughout the globe. The firm is more and more catering to the smallest of MSMEs within the lengthy tail of the provision chains. 

     
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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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