PerFin India » Bank account http://www.perfinindia.com Personal Finance and investments Wed, 01 Feb 2012 05:49:20 +0000 en hourly 1 http://wordpress.org/?v=3.1.3 IndusInd Bank offers 6% p.a. for Savings Account http://www.perfinindia.com/2011/11/indusind-bank-offers-6-p-a-for-savings-account/ http://www.perfinindia.com/2011/11/indusind-bank-offers-6-p-a-for-savings-account/#comments Tue, 01 Nov 2011 04:50:24 +0000 Shiva http://www.perfinindia.com/?p=816 After the recent RBI deregulation of Savings Bank Interest Rates and the increase in interest rates announced by Yes Bank and Kotak Mahindra Bank, as expected more smaller banks are joining the foray by announcing increased interest rates for their customers holding their existing savings account as well as for the new customers.  The latest to join the bandwagon is the IndusInd Bank.  They have announced up to 6% p.a. for the savings bank account interest rate.

 

5.5% – 6% p.a. Interest Rate

Indus Ind Bank has announced 5.5% p.a. for the balance up to Rs. 1 lakh lying in your bank account, while for all the savings account having Rs. 1 lakh and above balance the interest rate will be 6% p.a.  This new interest rate will be effective from November 1, 2011.

 

IndusInd Bank also offers special benefits like accessing any bank’s ATM without any charges as well as check on cheque offers.  Most of their branches are also open 365 days of the year.  If you are looking to open an IndusInd Bank Savings Account, then call their phone banking number at 1860-500-5004 or visit their website.  There are over 350 branches of Indus Ind Bank across India.  As well as 650 ATMs spread across 225 cities, towns as well as villages.

 

Expect more banks to announce the increased interest rates soon.

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]]> http://www.perfinindia.com/2011/11/indusind-bank-offers-6-p-a-for-savings-account/feed/ 0 New Interest Rates for Kotak Mahindra and Yes Bank http://www.perfinindia.com/2011/10/new-interest-rates-for-kotak-mahindra-and-yes-bank/ http://www.perfinindia.com/2011/10/new-interest-rates-for-kotak-mahindra-and-yes-bank/#comments Mon, 31 Oct 2011 03:03:14 +0000 Shiva http://www.perfinindia.com/?p=813 After the recent savings bank interest deregulation by RBI, about the savings bank interest rates the two banks which have announced increase in interest rates are Yes Bank and Kotak Mahindra Bank.  Previously all banks had to adhere to the strict and fixed interest rate of 4% for all our savings banks interest rates.  Now with this deregulation the banks can fix any percentage as the interest rate for our idle money lying in our regular bank savings account.

 

Yes Bank

As soon as the deregulation announcement was made, Yes Bank was the first one to jump to increase the interest rates and they increased it to 6% p.a. for all their existing and new bank customers right even after the next day of announcement.

 

Kotak Mahindra Bank

Now, as is expected, Kotak Mahindra Bank has announced increased interest rates for their existing and new savings bank account holders.  For the amount of Rs. 1 lakhs and above you will get 6% p.a. while the amount of up to Rs. 1 lac lying in your account you will earn 5.5% p.a.

 

Hoping to see more new banks to announce the new interest rates soon, but expecting only the new banks to do so while the existing and bigger banks like SBI, ICICI, etc are unlikely to increase at least in the near future.  I am expecting IDBI Bank to increase the rates pretty soon.

 

Such moves are indeed a welcome change and beneficial for the end users like us who now have the option to choose between banks to earn high interest rates on our idle money lying on bank accounts.

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]]> http://www.perfinindia.com/2011/10/new-interest-rates-for-kotak-mahindra-and-yes-bank/feed/ 0 The New Bank ATM Transactions Charges http://www.perfinindia.com/2011/07/the-new-bank-atm-transactions-charges/ http://www.perfinindia.com/2011/07/the-new-bank-atm-transactions-charges/#comments Thu, 07 Jul 2011 03:29:41 +0000 Shiva http://www.perfinindia.com/?p=662 After the announcement about last year’s free ATM usage across the other banks and later they reduced it to 5 cash withdrawals per month and from July 1, 2011, the Reserve Bank of India has further reduced it.  Now that the total transactions either financial or non-financial transactions that you do across other bank’s ATMs have been reduced to 5 in total.  Previously we can check balances and do other non-financial transactions at other bank ATMs for free, but with this new announcement we can only do a total 5 transactions on other bank ATMs.

 

For example if you have a ICICI Bank ATM Card and are going to check your balance at an HDFC Bank ATM Card and/or withdraw cash at a SBI ATM, then you can only do at the maximum of 5 transactions in a month and if you do more than that you will need to shell out bank charges for that.

 

ATM Bank Charges

If you do cash withdrawal at any other bank’s ATMs and it has cross the stipulated limit of 5 transactions then you will need to shell out Rs. 20 per cash withdrawal (Financial Transactions).  Similarly if you are planning to check balances or change ATM Pin, Mini Statement, etc (Non-Financial Transactions) then the charge you will need shell out is Rs. 8.50 per transaction.  This charge is over and above the minimum of 5 transactions and for those five transactions there is no charge and they are still free.  So you will need to remember each of your bank withdrawals and ATM transactions to avoid bank charges.

 

SMS Alert on Card Usage

Similarly, now RBI has announced special feature where each and every transaction, be that of any amount, all the banks have been instructed to send an SMS alert on the same to the account holder.  For example even if you withdraw Rs. 100 on an ATM, you will receive an SMS into your mobile stating the same.  This is done to protect the account/card holders from fraudulent usage which has become prevalent these days.  Likewise, you will receive an SMS alert even if you use your debit card at merchant establishments.  The same thing fit even for the Credit Card usage where you will get SMS alert for all your credit card usage.

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]]> http://www.perfinindia.com/2011/07/the-new-bank-atm-transactions-charges/feed/ 1 IDBI Bank Banking without Charges http://www.perfinindia.com/2010/09/idbi-bank-banking-without-charges/ http://www.perfinindia.com/2010/09/idbi-bank-banking-without-charges/#comments Thu, 09 Sep 2010 17:18:58 +0000 Shiva http://www.perfinindia.com/?p=326 Recently IDBI (The Industrial Development Bank of India Limited) has announced a very dramatic yet believable and welcome move in banking where they would levy no charges to any of the banking transactions that we do regularly and that incur charges.  This new announcement made by IDBI is for both the regular savings bank account and current account holders, and for both the new and existing customers.  It has been named as the Super Saving Account, by IDBI.

For example there will not be any charges for non maintenance of minimum balance and in fact there is no minimum balance needed to be maintained on your account.  There will be no ATM charges as well.  No DD or PO charges applicable on your account.  There will be no fund transfer as well as cash handling and EFT charges applicable.  No charges will be incurred on the debit card issuance as well as no renewal charges for the same.  No AQB charges is applicable on your existing account with IDBI Bank.  There will also be no outstation cheque collection or other charges.  There will be no ECS or any other regular charges applicable on your savings or current account, which you may otherwise have to pay for the other bank accounts.

There is also no charges applicable this Super Savings Account, for add-on ATM Card, cheque book, duplicate statement, duplicate passbook, for standing instructions, demand drafts – both local and foreign currency demand drafts, NEFT/RTGS, any branch cheque or cash deposits, transfers, cash deposits, any branch cash withdrawal, etc.

I personally feel this is a great and welcome move by the IDBI Bank.  While many major private banks like HDFC Bank and ICICI Bank have started introducing various new charges to get money from the customers, IDBI has made it really simple for the customers in such move of having no charges at all from the customers.  This move should be followed forth by those, so called bigger banks.  And I guess they will also follow suite else they might just lose their valuable customers.

IDBI Bank has made this move to improve their banking position and to attract more customers and I am going to try their service and see how well they are able to fulfill these promises of no charges banking.  Keep up the good work IDBI Bank!

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]]> http://www.perfinindia.com/2010/09/idbi-bank-banking-without-charges/feed/ 3 Daily Interest Rates on Savings Accounts from April 1 2010 http://www.perfinindia.com/2010/02/daily-interest-rates-on-savings-accounts-from-april-1-2010/ http://www.perfinindia.com/2010/02/daily-interest-rates-on-savings-accounts-from-april-1-2010/#comments Tue, 23 Feb 2010 18:19:53 +0000 Shiva http://www.perfinindia.com/?p=108 RBI has made it mandatory for all the banks in India to calculate interest rates for the amount lying in the customer’s savings bank account on a daily basis rather than monthly basis.  Previoulsy it used to be like banks will calculate interest rates only on the basis of the balance left on the savings bank account on the month end rather than throughout the month.  Thus if you were having Rs. 10,000 on the first of a particular month but within the month ends you withdraw a major chunk and leave only Rs. 500 as balance in your account, your interest rate will be calculated for Rs. 500 only and not for the Rs. 10,000 that you have kept for the nearly whole month but withdrew it at the last moment.  This option is totaly against the customers.

Thus to make the customers happy, RBI has instructed all the banks to calculate interest on a daily basis from April 1, 2010.  This new option would definitely make it a worthy move and help us get the better out of our savings bank account where most of us keep some funds as reserve but still previously you don’t earn anything out of it, but now it would indeed be extra worthy to hold funds on our savings account (either for emergency purposes or for any other regular withdrawal purposes).

It would be worth to wait watch for how welll the Indian banks are going to implement this and whether it will be continued on a regular basis or stops in between, as it has been the case on many occasions not only on the banking front but elsewhere too.  The one such example is the RBI ordering about the unlimited ATM withdrawal but later it was changed to 5 times per month from other bank ATMs.

It is also worthy to see how they add the interest acrued to our account, whether monthly or daily.  My guess is that the amount will be added on a monthly basis but the interest will be calculated on a daily basis.  RBI is really proving that they are indeed customer friendly with such initiatives but it is only these banks which are making it the other round by looking at their own convenience and profit rather than making the customers like us satisfied.

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