BankAm, Dresdner Bank pare deposit ratesĪThe infusion of liquidity into the banking system has made Bank of America (BankAm) and Dresdner Bank cut their deposit rates. BankAm has reduced its deposit rate by 100 basis points at the short-end of the market. The bank's officials said that an interest of 11.5 per cent will be offered on 30-90 day deposits, 10.5 per cent on 91 day-364 day deposits, 11.5 per cent on one year to two year (less one day) deposits and 12 per cent on two-six year liabilities. The new rates are effective from February 13. Dresdner Bank will offer 12 % on 30-90 day deposits, 11 % on 90 day-six months deposits, 10 % on six months-one year deposits, 11 % on one-three year deposits with effect from Thursday. Both BankAm and Dresdner Bank will, however, hold their prime lending rates (PLR) at the current level of 18.5 per cent and 18 per cent respectively. BankAm sources said that the bank will have a weekly review of its deposit and PLR in line with the developments in the moneymarket.SBI introduces screen-based gold trading: The State Bank of India (SBI) has introduced a `screen-based' trading facilities for selling gold to the domestic manufacturers at its recently computerised overseas branch. SBI has also introduced other customer-choice facilities to sell gold in the domestic market. It has arranged a consignment stock at the branch which will facilitate delivery of the metal on payment on the same day of fixing the rate. The service charge of the bank has been graded on value-based transaction. "Customers are now in a position to fix the best gold rate available and take advantage of the attractive exchange rate available at its overseas branch," said a SBI release.
BoI proposal on depository: Bank of India (BoI) has expressed its commitment to join hands with Bombay Stock exchange (BSE) for a securities depository and is awaiting a proposal from the stock exchange on the nature of its participation. "We are with the BSE (on setting up of a depository) andare awaiting a proposal from BSE," BoI general manager PS Shenoy said. BSE has already made a statement that they want to start operation of the depository by April 1998. BoI is also a depository participant in National Securities Depository Ltd (NSDL).
20th Century Finance two-wheeler plan: 20th Century Finance Corporation has launched three schemes for 100cc and above motorcycle and scooter segment namely security deposit option, down payment option, advance EMI scheme. Under the security deposit option, the company will provide 100 per cent finance on receipt of a small refundable security deposit with interest during the period of repayment of loan. Under the down payment option, it will provide 85 per cent finance depending on the financial capacity of the customer. Whereas under advance EMI scheme, it will provide 100 per cent finance option with no security deposit.
Centurion Bank opens new branch: Centurion Bank on Thursday opened its third branch in Chennai thereby taking its numberof branches to 29. The bank offers comprehensive range of services and products to meet the requirements of its customers. The bank was the first new private sector bank to offer `anywhere banking' in India. The bank's plan for the next year includes expansion of network strength to 40 branches, inter-active tele-banking and a public issue.
New executive director for United Western: Shrikant Trimbak Gadre has taken over as United Western Bank's first executive director. He is an engineering graduate with a post graduate diploma in industrial engineering. He started his career with Bhabha Atomic Research Centre as a production engineer. He joined Bank of India as an officer in 1971. Before joining United Western Bank, he was incharge of Gujarat zone, Bank of India.
MS Verma, SH Khan join IDFC board: SBI chairman MS Verma and IDBI chairman SH Khan have joined the board of Infrastructure Development Finance Co (IDFC) on Wednesday. Three other independent directors have also been appointed onthe board -- PG Kakodkar, former SBI chairman, Rakesh Mohan and noted advocate Cyril Shroff.
Tax planning service from Timesbank: Timesbank has launched free advice on tax planning to customers at its branches with effect from February 12. The bank's free service will include computation of tax liability, advice on filing returns, TDS deduction, advance tax payments, tax saving investments and other tax-related problems.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
