Kotak Life prunes term plan rates

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: Kotak Mahindra Old Mutual Life Insurance has reduced its term plan rates by up to 40 per cent. The reduction in rate comes after the recent investment guidelines by insurance regulator IRDA that allow lower solvency margins by insurance companies. According to the new rates, a 30-year-old healthy male will now be able to get a cover of Rs 10 lakh for a term of 10 years for Rs 182 per month. The minimum premium for the plan is Rs 1,800 per annum.

IDBI Bank hikes deposit rates
IDBI Bank has hiked its interest rates on deposits across various tenures by up to 0.75 percentage points with immediate effect. Deposits of up to Rs 15 lakh with a maturity period of one-two years will now command an interest rate of 10 per cent while those above Rs 15 lakh will earn 10.25 per cent. Deposits of up to Rs 15 lakh for two-three years, three-five years, and above five years maturity period will now offer interest rates of 9.5 per cent, 9.25 per cent and 9.25 per cent respectively.

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