Non-resident Indians, who keep their surplus cash in rupee-denominated non-resident external (NRE) and non-resident ordinary (NRO) savings accounts with Indian banks, will receive higher returns.
This follows a decision by the Reserve Bank of India (RBI) to calculate the interest on a daily basis from April 2010. Interest is currently calculated on a monthly basis. full story
Wednesday, 29 April 2009
Monday, 27 April 2009
NRIs can borrow up to Rs 1cr against deposits
If you are an NRI with fat foreign currency deposits with Indian banks, you can avail of loans up to Rs 1 crore against them for purposes such as your child’s education or marriage, to buy property at home or abroad or to meet other exigencies such as medical expenses.
The Rs 1-crore cap fixed by the Reserve Bank of India in the recent money policy for loans against foreign currency non-resident (FCNR-B) and non-resident external (NRE) deposits is a five-fold increase from the earlier cap of Rs 20 lakh.
In fact, under the present guidelines, such loans can also be taken for third party (not the depositor), such as a relative, by pledging the deposit receipt, though such loans for another person would attract a higher interest rate. read full story here
The Rs 1-crore cap fixed by the Reserve Bank of India in the recent money policy for loans against foreign currency non-resident (FCNR-B) and non-resident external (NRE) deposits is a five-fold increase from the earlier cap of Rs 20 lakh.
In fact, under the present guidelines, such loans can also be taken for third party (not the depositor), such as a relative, by pledging the deposit receipt, though such loans for another person would attract a higher interest rate. read full story here
SBT earns Rs 608 cr NP, declares 130% dividend
At the end of fiscal in which non-resident deposits were feared to shrink significantly, Kerala’s market leader in NRI
deposits, the State Bank of Travancore, achieved a record net profit of Rs 607.84 crore, and declared a 130% dividend. The bank had declared a dividend of 100% in the previous year.
The net profit of Rs 607.84 crore for 2008-09 over the net profit of Rs 386.11 crore in the previous fiscal represented a 57.43% growth. The operating profit, too, showed an impressive 49% growth from Rs 709 crore in 2007-08 to Rs 1,056 crore in 2008-09.
SBT managing director A K Jagannathan said gross NPAs were brought down from 2.01% of total advances in March 2008 to 1.65% at the end of March 2009. Net NPAs during the same period were brought down from 0.95% to 0.58%.
deposits, the State Bank of Travancore, achieved a record net profit of Rs 607.84 crore, and declared a 130% dividend. The bank had declared a dividend of 100% in the previous year.
The net profit of Rs 607.84 crore for 2008-09 over the net profit of Rs 386.11 crore in the previous fiscal represented a 57.43% growth. The operating profit, too, showed an impressive 49% growth from Rs 709 crore in 2007-08 to Rs 1,056 crore in 2008-09.
SBT managing director A K Jagannathan said gross NPAs were brought down from 2.01% of total advances in March 2008 to 1.65% at the end of March 2009. Net NPAs during the same period were brought down from 0.95% to 0.58%.
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