Category: Deposits

ICICI Bank to offer Money2India app for NRIs

Mumbai, May 9:  Business Line

ICICI Bank will offer Money2India mobile application for non-resident Indians (NRIs) to track their money transfers to India.

The application enables the bank’s registered users to avail themselves of the money transfer tracking service through their smartphones.

The application can be downloaded from the iOS App Store for iPhones and iPads, Android Marketplace and Windows 8 Store across five countries namely the US, Canada, UK, Singapore and Hong Kong, the bank said in a statement.

Online registration

To use this service, users need to complete a simple one-time online registration at Money2India.com and can avail themselves of the online service for tracking money transfers from any bank in eight countries –— US, Canada, UK, Sweden, Switzerland, Singapore, Hong Kong and UAE — to any account with over 100 banks in India.

“Customers or NRIs can now easily track exchange rates, status of their money transfer requests and place new requests for tracking from their mobile phones,” an ICICI Bank spokesperson said.

With over a million registered user base, it is a preferred online service for tracking money transfers to India with round-the-clock customer service availability, the bank said.

SBI raises fixed deposit rates by 0.25 per cent

27  Feb 2013, PTI.

NEW DELHI: State Bank of India (SBI), the largest bank of the country, on Wednesday announced increase in interest rate on fixed deposits by 0.25 per cent on select maturities.

Of the total 9 maturity periods for fixed deposits, rates have been revised upwards in 4 categories with maturities of over one year.

The new rates would be effective from March 1, SBI said in a statement.

With the revision, the interest rate on 1-2 years fixed deposit would go up to 8.75 per cent, from 8.50 per cent.

Similarly, term deposit 2-3 years, 3-5 years and 5-10 years would also earn higher interest rate of 8.75 per cent.

However, the bank has left interest rate unchanged for deposits less than 1 year.

Earlier this month, the bank had cut lending rate by 0.05 per cent, soon after the Reserve Bank cut its key policy rates.

After this marginal reduction, SBI’s base rate, or the minimum rate of lending, came down to 9.70 per cent from 9.75 per cent effective February 4.

In its third quarter policy review on January 29, RBI had lowered key short-term lending rate by 0.25 per cent and also injected Rs 18,000 crore liquidity through similar reduction of Cash Reserve Ratio.

The repo rate, at which RBI lends to banks, was eased after a gap of nine months as the central bank fought the stubbornly high inflation through tight money policy, leading to high interest rate regime.

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