Here are few simple news related to Banks in recent times.
ICICI – Bank i-Wish Deposits – This is Goal based flexible type Recurring Deposit account at which customer can create Goal, share it with your friends at Facebook..You can add extra top-up funds in this account till your goal is reached.
Its not clear whether interest rates are dynamic or fixed…means suppose today rate of interest for 5 years is 8.50% if suppose next year rate of interest reduced to 8% then its not clear– what interest rate will receive for further installments Top ups 8.50% or 8%..
IDBI Bank – 20 Yr Fixed Deposits – IDBI have started fixed deposits for tenure of 20 years..don’t know exactly from when it was started.Current interest rates are 8.50% for General Public & 9.25% for Senior citizens..Non-cumulative option in these deposits is allowed at bank level.
In general,banks tend to have deposits upto tenure of 10 years only.Mostly depositors are not interested for deposit periods of more than 2-3 years..except tax saver deposits where term of 05 years is mandatory.
Bank Of India – Account Balance on Phone – customers of Bank Of India can get their saving account balance just by dialing the toll free number – 02233598548..Customer will get account balance instantly through sms after dialing this number.Though this facility was started few months back, a number of bank customers may not aware of it.
Its great thing that PSU banks are taking customer centric steps.Just remember that mobile number must have registered with bank.
Fiscal Cliff – There is something known as “Fiscal Cliff” in news from US economy.After reading media news,what I can understand was that – There are certain important revenue / spending majors are going to be effective from January 2013 and if these changes are allowed to take place then US budget deficit will likely to be reduced by Half ..US citizens may expose to high tax rates and spending cuts if these changes are allowed to happen.
Banking Bill – You may aware that Banking bill was passed in parliament.As per this bill,RBI will get better control over banks,few private players will get banking license ,as well banks can raise money through rights issues / bonus shares….though provision of allowing banks to trade in Commodity Futures was dropped.