The ‘Lock FD’ is a new security feature for safeguarding the customers’ Term Deposits from Digital Frauds by allowing customers to restrict FD closures through digital means. Customers who opt for this feature will have to visit the branch for the premature closure of their FD. The option for premature closure from digital channels will not be available once the deposit is locked. This in-branch verification with stringent identity checks reduces the risk of unauthorized access. This functionality is especially beneficial for customers who may be less familiar with digital platforms and are more susceptible to digital fraud.

Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank, said,

“At Axis Bank, we have been continuously investing in a digital-first proposition that focuses on secure and seamless banking experiences. In this endeavour, we are excited to introduce ‘Lock FD’ that reflects our proactive response to the rising tide of digital fraud. This feature empowers customers to safeguard their term deposits from unauthorized digital access and enables us to provide security to the customer’s money by blocking alternative means of siphoning off funds by fraudsters.”

The ‘Lock FD’ feature is available to all Axis Bank customers and can be activated through the Axis Bank mobile app or any branch. Axis Bank has also recently launched the ‘In-App Mobile OTP’ feature on its mobile app to enhance authentication security and protect customers from rising OTP-related fraud and scams. These initiatives align with the Bank’s strategy to enhance customers’ digital experience while combating digital fraud, positioning it as a leader in banking security.

To know more about the feature: Click here

The post Axis Bank Launches Innovative ‘Lock FD’ Feature to Protect Term Deposits from Digital Fraud appeared first on NRI News.

MUMBAI: Bank of India, one of the leading public sector banks in India, has launched its lovely 333 Days “Star Dhan Vriddhi Fixed Deposit” offering a Rate of Interest as high as 7.90% p.a. for Super Senior Citizens. The 333 Days Trinity Fixed Deposit is provided at a rate of 7.75% p.a. for Senior Citizens and 7.25% p.a. for others. Loans against fixed Deposits and premature withdrawal facilities are also available. Customers can visit any Bank of India branch or use the BOI Omni Neo App/internet banking to open 333 Days Star Dhan Vriddhi  Fixed Deposit with Bank of India. The revised rates are effective from 1st September 2024, and this offer is for a Limited Period.  

The post Bank of India Introduces 333 Days – Star Dhan Vriddhi Fixed Deposit with Attractive Returns appeared first on NRI News.

MUMBAI: YES BANK, India’s sixth-largest private sector bank, has achieved a notable 20.9% year-on-year (Y-o-Y) growth in total deposits, reaching INR 2,65,072 crore as of Q1FY25. This significant growth reflects the strong trust and confidence that customers place in the Bank, emphasizing the successful turnaround that the Bank has scripted in the last four years. It also highlights the solid financial foundation and customer-focused strategies, that the Bank has implemented.

Amidst a challenging environment where the banking industry faces the task of balancing deposit growth with increasing credit demand, YES BANK has not only kept pace but has exceeded industry averages. This success aligns with the broader industry’s focus on deposit growth, as emphasized by recent regulatory guidance aimed at bolstering the financial resilience of the banking sector.

A key driver of YES BANK’s success has been its strategic emphasis on enhancing its low-cost deposit base. The Bank has seen a substantial improvement in its CASA (Current Account Savings Account) ratio, which increased to 30.8% in Q1FY25 from 29.4% in the same quarter of the previous year. This improvement is the result of the Bank’s focus on granular CASA deposits, leading to the addition of approximately 17 lakh new CASA accounts during FY2023-24. A 23% increase in CASA balances further strengthens the Bank’s low-cost deposit base, showcasing the effectiveness of its customer acquisition and retention efforts.

This strong performance is also supported by strategic investments in expanding the Bank’s distribution network. In FY2023-24, YES BANK opened 133 new branches in CASA-rich clusters, bringing its total to 1,453 outlets across various states and union territories. This expansion has allowed the Bank to offer a broad range of financial products, deepening customer engagement and driving deposit growth. As a result, the Bank has achieved a Compound Annual Growth Rate (CAGR) of 22.3% in branch banking-led deposits over the past two years, significantly outpacing the industry average of 11.9% and the 17.4% CAGR among private banks.

The Bank’s outperformance in deposit growth can be attributed to three key factors:

• Productivity Gains: Enhancing efficiencies within its existing and expanding franchise
• Acceleration in Customer Acquisition: A strong focus on acquiring high-value customers
• Rise in New Acquisition Value (NAV): Improving the quality and value of the deposit base

As YES BANK continues to build on this momentum, its focus remains on sustaining this growth by deepening customer relationships, expanding its product offerings, and ensuring that its deposit growth strategy stays aligned with evolving regulatory requirements and market conditions.

Looking ahead, this impressive deposit growth positions YES BANK for enhanced financial stability, increased lending capacity, and improved profitability will be the key drivers that will enable the Bank to capitalize on emerging opportunities and further strengthen its market presence in the years to come.

The post YES BANK’s Impressive 20.8% Year-on-Year Deposit Growth: A Testament to Resilience Amid Regulatory Scrutiny appeared first on NRI News.

Customers & general public can take advantage of this unique investment opportunity by opening “666 Days – Fixed Deposit” which offers one of the highest returns on Fixed Deposits, reinforcing the bank’s commitment to deliver superior financial products. On this “666 Days – Fixed Deposit”, Senior Citizens will get 7.80% p.a. & others will get 7.30% p.a.

The revised interest rates are applicable for domestic, NRO, and NRE Rupee Term deposits which are made effective from 01.06.2024. Loan against Fixed Deposit and Premature Withdrawal facility is available. Customers can visit any Bank of India branch or use the BOI Omni Neo App/internet banking to open 666 Days – Fixed Deposits.

The post Bank Of India Launches 666 Days – Fixed Deposit With High Return appeared first on NRI News.

Under the Canara Green Deposit scheme, depositors can earn lucrative interest rates of up to 7.20% per annum on various tenors, including 1111, 2222, and 3333 days. This enticing opportunity is open to all sections of the populace, including the general public, resident Indians, non-resident Indians (NRIs), and corporates.

By opting for the Canara Green Deposit scheme, investors can play a pivotal role in supporting environmental sustainability initiatives while securing their financial future. Canara Bank’s commitment to promoting green finance underscores its dedication to corporate social responsibility and aligns with the global effort to combat climate change.

For more information and to start investing, visit your nearest Canara Bank branch or visit Canara Bank’s official website/online channels

The post CANARA GREEN DEPOSIT SCHEME appeared first on NRI News.

MUMBAI: Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Bob Earth Green Term Deposit Scheme, to raise deposits that will be deployed towards financing eligible environment-friendly projects and sectors.

The Bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors and participate in India’s transition to a green and sustainable economy. The Bank is offering interest rates of up to 7.15% p.a. The General Public/Resident Indians, NRIs, and high-worth Individual (HNI) investors are all eligible to invest in the Bob Earth Green Term Deposit scheme.

The Bob Earth Green Term Deposit Scheme: Tenors & Interest Rates

Shri Debadatta Chand, Managing Director & CEO, of Bank of Baroda said, “The Bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility and environmental impact. The launch of the Bob Earth Green Term Deposit Scheme offers depositors the dual benefits of stable & secure financial returns and the opportunity to contribute to a greener planet. As one of India’s leading banks, Bank of Baroda is committed to furthering its ESG mandate and enhancing its green financing portfolio.”

Under the bob Earth Green Term Deposit Scheme, the Bank of Baroda has introduced some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals, such as a Tenure of 1.5 years – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels and Tenure 1717 days – doubly emphasizing the United Nations’ 17 Sustainable Development Goals.

The funds raised through Bob Earth Green Term Deposits will be allocated to eligible green projects/sectors such as Renewable Energy, Clean Transportation, Sustainable Water and Waste Management, Energy Efficiency, Climate Change Adaptation, Pollution Prevention and Control, Green Buildings, Biodiversity Conservation etc.

Existing and new customers of the Bank of Baroda can open a Green Deposit through any of the Bank’s branches across India.

On Bank of Baroda’s 116^th Foundation Day last year, the Bank launched several green initiatives under the name of “Bob Earth” to reaffirm its commitment and responsibility towards protecting & preserving the gifts of nature for our future generations. The launch of Bob Earth Green Deposits is a step forward in this direction.

The post Bank Of Baroda Launches Bob Earth Green Deposits appeared first on NRI News.