banks


Now, Bank customers will soon get maximum withdrawal in a single day upto Rs. one lakh by their ATMs. They can shop also of Rs 1.25 lakh by their debit cards. They can transfer about Rs three lakh in a day to another account through ATMs or over phone.

Currently, HDFC has announced to give the facility to its customers. The enhanced limits for ATM withdrawals would save the consumers from running to bank branches. Currently, you are able to withdraw Rs 50,000 in a day through your ATMs.

Withdrawal upto Rs one lakh in a day to the HDFC customers effects from June 1. Other banks will also announce the policy soon.

About the enhanced ATMs withdrawal economictimes.indiatimes.com, an online news portal about business and economy writes, “The ATM withdrawal limit for HDFC Bank Imperia Gold Debit Cards now stands increased to Rs 1 lakh, and that for shopping to Rs 1.25 lakh, from Rs 50,000 per day.”

Further the news portal writes about the debit shopping, “Besides, the ATM card and shopping limit for Easy Shop Regular International/ Maestro/ NRO Debit Cards would stand increased to Rs 25,000 and Rs 40,000 respectively, from Rs 15,000 and 25,000 respectively.”

The news portal writes about the kid’s advantage, “Also the holders of Kid’s Advantage Debit Cards can withdraw and shop for Rs 2,500 in a single day, higher from Rs 1,500 and Rs 1,000 currently.”

“Further, for Women debit Card holders will get to withdraw Rs 25,000 from ATMs from Rs 20,000. Also customers can shop for up to Rs 40,000 crore with debit cards, from the present Rs 30,000.”

Further the news portal quotes a statement of HDFC, “The above revised limit are not applicable to the card holders whose current limit are different from the ones stated above and will continue to enjoy their requested/offered limits as sanctioned before.”

The new policy will save banks and customers both times. Both will get double advantage.

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Recently, the biggest news came from RBI. The bank repo rate is unchanged at 4.75%. The RBI CRR is also unchanged. The bank has raised nominal SLR only 1% from 24% to 25%. According to the experts, the minimal hike will not impact on liquidity.

The GDP forecast for financial year 2010 was also unchanged at 6%. On the home loans also, there is no impact with the announcement of RBI Monetary policy. On this occasion, Governor Subbarao told the chief executives of commercial banks at the central bank’s headquarters,

“As always, the Reserve Bank will endeavor to ensure price stability and anchor inflation expectations. It bears emphasis that the Reserve Bank is mindful of its fundamental commitment to price stability. It will continue to monitor the price situation in its entirety and will take measures as warranted by the evolving macroeconomic conditions swiftly and effectively.”

Bank rate unchanged with 6%, Repurchase rate unchanged with 4.75%, Reserve repurchase rate unchanged with 3.25%, Cash reserve ratio unchanged with 5% and SLR hiked only 1% on this occasion by RBI.

In April, the repo rate and the reserve repo rate were cut by 50 basis points. RBI had cut 5% to 3.5%.

The raise of SLR to 1% will be effect from November 7th, 2009. Currently, CRR is 5%, Repo is 4.75% and 3.25% respectively which are remained unchanged by the RBI.

These minor changes affect the BSE, Sensex, Nifty and NSE. Minor losses were seen that time with the opening of stock exchange. However, it is being said by the experts that there will be no impact on liquidation by the minor changes.

The minimum hikes in statutory liquidity ratio has made mandatory for the banks also to invest more funds in specified securities. This investment should be against of deposits and some liquid cash.

People should not let their money stored in the banks which do not even pay good interest to their money. They need to look for those banks which offer attractive savings and current account interest rate. Such banks always provide many benefits which are profitable for people.

Banks are the most important financial institutions which keep money in safe. If there were no banks, then what would have happened to people’s money? The answer to this question would be an assumption but surely would point out a disadvantage for the further growth of money. This is because banks not only take care of money but they also pay good interest for the money deposited.

Suddenly, people have started taking great interest in banks deposits. The reason why these people have suddenly started taking great interest in banks deposits is because most of the banks have renewed their savings and current account interest rates. People are getting huge interest on their deposits.

Different banks offer different interest rates on money deposit with them. The kinds of interest rates offered on high interest saving accounts and current accounts differ from banks to banks. So, people should always deposit their money with a bank which is well-known for offering lump sum benefits.

It is known to all people that savings account gives them more interest than that of current accounts. Both of them give different benefits to different people depending upon their uses. Savings account is basically meant for those people who would like to get more interest on their saved money. On the other hand, current accounts are specifically meant for people who are into businesses and often need the deposited money for investment purpose or for their urgent business requirements. One thing has to be noted that the current account interest rate is lower than that of savings account.

Whoever is interested in making more money for them can use the savings bank accounts. For businessmen, current accounts should be given preference. If people deposit money for a long term period, then they would definitely get more added money to the amount deposited initially. In this case, high interest savings accounts are the most suitable accounts. Depositing money in a savings account for year or two would definitely earn more money.

There are many banks which offer attractive current account interest rate although businessmen withdraw money frequently. How is it possible to get attractive interest rates if business doing people often withdraw money from their current accounts? Yes, it is surely possible to get attractive interest rates, if these people maintain the minimum balance stated by the respective banks.

How do people come to know about various interest rates offered by various banks? It is quite easy to find out. This is the most advanced age in which people are living in. This is the age of internet technology or the age of World Wide Web. Prospective banking customers, interested to know kinds of interest rates given by various banks, can visit the websites of respective banks or financial institutions. These websites contain all kinds of information regarding savings as well as current interest rate.

Is it possible to withdraw money from current account from any ATMs at any time? Yes, people can withdraw money at any time from any ATMs from their current accounts. However, there are certain things which have to be kept in mind. If businessmen have signed an agreement with his bank to maintain a minimum balance, then he cannot withdraw this minimum balance without the consent of the bank. In case, people withdraw this minimum balance before the time-period is completed, then these people would be deprived of interests. Hence, current account interest rate suits all businessmen.