Life Insurance Corporation of India will launch LI...

Life Insurance Corporation of India, India’s largest and oldest life insurance company, is planning to launch its much awaited launch of Credit Cards in the month of October.

The insurance company was earlier in talks with a firm but due to some reason, the deal could not materialize. At present, the company is negotiating with some another firm and is in its final stages. On the 52nd anniversary of LIC, Senior divisional manager Bhausaheb Gujar said:

In all likelihood, LIC’s credit card will be launched in October 2008.

Although, the company has yet not finalized the name of the new company, but might name it as “LIC Credit Cards” or “LIC Card Services”. LIC offers it policyholders with the service to pay their premium with LIC’s own credit card and will further reduce the transaction cost for LIC.

Earlier LIC was roped in with Corporation bank and Axis bank for taking premiums from those who hold there accounts there. The mode of payment was either through Internet, electronic clearing service, automatic teller machines (ATMs) of Corporation Bank and Axis Bank, online collection at Axis Bank branches or through LIC’s portal.
The LIC premium can be paid through SMS, but currently this service is available to only account holders of Corporation Bank.

New Deposit Schemes and Interest Rates from Develo...

Development Credit Bank Ltd., one of India’s emerging private sector banks, has announced the deposit scheme- DCB Freedom1-2-3 fixed deposit and has also come up with some other fixed deposit rates.

As per the DCB Freedom1-2-3 fixed deposit, the scheme offers attractive and money saving policy to its customers by giving them aggressive rate of 10.50% for fixed deposit in the ‘375 days to 3 years’ slab. No additional amount will be charged for early withdrawal after 375 days.

In the launch of the scheme, Mr. Gautam Vir, Managing Director & CEO DCB, announced, “DCB has revised interest rates for various terms of deposit providing a bag of fixed deposit products under one roof to their customers to deposit in short term or long term.”

Further, the bank has also revised interest rates for 91 days deposit by increasing it to nine per cent from the previous seven per cent for the deposit up to Rs. 50 lakhs. Under the same scheme, the senior citizens on the day of the launch of the fixed deposit will receive additional 0.50 per cent interest from the current rates, as being stated by the bank.
The new rates will come into action form 0ctober 1st 2008.

SBI increases Interest Rates with new deposit sche...

India’s largest public-sector undertaking, the State Bank of India (SBI) has revised its interest rates and has came up with three slabs for the 2-3 years category which will be effective from October 1.
As per the scheme, the bank has increased the deposit rates by 1% to 10.5% for the 1000 days maturity deposit for the depositors.
On the other hand, the deposit rates for 2-3 year maturity have been increased from 9.5% to 12.50%. Under the same scheme, the senior citizen will be benefitted by getting additional 0.5% interest.
Apart from that, the bank will also offer an additional 0.25% rate above the card rate on a single term deposit of Rs 15 lakh and above, which will have tenure of 181 days to less than 2 years. Further, for the tenure of less than 181 days and the period of 2 years, the bank will also offer 0.1% above the card rate on a single term deposit of Rs 15 lakhs and above.