Custom Search

Wednesday, August 8, 2012

IDBI Bank launches IDBI Samriddhi online portal

IDBI Bank launched an online portal - IDBI Samriddhi - to facilitate investors to invest in certificate of deposits issued by IDBI Bank. Both individual and institutional investors can avail of this facility.

The portal is launched by Anand Sinha, deputy governor, Reserve Bank of India at an event held at IDBI Bank's head office at Mumbai.

"Banks need to fully leverage on the potential of technology," says Anand Sinha, deputy governor, Reserve Bank of India who commended the initiative. He further added that technology provides great opportunities for increasing transparency, enhancing efficiency and also in reaching out to a wider investor base.

Certificate of deposits are typically issued for one year and three year tenure. The interest rate on one year certificate of deposit hovers around 9% to 9.15% and for three month certificate of deposit it ranges from 8.5% to 8.75%.

At the same time IDBI Bank offers 7% and 9% for three and one year fixed deposits. The minimum investment in certificate of deposit is pegged at Rs one lakh.

Earlier this year in January 2012, IDBI Bank had launched an online platform to trade in government securities for retail investors. At the end of June quarter of FY13 Bank's balance sheet size was at Rs 2.72 trillion and total business of Rs 3.6 trillion.

Source: EconomicTimes


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site