Indian Nationalised Banks

Indian Nationalised Banks Allahabad Bank Allahabad Bank is the oldest Public Sector Bank in India having branches all over India, offers wide ranging attractive Deposit Schemes to the Non-Resident Indians.   Andhra Bank Andhra Bank was founded by Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. Bank of Baroda Bank of Baroda has been a long and eventful journey of almost a century across 20 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance. Bank of India Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Bank of India Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Bank of Punjab Bank of Punjab has a wide area network of branches across the country. Customers in excess of 55,63,07 serviced by a team of 961 dedicated professionals. The bank has established correspondent banking relationships across 60 countries. Banknet India Banknet India, promoted & managed by senior bankers, is a research company that focuses on IT deployment in the banking industry. Banknet India brings out publications & reports specific to Banking, IT-BPO industry based on extensive industry research & surveys. Bharatiya Reserve Bank Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of India (RBI) as its wholly owned subsidiary on 3rd February 1995 with a view to augmenting the production of bank notes in India to enable the RBI to bridge the gap between the supply and demand for bank notes in the country. Canara Bank Founded as Canara Bank Hindu Permanent Fund in 1906, by late Sri. Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as Canara Bank Ltd. in 1910 and became Canara Bank in 1969 after nationalisation. Central Bank of India Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly Swadeshi Bank. Dena Bank Dena Bank, in July 1969 along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. IDBI Bank IDBI, the tenth largest development bank in the world has promoted world class institutions in India. Indian Bank Indian Bank was established on 15th August 1907 as part of the Swadeshi movement and now it has 1385 branches spread all over india. Indian Bank has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd. ING Vysya Bank Vysya Bank looks to the future - truly a global approach, Leaping from banking to housing, lease finance ventures to international joint ventures. Jammu & Kashmir bank Ltd The Jammu & Kashmir Bank is today one of the fastest growing banks in India with a network of more than 500 branches/offices spread across the country offering world class banking products/services to its customers. National Bank for Agriculture and Rural Development (NABARD) National Bank for Agriculture and Rural Development is an apex institution, accredited with all matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. Oriental Bank of Commerce At Oriental Bank of Commerce, they believe in offering high quality service and innovative banking products time after time. Oriental Bank of Commerce Established in Lahore on 19th February 1943, Oriental Bank of Commerce made a modestbeginning under its Founding Father, Late Rai Bahadur Lala Sohan Lal, the first Chairman of the bank.The foundation of customer service thus laid has ever since remained Oriental Bank\'s prime philosophy and has been nurtured well as a legacy by all its successors, year after year Punjab & Sind Bank It was in the year 1908, when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. They enjoyed the highest respect with the people of Punjab. Punjab National Bank (PNB) Punjab National Bank (PNB) has the distinction of being the first Indian bank to have been started solely with Indian capital. Ratnakar Bank The ratnalar bank is a scheduled commercial bank with net banking & locker facilities Reserve Bank Of India RBI regulates the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage. State Bank of India The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All their branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. State Bank of India State Bank of India welcomes you to explore the world of premier bank in India. State Bank of Mysore State Bank of Mysore was established in the year 1913 as Bank of Mysore Ltd. under the patronage of the erstwhile Govt. of Mysore, at the instance of the banking committee headed by the great Engineer-Statesman, Late Dr.Sir M.Visvesvaraya. Union Bank Of India Union Bank of India is committed to maintain its identity as a leading innovative commercial Bank, alive to the changing needs of the society. Union Bank has offered vast and varied services to its entire valuable clientele taking care of their needs. United Western Bank Incorporated in 1936, the Bank is one of the largest private sector commercial Banks in India. The share holding of the Bank is well dispersed all over the country. UTI Bank UTI Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. Vijaya Bank Vijaya Bank, was founded on 23rd October 1931 by late Shri A.B.Shetty and other enterprising farmers in Mangalore, Karnataka. The objective of the founders was essentially to promote banking habit, thrift and enterpreneurship among the farming community of Dakshina Kannada district in Karnataka State. The bank became a scheduled bank in 1958

Money Investment plan

Money Investment Plan

Rising interest rates have given some relief to retired people. Over the last few years, rates have been declining causing difficulties for senior citizens to survive on interest income.
The scenario seems to be changing since interest rates on bank fixed deposits (FD) are at a three-year high. A 9 per cent FD a year works out to 9.31 per cent after quarterly payments, in cumulative deposits.
This is one of the highest rates available at present, compared with other fixed interest products. It is time to re-look your existing fixed income portfolio. First, let us look at different fixed interest products available, the key concerns after retirement being safety of your principal and regular, fixed returns. 

Senior citizen savings schemes:- An individual who is 60 years or more is eligible for this scheme. There are a few exceptions for other retired people over the age of 55.
In this scheme, one deposit multiple of Rs 1,000 not exceeding Rs 15 lakh (Rs 1.5 million) can be made. No withdrawal is permitted for five years (the tenure). The depositor may extend the account for a further three-year period. Deposits made under these rules shall bear an interest of 9 per cent a year from the date of deposits, payable at the end of each calendar quarter.

Fixed deposits: The 'fixed' in fixed deposits denotes the period of maturity or tenure. The tenure also decides the rate of interest you earn. You can have a fixed deposit in a bank, a corporate entity (financial institutions, manufacturing companies or non-banking financial companies). 

As FDs are unsecured in nature, safety should be your primary concern. Returns must be secondary (though not unimportant). Stick to organisations that have a good credit rating from Crisil, Icra or Care. 

Post office monthly income scheme :  Post office monthly income schemes provide a monthly income of 8 per cent a year. The scheme offers better liquidity, with investors having an exit option after one year. 

INTERESTING TIMES
SCHEMES	TYPE	INTEREST RATE	TERM	MIN -- MAX INVESTMENT	PREMATURE WITHDRAWAL	TAX BENEFIT	LOAN FACILITY
Senior Citizens Savings Scheme	Regular Income	9% per annum payable quarterly	5 years	Min. Rs 1,000Max. Rs 1,500,000	Yes	Nil	No
Bank Fixed Deposit	Regular Income/Growth	9% per annum payable quarterly	5 years	Min. Rs.5,000Max. Unlimited	Yes	U/s 80C of the IT Act.	Yes
Post Office Monthly Income Scheme	Regular Income	8% per annum payable monthly	6 years	Min. Rs 1,000; Max. Single acct.Rs 300,000 -Joint acct. Rs 600,000	Yes	Nil	No
National Savings Certificate	Growth	8% compounded half yearly	6 years	Rs 100 - no upper limit.	No	U/s 80C of the IT Act.	No
Post Office Time Deposit	Fixed deposit	1 yr.- 6.25%, 2 yr.- 6.50%, 3 yr.- 7.25% and 5 yr.- 7.50% per year compounding quarterly but paid annually	1- 5 years	Rs 200 - no upper limit	Yes	Nil	No
Kisan Vikas Patra	Growth	Amount invested doubles in 8years 7months	8 years 7 months	Rs 100 - no upper investment limit.	Yes	Nil	Yes
Public Provident Fund	Recurring	8.75% per annum	15 years	Rs 500 - Rs 1,00,000	Yes	U/s 80C and 10 of the IT Act.	Yes

 
Investors have to wait for a three-year period to withdraw from the scheme without attracting the penalty. The minimum investment for a single/joint account is Rs 6,000, while the maximum limit is Rs 3 lakh (Rs 300,000) for a single account and Rs 6 lakh (Rs 600,000) for a joint account.
In short, it is suitable for people who wish to invest a lump-sum amount initially and earn interest on a monthly basis. And this makes it an ideal investment vehicle for retired people. 

Post office time deposits: Post office time deposits are available for periods ranging from one year to five years. The current rate for a one-year deposit is 6.25 per cent. Interest payments are made annually. Investors have an exit option within six months without receiving any interest.
There is a one-year lock-in for exit with interest receipt. So if you are a short- to medium-term investor looking for an annual interest income along with flexible investment tenure, time deposits are suitable for you. 

Life insurance pension plans: Immediate pension plans provide regular income throughout your lifetime from the date you choose.
The amount you receive depends on the premiums you pay, the market value of your investment and the annuity option you have chosen. Pension plans provide you the option to park a part of the premium in linked funds and pay for the death benefit (if any) opted by you and the rest is invested in the plan of your choice.
Annuity benefit: On the date of investing (retirement), you start receiving a regular income for life. This amount would depend upon the annuity option chosen by you and the value of units as on the investing date. The annuity also depends upon the annuity rates offered by the company as on that date and are not guaranteed. There are four options:
Life annuity: Life annuity with return of purchase price - life annuity with the return of the purchase price to the beneficiary Life annuity guaranteed for 5, 10, 15 years - guaranteed annuity is paid for the chosen term (5/10/15) and after that it continues till the time the beneficiary is alive Joint life, last survivor with return of purchase price - the annuity is first paid to the beneficiary, and after death, the spouse starts getting the same pension. After the death of the last survivor the purchase price is returned to the beneficiary. 

Public Provident Fund: PPF is among the most popular small savings schemes. The scheme offers a return of 8.75 per cent and has a maturity period of 15 years.
It provides regular savings by ensuring that contributions (which can vary from Rs 500 to Rs 1,00,000 a year) are made every year. But for those who are looking for liquidity, PPF is not the best option.
Withdrawals are permitted only after the first five years. There is no protection against inflation. Hence, during years when inflation is high, your real rate of return on your investment in PPF could be low.
The lump-sum amount that you receive on maturity (at the end of 15 years) is completely tax-free. If you are relatively young and have time on your side, then PPF is for you. Also if your account is nearing maturity, contribute the maximum you can so that you can make use of the best rates in the fixed-income universe.
So now check your portfolio to find out which instrument is giving you lower returns than the current market rates and reshuffle the portfolio to the higher level of debt product. Risk-free returns on investments - even fixed-income instruments - are history. Or will soon be.
In a deregulated interest rates scenario, risk-free instruments will fetch the lowest returns, and you can ill-afford to count on them alone to reach long-term financial objectives such as retirement.
In other words, you cannot avoid risk any more; you'll need to manage it. To minimise this risk (of tapping avenues that don't carry the infallible government guarantee), you will need to invest through collective investment vehicles such as mutual funds and pension funds.