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The maximum amount in the account cannot exceed 50000 INR at any time, [2] [3] and the total deposits cannot exceed 100000 [4] INR in a year. The account holders receive a debit card and they can have certain number of deposits and withdrawals per month. The Reserve Bank of India has introduced this for the poorer sections of the society. [5]
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
In April 2020, RBI enlisted SBI to rescue the troubled lender Yes Bank, in the form of investment with assistance from other lenders viz., ICICI Bank, HDFC Bank and Kotak Mahindra Bank. SBI went on to own 48% share capital of Yes bank, which it later diluted to 30% in an FPO in the following months.
The bigger the bank, the less likely your deposits are bargaining chips for you. However, you can still secure an increase depending on your situation. Many have higher rates for higher balances ...
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A term deposit is a deposit account held at a financial institution. The money is locked up for a specific period in exchange for an interest rate. A financial advisor can help you compare ...
CASA ratio stands for current and savings account ratio. CASA ratio of a bank is the ratio of deposits in current, and saving accounts to total deposits. A higher CASA ratio indicates a lower cost of funds, because banks do not usually give any interests on current account deposits and the interest on saving accounts is usually very low 3–4%. [1]
Reverse sweep (sweep-out): In case of insufficient funds in a savings account to honour any debit instruction (e.g., when the customer wants to withdraw money through cheque or through an ATM), the balance in the FD to the extent needed to meet the shortfall is automatically withdrawn in multiples of ₹1000 (or any other amount set by the bank).