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The MIBOR is used as a bench mark rate for majority of financial derivative deals struck for interest rate swaps, forward rate agreements, Floating Rate Debentures and term deposits in India. The rate is fixed on the basis of volume based weighted average of traded rates from 9 am to 10 am each morning.
A fixed deposit (FD) is a tenured deposit account provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. The term fixed deposit is most commonly used in India and the ...
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India's commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, 6 PBs, 43 RRBs, and 2 LABs.
Bank of Baroda (BOB or BoB) is an Indian government Public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India . Based on 2023 data, it is ranked 586 on the Forbes Global 2000 list.
A Flexi-Fixed deposit is a special kind of deposit offered by banks in India. It is a combination of a demand deposit and a fixed deposit . The depositor is able to enjoy both the liquidity of savings and current accounts and the high returns of fixed deposits.
A recurring deposit is a special kind of term deposit in India that is offered by Indian banks and India Post, which helps people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits. [1] [2]
According to the Reserve Bank of India (RBI), there are over 24.23 million fixed deposits in India, with a total of over ₹ 103 trillion (US$1.2 trillion) currently locked in these deposits. This figure surpasses the ₹ 18.5 trillion (US$210 billion) held in current accounts and ₹ 59.70 trillion (US$680 billion) in savings accounts , which ...
The Financial Sector Legislative Reforms Commission (FSLRC) was set up by the Government of India, Ministry of Finance, on 24 March 2011, to review and rewrite the legal-institutional architecture of the Indian financial sector. In its report the FSLRC recommended a regulatory structure consisting of seven agencies including a deposit insurance ...