Axis bank takes customer care services from IBM

In the quest of being the fastest growing bank, the AXIS bank has chosen IBM to care for its customer care services with expectation of additional revenue due to cross-selling or up-selling services.

Mr. Jairam Sridharan, Senior Vice-President, Consumer Lending, Axis Bank, said: “We chose the IBM solution to consolidate our contact centre operations because of the company’s proven expertise and experience in this field and its commitment to a solution that maintains the right balance between quality of service and price.”

Fixed deposits – An evergreen mode of safeguarding money

With the introduction of so many investment options nowadays, fixed deposits are still considered one of the favourite options by people. The fact that you can withdraw the money after the short lock in period such as one year or so depending on the bank has always made the people to go along this route. Also nowadays banks have come up with attractive interest rates on the same and people can avail benefit in a shorter period of time. Interest up to 9 or 10 percent is what every bank is offering nowadays with varying time frames.

Also there is no bar on the age to open the account for fixeddeposits and this really helps the people to open the account for their young children as well.

Summary: Fixed deposits can really help people in some form or the other such as urgent money requirements like those involved to be spent on marriages.

Wise use of Credit cards is a must

The days are gone when people used to carry large amount of cash in their pockets. Today is the time of carrying cards and more importantly people have been using credit cards in abundance now without understanding the flaws or rather drawbacks hidden behind the same. Until and unless you are a very careful on how to use your credit card, you should not be going with the same.  And when the time comes pay off your bills, you have to be very informative on the terms used by the banks.

Using a credit card involves a deep understanding on its payment criteria. The minimum dues clearance will put an extra interest over your remaining bill and will put an extra pressure on your budget.

Summary: Be very wise while opting for credit cards and in case you can manage the same properly, then this is not in any case a wrong thing to go for.

Additional feature available with Interbank Mobile Payment Service

In a move aimed at giving a boost to the mobile banking facility the Reserve Bank of India has allowed National Payment Corporation of India (NPCI) to provide additional feature under the facility of Interbank Mobile Payment Service (IMPS) which would allow a bank customer to transfer money from ATM or internet to beneficiary’s mobile.

IMPS, which was launched in August last year has grown at a slower pace than anticipated despite the fact that the number of banks providing this facility have increased from 4 at its inception to 28 in October this year.

The Managing Director and CEO of NPCI, Mr. A. P. Hota said “The IMPS has so far facilitated instant inter-bank funds transfer between the sender and the receiver using the mobile. Now, following the RBI's permission, the IMPS will also facilitate funds transfer from ATM to mobile and the Internet to mobile.”

The daily limit of this service is set at Rs. 50,000 per day per customer which includes fund transfer as well as purchase of goods.

Fixed deposit options for Non-Resident Indians

Fixed deposits have become a preferred choice to make investments in the last few years because of the surge in the deposit rates. The facility of deposit schemes is not only available for the resident Indian citizens but even Non-Resident Indians can avail the benefits of this facility.

The time duration for Foreign Currency Non-Resident Account (Banks) Scheme ( FCNR) scheme can vary from minimum 12 months to a maximum of 60 months, for Non-Resident Rupee (NRE) Account Scheme and Non-Resident Ordinary Rupee Account Scheme (NRO Account) it depends on the bank which is offering that scheme.

There are two types of schemes out of which a person can choose from, one is Special Term Deposits where the interest is compounded and then added to the principal amount and then the entire amount is paid after the maturity of the scheme.

The other is Ordinary Term Deposit Scheme where the interest earned is credited to the account of the customer on monthly, quarterly, half-yearly or yearly basis, it can vary from bank to bank the most beneficial out of them is when the interest is compounded monthly.

An investor can even borrow a loan from the bank against his deposits.

Absolutely right time to invest under term deposit scheme

For a person who is not in any immediate requirement of funds can make the most of the moment by investing his savings under fixed deposits scheme. The facility of fixed deposits is available with almost all the banks and at this point of time all of them are offering lucrative deposit schemes.

As a effect of the monetary policy of Reserve Bank of India which it has adopted to rein in the inflation by increasing the policy rates at regular intervals that has prompted the lenders to increase their lending rates due to which there has been a dip in the number of new borrowers applying for loan.

In order to arrange for the much required funds banks are offering increased rates on the term deposits facility to lure customer. This is the best time for people who believe in risk free investing as there is no risk involved to the investments made under this facility plus an investor can avail maximum possible rates.

The rates are at their all time high which had provided a perfect platform for the people to maximize their savings.