Monday, October 31, 2011

IndusInd Bank revises Savings Account interest rates

Today, one more bank has increased it’s saving account interest rates.
Indusind Bank, has announced a revision in it’s Savings Account interest rates.

The rates are somewhat similar to Kotak Mahindra Bank rates i.e
Revised Rates
Savings Account balance up to Rs. 1 Lakh: 5.5% p.a.
Savings Account balance above Rs. 1 Lakh: 6% p.a.

Just wondering, what could be the response if YES Bank, had revised its Saving Account rate above 6.00%?

Indusind Bank commenced its banking operations in 1994, and  as on 30/09/2011,  IndusInd Bank has 350 branches, and 666 ATMs spread across 247 geographic locations of the country as on September 30, 2011.

It has also a presence  in  London and Dubai, with representative offices.

Sunday, October 30, 2011

Kotak Mahindra Bank - Hike in Saving Bank Interest rates.

Kotak Mahindra Bank, part of the Kotak Group, has decided to increase the Interest on Saving Bank account’s.

It has increased by 2% for amounts over Rs.1lac and 1.50%, for amounts less than Rs1 lac i.e the effective rates will be 6% and 5.50%.
The new rates are effective from  November 1, 2011.
The announcement has been made five days after the RBI allowed all banks to determine the Interest rates on SB balances on their own.

The Kotak Mahindra Group was established in 1985, and in Feb 2003, RBI granted the banking license to it’s flagship company i.e Kotak Mahindra Finance Ltd.,
At present it has a physical presence via 323 branches spread all over India.

Wednesday, October 19, 2011

Axis Bank - Jahan Card Chalaao, Paise Bachaao - But only up to INR250/-!!

Axis Bank - Jahan Card Chalaao, Paise Bachaao - But only up to INR250/-!!
Axis Bank has launched a massive outdoor campaign to promote the usage of it’s Debit Cards
The tag line is ‘Jahan Card Chalaao, Paise Bachaao’.
The highlights are:
The campaign will be run in Blocks, and a Block is a week and is defined as starting on a Saturday and ending on the subsequent Friday.
Debit Card holders have to register for the campaign. The registration can be done via  for the campaign through Axis Bank ATMs, Internet Banking or over Phone (1-800-233-5577, 1-800-209-5577 or 1-800-103-5577 and dial 6 to register). Well, registration cannot be done at the Axis Bank Branches. The registration will help Axis Bank to compile a data-base for targeted campaign.

The offer is valid till December 30, 2011.
The first 10,000 Axis Bank Debit Cardholders who spend a minimum of INR 5,000 (with minimum 3 transactions) in any given week (as defined above) and have registered for the offer would qualify for a 5% cash back on spends made in that week.
Purchase transactions at POS terminals or  online purchases on Debit Cards only would be considered for the offer.
Cash withdrawals at ATMs or Point of Sale would not be considered.
Only spends made using the Debit card linked to the primary account would be considered for the cash back offer.
The maximum cash back amount that a Cardholder can get in any given week is INR 250. Hm, not sure what this means. Minimum of Rs5,000/- would have to be spent in a week, and the maximum of cash bank is INR250/- So, even if more than INR5,000/- is spent, the cash will be restricted to INR250/-
The cash back amount will not be credited back instantly, but will be credited latest by  15TH February 2012.
Visit, for the detailed terms and conditions.
So, go ahead folks
01) Register your Axis Bank ATM Card
02) Start shopping, online or through POS
03) Wait for the cashback credit.

Wednesday, October 5, 2011

SMS ‘Unhappy’, State Bank of Mysore. Will you do it?

State Bank of Mysore, too has jumped on to the mobile compliant resolution platform.
It has recently launched a introduced a customer friendly initiative called ‘SMS Unhappy', which will allow customers to express dissatisfaction regarding services of the bank by sending a cellular message 'unhappy'.
The ‘unhappy' message should be sent to 9900020002.
The process in brief is as under: -
01) Customer sends the ‘unhappy’, message to 9900020002
02) An automated acknowledgement is received by the customer.
03) A call is received from the Bank’s ‘Happy Room’, to note down the grievance.
04) The grievance is flashed to the concerned Bank Manager/Unit Head under copy to the bank's controllers at the regional offices, administrative office and the head office.
05) The grievance is attended too, and resolved.
06) A final SMS is sent to the customer, informing that the grievance is resolved.

State Bank of Mysore is 98years old, with 700 + branches spread all over the country. The bank branches chiefly concentrated in Karnataka state.
The main architect behind the establishment of the Bank, was the great Engineer-Statesman,Late Dr.Sir M.Visvesvaraya.
under the patronage of the erstwhile Govt. of Mysore.
In 1960, State Bank of Mysore, become the subsidiary of State Bank of India, and the present status is Associate Bank under the State Bank Group.

Sunday, October 2, 2011

American Express Gift Card - 1 more player in the Indian Gift Card arena.

With Diwali around the corner, more and more banks are jumping onto the Gift Card segment.
Last week, it was the turn of American Express, to enter the Gift Card segment.

As is the norm, no update are still available on the company's website. 

The only source of information is the news articles and may be the American Express outlets.

A link to a news article is @ 

The card is launched in two variants -the Classic and the Diwali Gift card and no fees would be charged for such cards.

Obviously the card will be accepted by merchants who currently welcome American Express Cards, including online merchants here.
The gift card can be used any number of times, till the funds are depleted. This means, no additional balance can be loaded on it. 

The American Express Gift Card is only in fixed denominations of Rs 500, Rs 1000, Rs 2000 and Rs 5000 denominations. The Gift Card is replaceable for free if lost or stolen.

Andhra Bank - Prepaid Card and International Travel Card. How are they?

Andhra Bank has entered the Prepaid Gift Card and the International Travel Card business by launch of the two products on 01/10/2011

The link to a news article on this, can be accessed at : -

The link for the Gift Card Application can be accessed at the following: -

However the product details are not yet updated on the Bank's website.

So, the present sources of information for the Prepaid Gift Card and International Travel Card are the Andhra Bank's branches or news articles on the site.

However, there is online portal for Git Card customers to self-manage their Gift Card.

Hm, the self-care portal, is not activated for Google Chrome, however it is working fine in Internet Explorer.

The Prepaid card has been launched with MasterCard as the Card partner and  allows the customers,  to make purchases in stores, online or over the phone,  where MasterCard prepaid cards are accepted (both in India and overseas).

Purchases can be made only up-to the initial value loaded and is not re-loadable.And, the balance is valid for 12 months, from the date of loading into the card.

State Bank of India 13,500 + branches working on Gandhi Jayanthi

Today, Bellary the famous mining town in Karnataka, was once again in the news. Today, it was not due to the mining activity, but as being a cause for disruption of State Bank of India, CBS on 01/10/2011.

Due to a satellite link failure at Bellary, the banking operations in SBI's Pan-India branches got hit.

A complete break-down of the CBS is a rare event, that too for more than couple of hours. 

However, SBI officials have raised to the occasion and a full working day was declared on 02/10/2011, to minimise the anger caused to it's customers.

This is an exemplary customer-friendly initiative from SBI, which will be appreciated by all it's customers.

As this is first of it's kind, there was no precedence too for SBI.
I am sure, the 01/10/2011, is good for Indian Banking system, and by now, top officials of RBI and other leading banks, must be contemplating steps to avoid repetition of the same.

However, there is not yet any Press Release from SBI on it's official website