Rupee and bonds weaken
Mumbai: The rupee closed weaker against the dollar on Tuesday at 45.8625/8750, against its earlier closing of 45.85 per dollar on Monday.

Forwards Market: The six-month forward closed at 2.34 per cent (2.17 per cent) while the twelve-month forward finished at 1.97 per cent (1.88 per cent).

G-Secs: Yield on the 10-year benchmark 7.37 per cent 2014 paper soared to 6.51 per cent (6.45 per cent) at a price of Rs106.15.

Call Rates: At 4.75-4.80 per cent in early trading, settling at 4.30-4.50 per cent at close.

CBLO Market: 136 trades were transacted in the rate range of 4.20-4.75 per cent, as the volume reached about Rs4,998 crore.

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Max NY Life to hike capital base
New Delhi: MAX New York Life Insurance (MNYL) plans to hike capital by another Rs100 crore soon. The company's present paid up capital is Rs.387 crore.

Meanwhile Max has launched a flexible unit-linked investment plan — Life Maker. The plan would help customers manage their financial needs, including protection, investment and liquidity. The company would soon also introduce a pension product.

Life Maker provides the customer a choice from two terminal benefits — Level Insurance Cover and Increasing Insurance Covers. In the former case, the nominee will receive the higher of the insurance cover or value of units while in the case of latter, the nominee will receive the insurance cover plus the value of units in the plan.

In addition, during the tenor of the plan, the customer can switch from Increasing Insurance Cover to Level Insurance Cover.

The customer also has the flexibility of increasing or decreasing their sum assured during the tenor of the plan. Life Maker can be further customised using two riders - personal accident rider and dread disease rider.
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Oriental Bank loan for public issues
New Delhi: Oriental Bank of Commerce has launched Equity, a loan to buy IPO shares. Through this, OBC will offer a maximum amount of Rs.10 lakh.

The loan will be extended at nine per cent per annum. The margin to be contributed by the customer is 40 per cent. The bank has said that no charge will be levied for demat account opened for availing the loan.
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SBT hikes FCNR, RFC deposit rates
Thiruvananthapuram: State Bank of Travancore (SBT) has raised the interest rates for FCNR term deposits in US dollars for various periods from one to three years with effect from October 4.

The revised rate for US dollar deposits for one year to less than two years is 2.24 per cent, two years to less than three years 2.72 per cent and for three years and above 3.08 per cent.

The interest rates for RFC deposits have also been revised to 2.24 per cent, 2.72 per cent and 3.08 per cent, respectively, for the corresponding periods as in the case of FCNR deposits. The rate for a period of six months to less than one year remains at one per cent, according to a bank statement.
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