Saraswat Bank leads rate war with 10 per cent FD rate
Mumbai: Large banks are pushing up their deposit rates which have risen to their highest level in the last five years. Saraswat Bank, the country's largest co-operative bank, leads the pack as it has announced a 10-per cent interest on its 15-month deposits.

The rate war originally broke out among big banks like the State Bank of India, private lender ICICI Bank and a few other public sector banks.

Smaller banks are following suit and concerns have arisen that these might be forced to match their deposit rates with those offered by the bigger lenders.
Back to News Review index page  

Citigroup targets Indian HNIs in wealth drive
Singapore: Citigroup is on a wealth drive and is expanding its presence across India. The banking group's plan is to double the number of bankers serving wealthy non-resident and resident Indians by the end of 2008.

Citigroup also plans to triple the number of private banking offices in India from two offices in Mumbai and Delhi, while its Smith Barney broking unit — which handles clients with assets of at least $1 million--plans to expand from one office currently to a presence in 12 Indian cities.

Sources said that the number of Citigroup bankers serving wealthy resident and non-resident Indian customers would roughly double from about 100 before the end of 2008.

The group estimates that the private banking market for resident and non-resident Indians with assets in excess of $10 million could now total around $600 billion and that wealth in India is growing at 18 percent per annum.

In 2005, the number of India-based millionaires — estimated to be worth a combined US$290 billion — grew 19 per cent to 83,000; the second-fastest millionaire growth rate in the world after South Korea, according to the Merrill Lynch/Capgemini 2006 Asia-Pacific Wealth Report.
Back to News Review index page