Federal Bank's - Federal Easy Gold

Federal Bank has introduced a gold loan product called Federal Easy Gold. which allows any purpose personal overdraft against the pledge of gold ornaments and coins. The customers are allowed a limit of Rs.5 lakh for a period of 36 months.

South Indian Bank - rate hike

South Indian Bank has hiked domestic fixed deposit interest rates. The fixed deposit for 150 days are eligible for 7.5% pa as compared to earlier rate of 6% pa. The interest rates for 300 days deposit will be 8% against the present rate of 6.5%.

YES Bank's 7-11 banking

YES Bank has launched a 7-11 banking service. It has introduced this service only in one branch in Mumbai. The branch would be open from 7 am to 11 pm for six days (Monday to Saturday) a week.

Karnataka Bank raises Deposit rates

The Karnataka Bank Ltd has announced increase in interest rate for domestic term deposit of 181 days to 364 days wef 1st January 2007. The new rates are 7% for deposits below Rs.15 lakh, 7.25% for deposit above 15 lakh and below Rs.50 lakh, 7.50% for deposit above Rs.50 lakh and below Rs.5 crore.

Tamilnad Mercantile Bank's "Time Double"

Tamilnad Mercantile Bank (TMB) has introduced a new deposit scheme called ' Time Double' in which double the amount invested will be paid back after a specific term. The amount will be doubled after 8 years and 3 days for the general public and 7 years 9 months and 14 days for senior citizens. The general public will get a rate of interest of 8.75% pa and senior citizens 9% pa. The deposit will be accepted with a minimum amont of Rs.1000 and in multiple of Rs.1000.