FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Bank of Baroda Net Profit Increased
According to a recent press report the net profit of from the Bank of Baroda has gone up by 14.4 % in the second quarter.
The net profit of the bank has increased from Rs. 1019 crore to Rs. 1166 crore compared to the previous year results. The net interest income of the bank has gone up by 26 per cent to Rs 2566.5 crore against Rs 2038 crore in the corresponding quarter last fiscal.
Apart from the profit and interest, the shares of the Baroda bank have also increased to 2.38 percent. The bank has recently hiked deposit rates in select maturities by 25-50 basis points with immediate effect. The bank has hiked the interest rate on deposits less than crore having maturity of one year to three years has been hiked to 9.25 per cent from 9 per cent.
It has also hiked the interest rates on deposits having maturity of above three years to five years to 9 per cent from 8.5 per cent. The bank has hiked the rates from 9 per cent to 8.5 per cent on tax saving scheme for five years.