Cyber Security:Predictions galore: BL
A look at what cyberspace might hold this new year..
Through the looking glass.
Predictions dished out by astrologers and experts on January 1 each year are lapped up by consumers
whichever walk of life or profession they might be.
The cyber world is no different. I am not for a moment underplaying the importance or utility of such
predictions. What I look for is certain exactitude in warning what one should be prepared for in the New
Year. This is why I am amused when experts say that 2010 will see more intrusions in cyberspace and we
should be more vigilant.
There are, however, a few analyses that are slightly more concrete and therefore meaningful. As for
instance, when McAfee, the reputed anti-virus software vendor, projects a year that will be marked by
intensified criminal concentration on social networking sites such as Facebook and Twitter. Its 2010 Threat
Predictions report suggests that Twitter will, in particular, be the target of those who want to hide sinister
Web sites somewhere so that their detection becomes difficult. There will also be exploitation of popular
applications alongside increased sophistication of cyber criminals. McAfee also believes that HTML5 will be
popular among malware writers. More attacks on Adobe Reader and a rise in banking Trojans are distinct
possibilities.
The prognosis, especially with regard to Facebook and other such sites, seems credible because of the
avalanche of attacks on them that one saw in 2009. Readers may also recall that a number of hackers into
these sites succeeded in breaking into users' profiles and posting links to malware-affected sites.
Notwithstanding these, I do not foresee any drop in new subscribers to Facebook and Twitter, because they
are live and interesting to an average individual looking for excitement in cyberspace. They have also
acquired a certain aura, thanks to VIP users such as our own Minister in the Ministry of External Affairs,
Shashi Tharoor.
Apart from McAfee, there are several other companies offering predictions. One of them is Kaspersky Lab,
again an anti-virus software provider, which is headquartered in Moscow and has offices all over the world.
Although the company indulges in some generalisations, such as an increase in the sophistication of
attacks, it makes bold to predict that next year will witness less number of attacks using Web sites and
applications. There will also be fewer malicious applications making bogus claims of being genuine anti-virus
and security software. Kaspersky attributes this to market saturation of such products and increased
vigilance of law enforcement officials. Also interesting will be to watch how cyber criminals are going to
receive new operating systems such as Windows 7 and Snow Leopard.
Perhaps somewhat contentious is the prediction that black hat hackers will start legitimising their activities
by means of partner programmes, wherein professional criminals will be assisted through monetising spam
botnets, denial of service attacks and malware. It is not clear on what basis Kaspersky is making this
assertion. But it is undoubtedly an interesting speculation that should alert policemen patrolling cyberspace.
Equally intriguing and absorbing is Kaspersky's belief that 2012 will see more pressure on mobile phone
applications, file sharing and peer to peer networks. The Kaspersky analysis sounds erudite and cannot be
ignored. It merits careful analysis.
Another expert surmise is that there will be first time criminal attention to cloud computing services. It is just
possible that these services will be hijacked and used to control and direct attacks. (More about the security
threats to cloud computing in a subsequent column.) Also, botnets will become more sophisticated. Perhaps
the most amusing suggestion is that there will be inter-gang wars where one gang may hijack the botnets
controlled by other gangs. In sum, whatever happens in the real world could be replicated in cyberspace!
Amidst all these conjectures comes the report now of extreme ingenuity on the part of a hacker called Samy
Kamkar who, only the other day, demonstrated how we can identify a browser's geographic location by
exploiting the weaknesses in many Wi-Fi routers. Incidentally, Samy is the hacker who, in 2005, through
what is now known as Samy Worm, put MySpace out of commission by adding more than one million friends
to the author's account. Kamkar tells us of how hardware firewalls can be penetrated with the help of some
JavaScript embedded in a Web page. He is positive that by luring victims to a malicious link, the aggressor
can access any service on the victim's machine. This is a dreadful prospect. The caveat, however, is that the
visitor must have on his machine an application running, such as file transfer protocol or session initiation
protocol. For one Samy known to us, there are a thousand others with a dishonest intention. This is why we
need to do everything within our capacity to educate ourselves on the latest modes of attack and take
minimum possible precautions.
Some cheer news
Against this background of fears of perils in cyberspace, the findings of two recent studies make sense. The
first by PriceWaterCoopers (PwC) claims that there is a nearly 100 per cent improvement in the security
capabilities of the IT-BPO industry in the past few years. Also noteworthy is the shift of accent from
technology to people-related controls through increased importance to employee security awareness
programmes.
Another study, conducted by KPMG and Nasscom, is nearly equally positive. According to it, security has
now become a Board room concern and a majority of companies look upon it as a business enabler.
Information security is now part of the training imparted to newcomers, and this has brought in its own
rewards in terms of protecting corporate information. This is heartwarming if one considers the situation until
a few years ago, when IT security was a very low priority, something of a ritual rather than a protector of a
company's assets and image.
The writer is a former CBI Director who is currently Adviser (Security) to TCS Ltd.
Tuesday, January 19, 2010
Cyber Quiz: BL
Questions
1. According to ComScore, Inc, US shoppers spent a whopping $27 billion online in the holiday season with
the second most productive day being ?Cyber Monday' with sales of $887 million after the December 15
sales which saw $913 million being spent. When was ?Cyber Monday'?
2. If the signalling rate for USB 2.0 is 480 Mbit/s, what is it for the new USB 3.0?
3. Teenager David Nelson, the founder of a music service, was chastised by Vevo which asked him to stop
using the service's content and trademark. Name the teenager's site.
4. Name the game that has broken many records, earning the distinction of being the ?most pirated game of
2009' with downloads exceeding 4.1 million times till end December since its early November launch.
5. The team from which prestigious varsity won a $40,000 online, nine-day challenge in early December,
proposed by the US government's DARPA, in just nine hours?
6. According to Netcraft's December 2009 Web Server Survey, how many million sites were there across all
domains: 225, 234 or 240?
7. Why is February 4, 2004 a significant date in the online world of social networking?
8. Which OS has the default browser NetPositive (often called Net+)?
9. Which dangerous worm has/had the aliases ?Simpsons', ?Kwyjibo' or ?Kwejeebo'?
10. The popular video capture and video processing utility for Microsoft Windows written by Avery Lee is
called..?
Answers
1. November 30.
2. 4.8 Gbit/s
3. Muziic
4. ?Call of Duty: Modern Warfare 2'.
5. MIT
6. 234 (from about 12 million in 1999).
7. Facebook, initially named ?thefacebook', made its appearance.
8. Be Operating System (BeOS).
9. Melissa
10. VirtualDub.
Questions
1. According to ComScore, Inc, US shoppers spent a whopping $27 billion online in the holiday season with
the second most productive day being ?Cyber Monday' with sales of $887 million after the December 15
sales which saw $913 million being spent. When was ?Cyber Monday'?
2. If the signalling rate for USB 2.0 is 480 Mbit/s, what is it for the new USB 3.0?
3. Teenager David Nelson, the founder of a music service, was chastised by Vevo which asked him to stop
using the service's content and trademark. Name the teenager's site.
4. Name the game that has broken many records, earning the distinction of being the ?most pirated game of
2009' with downloads exceeding 4.1 million times till end December since its early November launch.
5. The team from which prestigious varsity won a $40,000 online, nine-day challenge in early December,
proposed by the US government's DARPA, in just nine hours?
6. According to Netcraft's December 2009 Web Server Survey, how many million sites were there across all
domains: 225, 234 or 240?
7. Why is February 4, 2004 a significant date in the online world of social networking?
8. Which OS has the default browser NetPositive (often called Net+)?
9. Which dangerous worm has/had the aliases ?Simpsons', ?Kwyjibo' or ?Kwejeebo'?
10. The popular video capture and video processing utility for Microsoft Windows written by Avery Lee is
called..?
Answers
1. November 30.
2. 4.8 Gbit/s
3. Muziic
4. ?Call of Duty: Modern Warfare 2'.
5. MIT
6. 234 (from about 12 million in 1999).
7. Facebook, initially named ?thefacebook', made its appearance.
8. Be Operating System (BeOS).
9. Melissa
10. VirtualDub.
Corporation Bank targets Rs 1.5 lakh crore-biz this fiscal: BL
We are planning to grow by 52 per cent in the home loan segment.
Mr J.M. Garg, Chairman and Managing Director
Mr J.M. Garg, Chairman and Managing Director of Corporation Bank, feels that the performance of the bank
has been better than the system in spite of the economic slowdown. For the current financial year, Mr Garg
foresees a business growth of 23 per cent.
In an interview with Business Line, he spoke on various subjects ranging from the bank's targets for the
current financial year, the developments on the deposit and credit front, and the bank's plans for recruitment
among others. Excerpts from interview:
What is the business target for the current fiscal?
We have targeted a business level of Rs 1.5 lakh crore (1.22 lakh crore) by the end of March. This would
translate to a business growth of around 23 per cent, which is quite good, considering the present business
scenario and slowdown in credit offtake.
We have set a target of Rs 90,000 crore of deposits and Rs 60,000 crore of advances by the end of the
fiscal.
How is the growth in CASA?
The focus on CASA (Current Account, Saving Account) has borne fruit in the form of steady year-on-year
growth of around 24 per cent in savings deposits. The slowdown in credit has had its impact on the opening
of current deposits accounts and year-on-year growth has been only 15 per cent.
Growth in retail term deposits has been well over 30 per cent, which should enable the bank to shed some
of its bulk deposits.
Term deposits are growing though the interest rates have come down. People are now putting money in
short-term deposits, and are not going for long-term deposits. That gets reflected in term deposits. With that
the cost of deposits is coming down. I expect it to come down to 6 per cent by March-end. (It was around
6.44 per cent by the end of September).
Incidentally, almost all of the erstwhile high cost deposits have been replaced at very low rates, which will
further bring down the cost of deposits.
What future do you see for the growth of vehicle loans and home loans?
The auto industry is showing signs of revival and production. The passenger car segment has seen an
upturn. The demand for passenger cars has also shown some increase and we hope to see a growth in the
vehicle loans category. The bank has introduced a special product ?Corp Vehi Plus' with a rate of interest of
8 per cent frozen for the first year.
So far we have disbursed about Rs 100 crore under this scheme. We are projecting to nearly double the
vehicle loan portfolio to meet the growing demand in this sector.
As far as the home loan segment is concerned, real estate prices have been showing some corrections and
a number of houses and flats are now being offered by builders at more affordable prices. We are planning
to grow by 52 per cent in this segment. We have launched ?Corp Home Delight' scheme with an interest rate
of 8 per cent in the first year. So far, we have disbursed more than Rs 250 crore under this scheme. For
quickening the pace of sanctions, we have further fine-tuned our centralised processing systems so that we
are able to reduce the time between sanction and disbursement.
(The total vehicle loan portfolio of the bank stands at Rs 960 crore and home loan at Rs 4,400 crore. The
total retail portfolio of the bank is only 18 per cent of the total advances).
How is the performance of agri-loans and what are your plans in this regard?
We propose to increase the share of agriculture in adjusted net bank credit from 11 per cent in March 2009
to 15 per cent by March 2010. To improve performance under agriculture, we will focus on financing well-run
dairy co-operatives and rice mills.
We will also focus on zone-specific initiatives, such as floriculture in Bangalore, organic farming in Hassan,
Hubli and Belgaum, etc. Apart from this, the existing schemes will be made more customer-friendly. Finance
to dealers in fertilisers, pesticides, seeds and farm equipment is also being given focus.
To augment existing technical manpower, a good number of agricultural field officers are being recruited,
who are expected to exploit the hitherto untapped potential in northern and western parts of the country.
Can you explain your plans for increasing non-interest income?
For the current fiscal, the bank has targeted a growth of 45 per cent in non-interest income from core areas
(such as fees, commissions, exchange) from a level of Rs 449 crore in 2008-09 to Rs 650 crore in 2009-10.
The bank has taken several measures such as increase in volume of bank guarantees and letters of credit
business, focus on sale of third party products like mutual funds, bancassurance, gold retailing, garnering
higher share of Government business, and so on. These concerted efforts are showing results and the bank
looks forward to achieving its target.
What plans do you have to raise funds during the fiscal? What amount of funds was raised during the year
till now?
The bank has so far raised tier-I bonds for Rs 500 crore and tier-II bonds for Rs 1,550 crore during 2009-10.
The capital adequacy of the bank was very comfortable at 18.18 per cent (of which tier-I stood at 10.75 per
cent) as at September. This is sufficient to take care of expansion plans in the immediate future. In case the
markets are favourable, we may raise further funds through bonds.
What is happening on the recruitment front?
Corporation Bank has planned to recruit around 1,000 people in the current financial year. About 60 per cent
of these vacancies would be filled in the clerical cadre. Of the remaining, we are planning to recruit around
300 officers in specialist category and around 125 in the general category.
We are planning to grow by 52 per cent in the home loan segment.
Mr J.M. Garg, Chairman and Managing Director
Mr J.M. Garg, Chairman and Managing Director of Corporation Bank, feels that the performance of the bank
has been better than the system in spite of the economic slowdown. For the current financial year, Mr Garg
foresees a business growth of 23 per cent.
In an interview with Business Line, he spoke on various subjects ranging from the bank's targets for the
current financial year, the developments on the deposit and credit front, and the bank's plans for recruitment
among others. Excerpts from interview:
What is the business target for the current fiscal?
We have targeted a business level of Rs 1.5 lakh crore (1.22 lakh crore) by the end of March. This would
translate to a business growth of around 23 per cent, which is quite good, considering the present business
scenario and slowdown in credit offtake.
We have set a target of Rs 90,000 crore of deposits and Rs 60,000 crore of advances by the end of the
fiscal.
How is the growth in CASA?
The focus on CASA (Current Account, Saving Account) has borne fruit in the form of steady year-on-year
growth of around 24 per cent in savings deposits. The slowdown in credit has had its impact on the opening
of current deposits accounts and year-on-year growth has been only 15 per cent.
Growth in retail term deposits has been well over 30 per cent, which should enable the bank to shed some
of its bulk deposits.
Term deposits are growing though the interest rates have come down. People are now putting money in
short-term deposits, and are not going for long-term deposits. That gets reflected in term deposits. With that
the cost of deposits is coming down. I expect it to come down to 6 per cent by March-end. (It was around
6.44 per cent by the end of September).
Incidentally, almost all of the erstwhile high cost deposits have been replaced at very low rates, which will
further bring down the cost of deposits.
What future do you see for the growth of vehicle loans and home loans?
The auto industry is showing signs of revival and production. The passenger car segment has seen an
upturn. The demand for passenger cars has also shown some increase and we hope to see a growth in the
vehicle loans category. The bank has introduced a special product ?Corp Vehi Plus' with a rate of interest of
8 per cent frozen for the first year.
So far we have disbursed about Rs 100 crore under this scheme. We are projecting to nearly double the
vehicle loan portfolio to meet the growing demand in this sector.
As far as the home loan segment is concerned, real estate prices have been showing some corrections and
a number of houses and flats are now being offered by builders at more affordable prices. We are planning
to grow by 52 per cent in this segment. We have launched ?Corp Home Delight' scheme with an interest rate
of 8 per cent in the first year. So far, we have disbursed more than Rs 250 crore under this scheme. For
quickening the pace of sanctions, we have further fine-tuned our centralised processing systems so that we
are able to reduce the time between sanction and disbursement.
(The total vehicle loan portfolio of the bank stands at Rs 960 crore and home loan at Rs 4,400 crore. The
total retail portfolio of the bank is only 18 per cent of the total advances).
How is the performance of agri-loans and what are your plans in this regard?
We propose to increase the share of agriculture in adjusted net bank credit from 11 per cent in March 2009
to 15 per cent by March 2010. To improve performance under agriculture, we will focus on financing well-run
dairy co-operatives and rice mills.
We will also focus on zone-specific initiatives, such as floriculture in Bangalore, organic farming in Hassan,
Hubli and Belgaum, etc. Apart from this, the existing schemes will be made more customer-friendly. Finance
to dealers in fertilisers, pesticides, seeds and farm equipment is also being given focus.
To augment existing technical manpower, a good number of agricultural field officers are being recruited,
who are expected to exploit the hitherto untapped potential in northern and western parts of the country.
Can you explain your plans for increasing non-interest income?
For the current fiscal, the bank has targeted a growth of 45 per cent in non-interest income from core areas
(such as fees, commissions, exchange) from a level of Rs 449 crore in 2008-09 to Rs 650 crore in 2009-10.
The bank has taken several measures such as increase in volume of bank guarantees and letters of credit
business, focus on sale of third party products like mutual funds, bancassurance, gold retailing, garnering
higher share of Government business, and so on. These concerted efforts are showing results and the bank
looks forward to achieving its target.
What plans do you have to raise funds during the fiscal? What amount of funds was raised during the year
till now?
The bank has so far raised tier-I bonds for Rs 500 crore and tier-II bonds for Rs 1,550 crore during 2009-10.
The capital adequacy of the bank was very comfortable at 18.18 per cent (of which tier-I stood at 10.75 per
cent) as at September. This is sufficient to take care of expansion plans in the immediate future. In case the
markets are favourable, we may raise further funds through bonds.
What is happening on the recruitment front?
Corporation Bank has planned to recruit around 1,000 people in the current financial year. About 60 per cent
of these vacancies would be filled in the clerical cadre. Of the remaining, we are planning to recruit around
300 officers in specialist category and around 125 in the general category.
Corporation Bank looking at big-scale branch expansion:BL 241209
To focus on tier-3 to tier-6 centres.
Mr J.M. Garg
Corporation Bank, which has 1,094 branches in the country, is looking at expansion of its branch network on
a big scale in the next five years.Mr J.M. Garg, Chairman and Managing Director, told Business Line that the
bank is planning to open around 700 branches during the next five years.
Asked about the regions of focus, he said the bank has not identified any areas as such. However, he said
the bank will go for opening branches in tier-3 to tier-6 centres of the northern, eastern and western parts of
the country. "We will go in a limited manner in the South," he said.The major advantages for the bank
increasing its share in such centres are that it will be able to garner more CASA (current account and
savings account) deposits and it will help increase its presence in semi-urban and rural areas. "By opening
branches in tier-3 to tier-6 centres, the bank wants to increase the share of CASA deposits in its total
deposits. Those are the places where the CASA is high," Mr Garg said.
The move will also help the bank get additional licences to open branches in urban and metro centres.
To get licences
It will also help the bank get licences from the RBI in metros and urban centres where it does not have a
presence."These licences will be based on how many branches the bank has opened in tier-3 to tier-6
centres," he said.
Of the 1,094 branches of the bank, nearly 40 per cent of them are in semi-urban and rural areas. Mr Garg
said that in the banking industry it is the other way round.
The rural and semi-urban branch share of most of the banks is 60 per cent.Added to this, the move will help
the bank increase its agriculture lending also.To a query on increasing the overseas presence, Mr Garg said
that the bank has representative offices at Hong Kong and Dubai."The Hong Kong representative office is
proposed to be upgraded into a branch. Further we have plans to open offices in important financial centres
in future subject to necessary approvals," he added.
To focus on tier-3 to tier-6 centres.
Mr J.M. Garg
Corporation Bank, which has 1,094 branches in the country, is looking at expansion of its branch network on
a big scale in the next five years.Mr J.M. Garg, Chairman and Managing Director, told Business Line that the
bank is planning to open around 700 branches during the next five years.
Asked about the regions of focus, he said the bank has not identified any areas as such. However, he said
the bank will go for opening branches in tier-3 to tier-6 centres of the northern, eastern and western parts of
the country. "We will go in a limited manner in the South," he said.The major advantages for the bank
increasing its share in such centres are that it will be able to garner more CASA (current account and
savings account) deposits and it will help increase its presence in semi-urban and rural areas. "By opening
branches in tier-3 to tier-6 centres, the bank wants to increase the share of CASA deposits in its total
deposits. Those are the places where the CASA is high," Mr Garg said.
The move will also help the bank get additional licences to open branches in urban and metro centres.
To get licences
It will also help the bank get licences from the RBI in metros and urban centres where it does not have a
presence."These licences will be based on how many branches the bank has opened in tier-3 to tier-6
centres," he said.
Of the 1,094 branches of the bank, nearly 40 per cent of them are in semi-urban and rural areas. Mr Garg
said that in the banking industry it is the other way round.
The rural and semi-urban branch share of most of the banks is 60 per cent.Added to this, the move will help
the bank increase its agriculture lending also.To a query on increasing the overseas presence, Mr Garg said
that the bank has representative offices at Hong Kong and Dubai."The Hong Kong representative office is
proposed to be upgraded into a branch. Further we have plans to open offices in important financial centres
in future subject to necessary approvals," he added.
China systematically killing Indian manufacturing sector: L&T: ET
China systematically killing Indian manufacturing sector: L&T: ET
Private sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing
sector and sought 25 per cent anti-dumping duty on Chinese goods. "China has a fixed currency. It is not a market
economy like ours. China is systematically killing the Indian manufacturing sector," Naik, who was here for foundation
stone laying ceremony of a forgings unit at Hazira told reporters here yesterday. "There are taxes on goods
manufactured locally, but none on imported products (from China). This is an unfair situation for Indian goods. This is
why there should be 25 per cent anti-dumping duty on Chinese products," Naik said.
Speaking specifically about power equipment sector, in which L&T is a major player, Naik said, "The Indian power
companies, especially those in the private sector, have placed huge orders for power plant equipment with China. We
can say that Chinese power sector is virtually working for India." "It is not good that 80 per cent of our dependence for
power plant equipment is on one country, and that too China," he said, adding that China should not be allowed to grow
at the cost of Indian companies. "The day China opens its economy, its prices are bound to go up by 25 per cent," he
said. "But unfortunately we are not taking any steps to stop it," Naik further said.
L&T's special steel manufacturing and ultra heavy forgings unit at Hazira is a joint venture with Nuclear Power
Corporation of India Ltd (NPCIL), in which L&T holds 74 per cent stake while the latter 26 per cent. The plant is being
set up at an investment of Rs 1,750 crore, and will supply finished forgings for nuclear reactors, pressurisers and steam
generators, besides heavy forgings for critical equipment in the hydrocarbon sector, as well as thermal power plants and
steel plants. The unit is expected to begin operations between March and May next year.
L&T is also investing over Rs 5,000 crore for setting up facilities to manufacture boilers, turbines, modular
fabrications. It is also establishing a ship-building unit and a power plant at its Hazira facility. "The boiler shop will be
opened in March or April this year, which will be followed by the turbine shop in August or so," Naik said.
Private sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing
sector and sought 25 per cent anti-dumping duty on Chinese goods. "China has a fixed currency. It is not a market
economy like ours. China is systematically killing the Indian manufacturing sector," Naik, who was here for foundation
stone laying ceremony of a forgings unit at Hazira told reporters here yesterday. "There are taxes on goods
manufactured locally, but none on imported products (from China). This is an unfair situation for Indian goods. This is
why there should be 25 per cent anti-dumping duty on Chinese products," Naik said.
Speaking specifically about power equipment sector, in which L&T is a major player, Naik said, "The Indian power
companies, especially those in the private sector, have placed huge orders for power plant equipment with China. We
can say that Chinese power sector is virtually working for India." "It is not good that 80 per cent of our dependence for
power plant equipment is on one country, and that too China," he said, adding that China should not be allowed to grow
at the cost of Indian companies. "The day China opens its economy, its prices are bound to go up by 25 per cent," he
said. "But unfortunately we are not taking any steps to stop it," Naik further said.
L&T's special steel manufacturing and ultra heavy forgings unit at Hazira is a joint venture with Nuclear Power
Corporation of India Ltd (NPCIL), in which L&T holds 74 per cent stake while the latter 26 per cent. The plant is being
set up at an investment of Rs 1,750 crore, and will supply finished forgings for nuclear reactors, pressurisers and steam
generators, besides heavy forgings for critical equipment in the hydrocarbon sector, as well as thermal power plants and
steel plants. The unit is expected to begin operations between March and May next year.
L&T is also investing over Rs 5,000 crore for setting up facilities to manufacture boilers, turbines, modular
fabrications. It is also establishing a ship-building unit and a power plant at its Hazira facility. "The boiler shop will be
opened in March or April this year, which will be followed by the turbine shop in August or so," Naik said.
Check out FD schemes for saving income tax : ET
Fixed deposits offered by banks have been the favourite traditional saving and investment instrument for Indians. In
the union budget of 2006, the long-term bank deposits were made liable for the tax benefit under section 80C of
Income Tax Act, 1961.
It means investments up to Rs.1,00,000 in Bank FD at least for 5 years qualify for deduction from the gross total
income for purpose of tax calculations.
On the backdrop of high interest rate last year, banks were flooded with deposits under this scheme. Now, it is a time
to make tax planning for the financial year 2009-10 .
In view of this we bring out a ready reckoner on the tax savings deposit schemes offered by leading commercial
banks.
Deposit Amount (Per financial year)
Minimum: 1000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.25 (Note: Additional 0.25% if the tenure of deposit is
8 years and up to 10 years)
Deposit Amount (Per financial year)
Minimum: 10, 000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.00
Deposit Amount (Per financial year)
Minimum: 5, 000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment:
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 6.75
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 7.00
Deposit Amount (Per financial year)
Minimum: 10, 000
Maximum: 1,00,000
Tenure: 5 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 7.75
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure: 5 years
Mode of Payment: Quaterly or monthly
Current Deposit rate (% per annum): 6.00
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure: At least 5 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.00
Fixed deposits offered by banks have been the favourite traditional saving and investment instrument for Indians. In
the union budget of 2006, the long-term bank deposits were made liable for the tax benefit under section 80C of
Income Tax Act, 1961.
It means investments up to Rs.1,00,000 in Bank FD at least for 5 years qualify for deduction from the gross total
income for purpose of tax calculations.
On the backdrop of high interest rate last year, banks were flooded with deposits under this scheme. Now, it is a time
to make tax planning for the financial year 2009-10 .
In view of this we bring out a ready reckoner on the tax savings deposit schemes offered by leading commercial
banks.
Deposit Amount (Per financial year)
Minimum: 1000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.25 (Note: Additional 0.25% if the tenure of deposit is
8 years and up to 10 years)
Deposit Amount (Per financial year)
Minimum: 10, 000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.00
Deposit Amount (Per financial year)
Minimum: 5, 000
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment:
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 6.75
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure
Minimum: 5 years
Maximum: 10 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 7.00
Deposit Amount (Per financial year)
Minimum: 10, 000
Maximum: 1,00,000
Tenure: 5 years
Mode of Payment: Lump sum at the time of maturity or quaterly or monthly
Current Deposit rate (% per annum): 7.75
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure: 5 years
Mode of Payment: Quaterly or monthly
Current Deposit rate (% per annum): 6.00
Deposit Amount (Per financial year)
Minimum: 100
Maximum: 1,00,000
Tenure: At least 5 years
Mode of Payment: Lump sum at the time of maturity or quaterly
Current Deposit rate (% per annum): 7.00
Central Bank's 99th Foundation Day:BL 241209
Central Bank of India, NS Road Branch, Kolkata, along with the bank's offices in several parts of the country,
celebrated its 99 {+t} {+h} Foundation Day here on Monday, according to a press release. An old customer
having savings bank account since 1935 showed up with her passbook, the release adds.
Central Bank of India, NS Road Branch, Kolkata, along with the bank's offices in several parts of the country,
celebrated its 99 {+t} {+h} Foundation Day here on Monday, according to a press release. An old customer
having savings bank account since 1935 showed up with her passbook, the release adds.