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The Federal Bank, India's largest private sector bank, has tied up with Infosys Technologies to provide over 2,50,000 non-resident Indian clients with Internet banking and e-commerce facilities. Infosys is to provide Federal Band with the Net banking platform and e-commerce products by April. An agreement to this effect was signed by Federal Bank chairman K P Padmakumar and Infosys Chief Executive Officer N R Narayana Murthy. According to the Federal Bank-Infosys agreement, BankAway, the e-com platform developed by the Infosys for net-banking initiatives will be used in all Federal Bank branches to provide integrated financial services in both retail and corporate customers. BankAway enables banks to provide one-click access to their bank accounts, trade finance, cash management, bill payment, investment and on-line shopping, among other things. "Our e-initiative is another step to provide customers world class products leveraging into the best of technology from Infosys," Padmakumar told rediff.com. He said the Internet would be a strategic tool for Federal Bank to provide value-added services to its customers, especially those outside India. NRI account holders contribute 45 per cent of Federal Bank's total deposits. Padmakumar disclosed that the bank has set apart Rs 0.32 billion for its Net initiative. "We have adopted information technology as a strategic tool for achieving competitive edge and therefore we have started implementing an ambitious three-year IT strategic plan," he said. The Federal Bank has been a forerunner in technology among the traditional private banks in the country and uses its own automation software, FedSoft, in 130 branches. It has helped the bank offer innovative products and delivery systems such as any-branch banking, tele-banking and customer site terminals. Federal Bank's gross profit zoomed by 205 per cent to Rs 0.76 billion as against Rs 0.25 billion in the third quarter of the financial year ending December 31, 1999. The bank clocked a 50 per cent jump in its net profit to Rs 0.15 billion in the same period. Interest Rates Interest rate for SB (Resident) / SB (NRE) / SB (ONR) 3.50%(Daily basis) BASE RATE 9.00% (p.a) w.e.f 10.02.2011 BENCHMARK PRIME LENDING RATE (For loans existing as on 30.06.2010 till next renewal) 15.75 % (p.a) w.e.f 10.02.2011 Vision:
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The Federal Bank, India's largest private sector bank, has tied up with Infosys Technologies toprovide over 2,50,000 non-resident Indian clients with Internet banking and e-commercefacilities.
Infosys is to provide Federal Band with the Net banking platform and e-commerce products by
April. An agreement to this effect was signed by Federal Bank chairman K P Padmakumar andInfosys Chief Executive Officer N R Narayana Murthy.
According to the Federal Bank-Infosys agreement, BankAway, the e-com platform developed bythe Infosys for net-banking initiatives will be used in all Federal Bank branches to provideintegrated financial services in both retail and corporate customers.
BankAway enables banks to provide one-click access to their bank accounts, trade finance, cashmanagement, bill payment, investment and on-line shopping, among other things.
"Our e-initiative is another step to provide customers world class products leveraging into the
best of technology from Infosys," Padmakumar told rediff.com .
He said the Internet would be a strategic tool for Federal Bank to provide value-added services toits customers, especially those outside India. NRI account holders contribute 45 per cent of Federal Bank's total deposits.
Padmakumar disclosed that the bank has set apart Rs 0.32 billion for its Net initiative.
"We have adopted information technology as a strategic tool for achieving competitive edge andtherefore we have started implementing an ambitious three-year IT strategic plan," he said.
The Federal Bank has been a forerunner in technology among the traditional private banks in thecountry and uses its own automation software, FedSoft, in 130 branches.
It has helped the bank offer innovative products and delivery systems such as any-branchbanking, tele-banking and customer site terminals.
Federal Bank's gross profit zoomed by 205 per cent to Rs 0.76 billion as against Rs 0.25 billionin the third quarter of the financial year ending December 31, 1999. The bank clocked a 50 percent jump in its net profit to Rs 0.15 billion in the same period.
Interest Rates
Interest rate for SB (Resident) / SB (NRE) / SB (ONR) 3.50%(Daily basis)
BASE RATE 9.00% (p.a) w.e.f 10.02.2011
BENCHMARK PRIME LENDING RATE (For loans existing as on 30.06.2010 till next renewal) 15.75% (p.a) w.e.f 10.02.2011
Vision:
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Become the dominant “numero uno” bank in Kerala and a leading player in target markets.
Be the „trusted‟ partner of choice for target (SME, Retail, NRI) customers.
Be a customer-centric organisation setting the benchmarks for service.
Offer innovative yet simple products supported by the state-of-the art technology.
Have a dynamic and energised workforce with a strong sense of belonging.
Deliver top tier financial performance and superior value to stakeholders.
Be a role model for corporate governance and social responsibility.
Mission:
Devote balanced attention to the interests and expectations of stakeholders, and in part icular:
Shareholders: Achieve a consistent annual post-tax return of at least 20% on net worth.
Employees: Develop in every employee a high degree of pride and loyalty in serving the Bank.
Customers: Meet and even exceed expectations of target customers by delivering appropriate products and services,
employing, as far as feasible, the single-window and 24-hour-seven-day-week concepts, leveraging strengthened branch
infrastructure, ATMs, and other alternative distribution channels, cross-selling a range of products and services to meet
customer needs varying over time, and ensuring the highest standards of service at all times.
Future: We are the fourth largest bank in India in terms of capital base and can easily boast of a Capital Adequacy Ratio of
17.23 %, one of the highest in the industry. This along with the existence in a highly regulated environment hashelped the bank to tide over the recession with minimum impact to its financial stability.
In fact we have been expanding organically over the past few months. We believe in extending our reach to our
customers by making our services available to all, 24x7. We have Branches and ATMs across India in addition to
the Representative Office at Abu Dhabi that serves as a nerve centre for the NRI customers in UAE.
We are transforming ourselves, keeping our principles in tact, into an organisation that offers service beyond par.
Being in the service industry we are conscious of our surroundings and what happens in the society. financial highlights of your Bank for the financial year 2009-10 are given below:Rs. in crore
Financial Parameters For the year ended
March 31, 2010 March 31, 2009Net Interest Income 1410.83 1,315.46Fee and Other Income 530.91 515.77Net Revenue 1941.74 1,831.23Operating Expenses 676.89 571.45Profit before Depreciation and Tax 909.73 835.85Net Profit 464.55 500.49Profit Brought Forward 21.93 14.62Total Profit Available for Appropriation 486.48 515.11
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Appropriations:Transfer to Statutory Reserves 116.14 125.12Transfer to Revenue Reserves 208.27 197.25Transfer to Capital Reserves 8.20 29.75Transfer to Special Reserves 31.00 11.00Transfer to Investment Fluctuation Reserve 0.00 0.00
Transfer to Contingency Reserve 0.00 30.00Proposed Dividend 85.52 85.52Provision for Dividend Tax 14.21 14.54Balance Carried Over to Balance Sheet 23.14 21.93
Financial Position:Deposits 36057.95 32,198.19Advances 26950.11 22,391.88Total Business (Deposits + Advances) 63008.06 54,590.07Other Borrowings 1546.76 748.94Investments 13054.65 12,118.97Total Assets (Balance Sheet Size) 43675.61 38,850.86Capital 171.03 171.03
Ratios:Return on Total Assets (%) 1.15 1.48Return on Equity (%) 10.30 12.13Earnings Per Share (Rs.) 27.16 29.26Book Value Per Share (Rs.) 274.24 252.93Operating Cost to Income (%) 34.86 31.21Capital Adequacy Ratio (%) 17.27 20.14
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Federal Bank
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Federal Bank has a bouquet of deposit products to choose from.
If you are looking for personal accounts with cheque books facility please opt for Savings Bank Accounts.
If you are a business firm or corporate looking for an account to collect your receivables and make
payments to your suppliers and creditors choose Current Accounts.
If you want to deposit your funds for a period, ranging from a few days to a number of years, you arelooking for Term Deposits. Term Deposits with Federal Bank fetches you good return coupled with highsecurity. See link to our credit rating page on the side menu.
Term Deposits come in three flavors- Fixed Deposit, Cash certificate and Recurring Deposit
Fixed Deposit
If you want to withdraw periodical interest accrued in the account opt for Fixed Deposits.
Cash Certificate
When you do not prefer periodical interest payments, you can get compound interest (ie interest oninterest) on your deposit and the principal with interest is payable at the end of the period. CashCertificates from Federal Bank offers you these features.
Recurring Deposits
You are person who want to plan for the future but would like to make only systematic small depositsover a period of time, recurring deposits are for you. Federal Bank offers the most convenient FederalSavings Fund (FSF) exactly to meet this requirement.
We have yet another recurring deposit, FedSecure, which will give you an in-built insurance cover withvery low premium. Check out the features of FedSecure deposit.
We offer attractive interest rates for Term deposits. Check out the latest interest rates for term deposits
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