HSBC India starts global education payments; direct payments to 600 univ

Aiming to simplify process of foreign currency payment, it provides students and their families a completely digital experience when making tuition payments for their overseas education, the bank said

HSBC India on Monday launched global education payments to enable Indian students and the bank's customers to pay fees directly to more than 600 international universities and colleges.

Aiming to simplify the process of foreign currency payment, it provides students and their families a completely digital experience when making tuition payments for their overseas education, the bank said in a statement.

With this new feature on the HSBC India mobile banking app, customers can select the country or territory and the university and get pre-loaded, pre-verified account details of the university, it said.

They can then add student details, upload loan documents, make a payment request instantly and securely through the mobile app and benefit from reduced remittance costs compared to other international education payment options available.

*** Piramal Finance partners with Digital India's Common Service Centers *

Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned subsidiary of Piramal Enterprises Ltd, has partnered with Digital India's Common Service Centers (CSCs) to meet the lending needs of Bharat by improving access to formal credit for underserved individuals and MSMEs (micro, small and medium enterprises).

Through this collaboration, over Rs 100 crore has been successfully disbursed in August 2024 to boost credit availability in semi-urban areas, providing essential financial products such as home and business loans, the company said in a statement on Monday.

By leveraging CSC's extensive network of over 6 lakh centres, this initiative aims to support budget customers in tier 2 and tier 3 cities, effectively addressing the financial needs of underserved regions and advancing financial inclusion, it said.

*** Bandhan Bank offers up to 8.05 pc interest on 1-year FD *

Bandhan Bank on Monday announced that it is offering up to 8.05 per cent interest rate on fixed deposit (FD) for the tenure of 1 year, which is one of the best FD interest rates in the banking industry.

The private sector bank offers the highest interest rate of 8.55 per cent to senior citizen customers.

The bank is also offering an attractive interest rate of 7.75 per cent to senior citizens on longer-term fixed deposits for a tenure of less than 5 years, Bandhan Bank said in a statement.

Others will earn 7.25 per cent for the same term deposits. The rates are among the best FD interest rates in the industry, it said.