Latest news with #AMB
Boston Globe
9 hours ago
- Business
- Boston Globe
Billerica company unveils a new way to make batteries
The company held a ribbon-cutting ceremony on Monday to celebrate the completion of its 'Customer Success Center,' essentially a dry room and an electrode manufacturing production line that allows clients and potential customers to do test runs, or hire AMB to make the electrodes for them. Shi was joined at the event by US Representative Lori Trahan, state interim economic development secretary Ashley Stolba, and Lily Fitzgerald, of the quasi-public Massachusetts Technology Collaborative, among others. Roughly half the cost of the $5 million center was funded through a state grant provided through MassTech. Electrodes are key components in batteries; most batteries rely on a liquid mixture to create a slurry applied to the electrodes that helps them store and release energy. But AMB's technology uses a coating of dry powder instead, and as a result is more efficient and requires less manufacturing space to make the batteries. (Plus, AMB says it's better for the environment, by avoiding the use of harmful solvents and reducing the energy demand.) Manufacturing batteries, Shi said, involves a careful balance of cost, performance, and sustainability. Usually, battery makers have to compromise on one aspect, but Shi said AMB's process excels in all three areas and helps enable battery manufacturers to expand here in the US. Advertisement 'All the battery makers realize this should be the future of manufacturing,' Shi said. Shi said a 'Battery Day' held by Elon Musk in 2020, in which the Tesla chief executive highlighted the importance of coming up with more efficient ways of building batteries through a dry-coating process, helped draw investors' attention. AMB raised $25 million in 2022, and another $44 million in the following two years based on dry-electrode technology developed by Worcester Polytechnic Institute professor Yan Wang and Heng Pan, now at Texas A&M University. AMB's investors include TDK Ventures, Toyota Ventures, and Anzu Partners. Advertisement The company has doubled its workforce in the past year, adding 25 new jobs, with plans to add 15 more in 2025. The potential for new jobs is one reason MassTech committed state funding to the project, along with the role the facility can play in helping anchor the area's growing ecosystem of battery companies. 'We have to get better at making batteries,' said MassTech's Fitzgerald. 'We think there's a really good value proposition here to keep electrode manufacturing in Massachusetts [with] such a strong potential for job creation.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
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Business Standard
3 days ago
- Business
- Business Standard
Canara bank waives minimum balance requirement for all SB accounts
Canara Bank has become the first major public sector bank to announce a complete waiver of the average monthly balance (AMB) requirement for all types of savings bank (SB) accounts. The new policy comes into effect from June 1. 'No more AMB penalties,' the bank said, highlighting that no SB account holder will be charged for low balances anymore. The bank emphasised that this step reinforces its customer-centric approach and aligns with its mission to make everyday banking simpler and more inclusive, calling it a step towards 'genuine no penalty' banking. Applies to all types of SB accounts According to the bank, the waiver covers the entire range of SB accounts, including: · Regular savings accounts · Salary accounts · NRI savings accounts · Senior citizen and student accounts Previously, customers were required to maintain a minimum monthly average balance depending on the type of account. Non-compliance usually led to service charges or penalty fees. Who benefits? This move is expected to benefit millions of account holders across the country. Those who stand to gain the most include: · Salaried individuals · Pensioners and senior citizens · Students and first-time bank users · Non-Resident Indians (NRIs) By removing the AMB requirement, the bank aims to make banking more accessible and affordable, especially for customers in rural and semi-urban areas.
Time of India
4 days ago
- Business
- Time of India
No more penalty for low balance in bank account: Canara Bank ends minimum balance rule on all savings accounts from this date
No more AMB in Canara Bank Savings Bank Account: From when is this applicable Live Events What is the minimum balance that must be maintained in Canara Bank savings account? What is Average Monthly Balance requirement in a savings bank account? Metro/Urban Branch: Charges of non-maintenance of minimum balance AMB maintained in the account against the stipulated ₹ 2000/- Charges per month for violation of AMB ₹ 1999/- to ₹ 1500/- ₹ 25/-+GST ₹ 1499/- to ₹ 1000/- ₹ 35/-+GST ₹ 999/- and below. ₹ 45/-+GST Semi Urban Branches: Charges of non-maintenance of minimum balance AMB maintained in the account against the stipulated ₹ 1000/- Charges per month for violation of AMB ₹ 999/- to ₹ 700/- ₹ 25/-+GST ₹ 699/- to ₹ 400/- ₹ 35/-+GST ₹ 399/- and below ₹ 45/-+GST Latest Canara Bank savings account interest rates . Slabs ROI(%) 1 For outstanding Balance of less than Rs. 50 Lakh 2.7 2 For outstanding Balance of Rs. 50 Lakh to less than Rs 5 Cr 2.75 3 For outstanding Balance of Rs. 5 Cr to less than Rs 10 Cr 2.8 4 For outstanding Balance of Rs. 10 Cr to less than Rs 100 Cr 3.05 5 For outstanding Balance of Rs. 100 Cr to less than Rs 200 Cr 3.5 6 For outstanding Balance of Rs. 200 Cr to less than Rs 300 Cr 3.1 7 For outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr 3.1 8 For outstanding Balance of Rs. 500 Cr to less than Rs 1000 Cr 3.4 9 For outstanding Balance of Rs. 1000 Cr & less than Rs. 2000 Cr 3.55 10 For outstanding Balance of Rs. 2000 Cr & above 4 In a customer-friendly move, Canara Bank has announced a waiver of the Average Monthly Balance (AMB) requirement across all types of savings bank accounts, including regular savings accounts, salary accounts, and NRI savings accounts. The announcement has been made today via a bank's press release. Due to no requirement of maintaining Average Monthly Balance (AMB), there are no penalty charges if AMB is not maintained in the bank is important to note that State Bank of India (SBI) since 2020 has waived off the requirement for maintaining minimum balance in all their savings accounts. Hence, there is no penalty if the minimum balance in the savings account is not new rule will be applicable from June 1, 2025, i.e., from tomorrow.'Starting June 1, 2025, no Canara Bank savings account holder will be penalized for not maintaining a minimum balance in their account. This marks a shift towards offering truly zero balance savings accounts for all customers,' said the bank in the press on the kind of savings account, bank customers were required to maintain a minimum Average Monthly Balance in their bank account. Penalty is levied by a bank if the bank customer fails to maintain the minimum average balance requirement. Every Canara Bank savings bank account user will now benefit from no penalty on minimum balance for all savings bank Average Monthly Balance (AMB) requirement in Canara Bank varies based on the branch location. Bank customers were required to maintain an AMB of Rs 2,000 for urban and metro branches, Rs 1,000 for Semi-Urban branches, and Rs 500 for rural Monthly Balance (AMB) is the minimum balance that must be kept in the bank account by a customer. If the bank account balance falls below the required balance, then banks levy a penalty for not maintaining AMB. The penalty depends on the type of savings are the charges that Canara Bank account holders were required to pay if minimum balance is not maintained in the bank account till May 31, Bank offers a savings account interest rate between 2.7 and 4% depending on the balance of the savings account. The rates are effective from May 19, Bank website
Reuters
20-05-2025
- Business
- Reuters
Florida, Georgia to each earn $7.5M for game in Atlanta
May 20 - Florida and Georgia will each receive $7.5 million for staging their rivalry game at Atlanta's Mercedes-Benz Stadium in 2026, the Athens Banner-Herald reported Tuesday. AMB Sports & Entertainment, a company owned by Atlanta Falcons owner and chairman Arthur Blank, is putting up the money, according to information that the newspaper obtained through an open records request. Known informally as "The World's Largest Outdoor Cocktail Party," the annual clash of the Gators and Bulldogs has been played in Jacksonville, Fla., since 1933. Florida and Georgia will meet in Jacksonville this season at EverBank Stadium, but the home of the NFL's Jaguars is set to undergo a $1.4 billion renovation project. The 2027 meeting between the SEC's Bulldogs and Gators will be held at Tampa's Raymond James Stadium before returning to Jacksonville in 2028 (with a contract through 2031). The City of Jacksonville guarantees a minimum of $10 million to each school in 2028 and 2029 and $10.5 million for 2030 and 2031, according to the Banner-Herald. --Field Level Media
Time of India
06-05-2025
- Business
- Time of India
Federal Bank new service charges: Check latest ATM charges, cashdeposit charges, locker rent and more changes from June 1, 2025
Cash handling charges Charges for non-maintenance of Average Minimum Balance Live Events For inward cheque returns Locker rent Closure of accounts charges Private sector lender, the Federal Bank has announced a revision of its service charges and fees, which will take effect on June 1, 2025. The revised schedule includes a range of services, such as ATM transaction fees , cash handling charges, penalties for non-maintenance of average monthly balance (AMB), locker rents, and account closure charges . Customers are advised to review the new structure to understand its potential impact on their banking costs and manage their accounts savings accounts, The Federal Bank is offering up to five free cash transactions (including withdrawals and deposits) or transactions totalling Rs 5 lakh per month, whichever is reached first. After this free limit, there is a fee of Rs 4 for every Rs 1,000 or part of that amount, with a minimum price of Rs 100 per transaction. These changes are effective June 1, account holders are required to maintain a specified Average Monthly Balance (AMB), and failure to do so attracts non-maintenance charges . These charges vary based on the extent of the shortfall and the type of savings scheme. The Federal Bank mandates that its customers maintain an AMB of Rs 5,000 or more for Club Scheme, Delite Scheme, all NRI schemes, and resident savings accounts. The bank's revised structure imposes a charge of Rs 75 on general customers for a shortfall of up to 20% in AMB; the fees can go up to Rs 375 for a 100% senior citizens receive some concessions, with charges for non-maintenance of AMB for them ranging from Rs 60 to Rs 300. For all other savings schemes and accounts held in rural branches-regardless of the scheme-the charges are slightly lower. General customers in this category are required to pay between Rs 60 and Rs 300 depending on the shortfall, while senior citizens are charged between Rs 50 and Rs in AMB Club Scheme, Delite Scheme, All NR Schemes & all resident SB schemes with AMB requirement of 5000 & all other SB schemes & all accounts in rural branches irrespective of will be charges for current and savings account holders who use their debit cards at other bank ATMs in excess of the free transaction limit. At The Federal Bank, the cost of each financial transaction, such as a cash withdrawal, is Rs 23, while the cost of each non-financial transaction, such as a balance inquiry or mini statement, is Rs 12. The ATM at Federal Bank has no transactions at other bank ATMs, ECOM, or POS that are declined due to insufficient funds in the customer's account will incur a charge of Rs 25 per charges vary based on account type and customer category. The Federal Bank charges a fee of Rs 400 per return instance for savings bank (SB) accounts held by rural customers and senior citizens. For all other SB account holders, the charge is Rs 500 per its rural and semi-urban branches, The Federal Bank charges rent annually for lockers based on their size. For a small locker, the annual rent is Rs 2,000 with a refundable key deposit of Rs 16,000. A medium-sized locker can be rented at Rs 3,300 per annum with a key deposit of Rs 19,900. For large lockers, the annual rent is Rs 5,500, and the required key deposit is Rs 26, metro and urban branches, locker rent varies depending on both the locker size and the specific branch location. For small lockers, the annual rent ranges from Rs 2,950 to Rs 5,000, with a refundable key deposit between Rs 18,850 and Rs 25,000. Medium-sized lockers are priced between Rs 3,950 and Rs 6,800 per annum, with key deposits ranging from Rs 21,850 to Rs 30,400. For large lockers, the annual rent falls between Rs 7,400 and Rs 12,800, while the key deposit ranges from Rs 32,200 to Rs 48, the Federal Bank, if a savings account is closed within six months, a fee of Rs 100 is applicable. For closures after six months but before 12 months, the charges are Rs 100 for rural or senior citizen savings accounts and Rs 300 for other savings accounts; no charges apply if a savings or current account is closed within 14 days from the first deposit.
