tag:blogger.com,1999:blog-75970254713368842502024-02-19T00:23:26.858-08:00Financial Planning For all Your NeedsAnonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7597025471336884250.post-13830744129118169792018-08-27T02:59:00.000-07:002018-11-25T20:01:19.334-08:00How to Avail 'instant' PAN Card using Aadhaar?<div dir="ltr" style="text-align: left;" trbidi="on">
With the Income Tax Department of the country launching a one-time service for those individuals who do not have a <a href="https://www.bankbazaar.com/pan-card.html" rel="nofollow">Permanent Account Number (PAN)</a>, there <g data-gr-id="151">seem</g> to be <g data-gr-id="149">lot</g> of doubt in the minds of the applicants. The PAN card is required by individuals to file income tax returns and with this being the high time for filing the returns, people who do not have the 10-digit alphanumeric number are looking to avail it by the using the ‘new’ service offered by the IT department. As part of the service, applicants can avail an ‘instant’ PAN or <a href="https://www.bankbazaar.com/pan-card/link-aadhar-pan-card.html" rel="nofollow">e-PAN with the help of the Aadhaar card</a>. The service which has been introduced for a limited period of time is available for free on a first-come-first-serve basis to resident Indians only. It needs to be mentioned that the service can be availed by only individuals who have an Aadhaar card and have previously not had a PAN card in their name. Hindu Undivided Families (HUFs), minors, companies, trusts etc are not eligible to <g data-gr-id="150">avail</g> the service.<br />
The department informed that the instant PAN service was launched keeping in the mind the large number of applications that they had received in the last couple of months. With the last date for filing income tax returns fast approaching, the department with the help of the service was trying to facilitate those <a href="https://www.bankbazaar.com/pan-card/pan-card-online.html" rel="nofollow">seeking PAN cards </a>to file their returns.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0_2auyBds13vo628qI3WVRisNbQDJTmQ5J3nDUIIea6QnBIT_98LPPMwZHWYSL6FPqwwlsVkMh4ahQSOtKYksAkESsL6PSjgpiDsciv3atOEXbGzJYuqT57f97__uEvI0hpPpLJ0fKkI/s1600/how-to-change-pan-card-address-min.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="280" data-original-width="350" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0_2auyBds13vo628qI3WVRisNbQDJTmQ5J3nDUIIea6QnBIT_98LPPMwZHWYSL6FPqwwlsVkMh4ahQSOtKYksAkESsL6PSjgpiDsciv3atOEXbGzJYuqT57f97__uEvI0hpPpLJ0fKkI/s320/how-to-change-pan-card-address-min.jpg" width="320" /></a></div>
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<h2>
How can an individual apply for instant PAN?</h2>
<ul>
<li>First, the applicant needs to visit <a href="https://www.incometaxindiaefiling.gov.in/home" rel="nofollow">www.incometaxindiaefiling.gov.in/home</a></li>
<li>Select, ‘Instant e-PAN’ option under the ‘Quick Links’ tab.</li>
<li>In the next page, select ‘Apply <g data-gr-id="132">Instante</g>-PAN’</li>
<li>Read the instructions and click on ‘Next’.</li>
<li>Next, fill in the details like name, date of birth, gender, Aadhaar details. (The details provided must match the ones mentioned in the Aadhaar card).</li>
<li>Click on ‘Submit’.</li>
</ul>
After the application is submitted, Aadhaar e-KYC will be carried out by the authorities. Only after Aadhaar e-KYC is completed, the entire process of e-PAN or instant PAN shall be initiated. It needs to be mentioned that while submitting the application form, applicants who wish to avail instant PAN or e-PAN need to upload a scanned copy of his/her signature on a white paper in not more than 10KB size. Once the application is successfully registered, a 15-digit acknowledgement number will be generated and sent to the applicant on the email address and mobile number provided in the application form. With the help of the acknowledgement number, the status of Instant e-PAN can be checked by the applicant.<br />
Once the instant PAN is <g data-gr-id="131">alloted</g> to the applicant, he/she will be intimated through an SMS or email. Following which, the <a href="https://www.bankbazaar.com/pan-card/duplicate-pan-card.html" rel="nofollow">instant PAN can be downloaded</a> from the e-filing portal <a href="http://www.incometaxindiaefiling.gov.in/home" rel="nofollow">www.incometaxindiaefiling.gov.in/home</a>.<br />
<h2>
How to download ‘Instant PAN’?</h2>
To download instant PAN or e-PAN, The applicant needs to follow the <g data-gr-id="184">below mentioned</g> steps:<br />
<ul>
<li>Visit <a href="http://www.incometaxindiaefiling.gov.in/home" rel="nofollow">www.incometaxindiaefiling.gov.in/home</a></li>
<li>Click on ‘Instant e-PAN’ under the ‘Quick Links’ Tab.</li>
<li>On the next page, select ‘Check Instant e-PAN Status’.</li>
<li>Enter the <g data-gr-id="134">acknowledgment</g> number and the captcha code</li>
<li>Click on ‘Submit’.</li>
</ul>
<h2>
Points that <g data-gr-id="146">needs</g> to <g data-gr-id="147">kept</g> in mind prior to applying for Instant PAN</h2>
While looking to avail an instant PAN, there are certain things that the applicant needs to keep in mind. Those are as follows:<br />
<ul>
<li>Individuals who already have a PAN must not apply for instant PAN.</li>
<li><g data-gr-id="133">Active</g> mobile number must be linked with Aadhaar to receive the One Time Password (OTP).</li>
<li>As instant PAN is generated using the particulars available in Aadhaar, it is necessary to update all the details first by visiting the UIDAI website.</li>
<li>Physical documents are not required to be submitted while applying for an e-PAN.</li>
</ul>
</div>
Anonymoushttp://www.blogger.com/profile/01304378838004505885noreply@blogger.com1tag:blogger.com,1999:blog-7597025471336884250.post-22164749801677274322018-08-06T03:15:00.000-07:002018-11-15T01:55:20.041-08:00Difference between SBI’s Insta Savings account and Digital Savings account<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
State Bank of India, the country’s largest lender offers its customers many benefits. As time has gone by the bank apart from offering other benefits, has allowed its customers to open an SBI account from the comforts of their home. This can be done using the bank’s one-stop YONO app. Individuals can open the Insta Savings account and Digital Savings account that the bank offers using the <a href="https://www.bankbazaar.com/ifsc/sbi-yono-app.html" rel="nofollow">YONO app</a>.<br />
<br />
<br />
<b>Here, we take a look at some of the basic differences between both the savings accounts offered by SBI:</b><br />
<br />
<ul style="text-align: left;">
<li>The Insta Savings account which SBI offers can be opened and operated only by a single person while the digital savings account can be operated both on a single and joint basis. It needs to be mentioned here that the YONO app enables the individual to open the account on a single basis, which can be later changed to joint account by visiting an SBI branch.</li>
<li>The Insta savings account offers customers the facility of ‘instant account activation’. This facility ensures that the individual who opens the account need not visit the bank branch for activating the account. As for digital savings account, the applicant is required to go to an SBI branch for activating the account.</li>
<li>As per State Bank of India, applicants who open an insta savings account are offered a free RuPay debit card. While to those who open a digital savings account, the bank issues a personalised platinum debit card.</li>
<li>The bank offers customers who avail the digital savings account the option of converting their account into a salary account. However, no such facility is provided to customers who avail the Insta savings account.</li>
<li>Customers who open either of the two accounts offered by the bank i.e the digital savings account or the insta savings account need not maintain a certain amount of average balance in a bid to avoid penalty charges. The offer has been provided to the customers by the bank till the end of the current financial year i.e 31 March 2019.</li>
<li>SBI offers the applicants who open digital savings account the option of cheque book facility. If the customers wish to use the facility, they would be required to pay applicable charges. The facility is not provided under the insta savings account offered by the bank.</li>
<li>Both the accounts offered by the bank can be opened by resident Indians who are above 18 years of age. It needs to be mentioned that while opening both accounts, the applicant is required to provide a mandatory nomination.</li>
<li>While opening both the accounts, the applicants are not required to submit physical copies of the acceptable documents as the accounts are opened on a paperless basis.</li>
<li>Applicants who wish to open either of the two bank accounts using the YONO app need to provide information mentioned on their Aadhaar card and PAN card. They need to provide the card numbers of both the documents either through the YONO app or through the website for availing the accounts offered by the bank.</li>
<li>The bank has stipulated an aggregate end of day balance of up to Rs.1 lakh and total annual transactions of up to Rs.2 lakh in the case of Insta Savings account. While for the digital savings account, the bank has restricted cash withdrawal to a maximum of Rs.1 lakh using the Platinum debit card. To withdraw money in excess of Rs.1 lakh, users of digital savings account would need to visit the bank branch and carry out the transaction using the Green Channel Counter (GCC).</li>
</ul>
</div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0India20.593684 78.962880000000041-8.6041045000000018 37.654286000000042 49.7914725 120.27147400000004tag:blogger.com,1999:blog-7597025471336884250.post-14686093374627827682018-06-25T22:40:00.001-07:002018-11-15T01:55:46.802-08:00Get More Than 9% on These Fixed Deposits in 2018<div dir="ltr" style="text-align: left;" trbidi="on">
It is possible to<a href="https://www.bankbazaar.com/fixed-deposit/fd-rates-above-9percentage.html" rel="nofollow" target="_blank"> earn 9% and more on your fixed deposit (FD)</a> this year. Yes! You heard that right. There are many small finance banks that offer a very high rate of interest. Let us take a look at some of them here:<br />
<br />
<br />
<ul style="text-align: left;">
<li>Fincare Small Finance Bank is one of the most highest paying banks as far as fixed deposits are concerned. The banks pays 9.50% per annum to senior citizens who invest money from 24 months 1 day to 36 months. For the same tenure, regular deposit holders will be able to get up to 9% per annum. </li>
</ul>
<br />
<div>
<b>Given below are the highest interest paying tenures for Fincare Small Finance Bank:</b></div>
<div>
<b><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfzTe2qbq1f6gW1pLAUnnH7c6MscBklbgITlILO7_-tvy4Qsa5GuDTcxoI122eTcAhmS29pe0uJCjEs_yM_dPKbH5KGMg9o_fMLJ34-vY6oLQPtftQlLWQ2-GJvX9jAQer3FXpejfqX3Lh/s1600/fincare+small+finance+bank+fd+rates.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="137" data-original-width="552" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfzTe2qbq1f6gW1pLAUnnH7c6MscBklbgITlILO7_-tvy4Qsa5GuDTcxoI122eTcAhmS29pe0uJCjEs_yM_dPKbH5KGMg9o_fMLJ34-vY6oLQPtftQlLWQ2-GJvX9jAQer3FXpejfqX3Lh/s640/fincare+small+finance+bank+fd+rates.png" width="640" /></a></div>
<div>
<div>
<ul style="text-align: left;">
<li>Another bank that pays up to 9.50% per annum interest for regular deposit holders below the age of 60 years is Mahaveer Bank. A rate of 9.50% per annum can be earned for holding a deposit anywhere from above 2 years to 5 years. </li>
</ul>
</div>
<div>
<b><br /></b></div>
<div>
<b>Given below is the updated table of Mahaveer Bank FD rates:</b></div>
</div>
<div>
<b><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgedXjLZxzmw9EjcBPqDlPcX_kfbgYu1XeuOiCFqH8Qk_7FiqkzAmWD75dpHJRq5F258_SJtrGlNbA5BHEQwWpuO66Ez9ynEjFBn6M46PTQ3F6QkHiztq40S7evYJ4N31qqrr8NT8UKFIla/s1600/Mahaveer+Bank+FD+Rates.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="131" data-original-width="552" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgedXjLZxzmw9EjcBPqDlPcX_kfbgYu1XeuOiCFqH8Qk_7FiqkzAmWD75dpHJRq5F258_SJtrGlNbA5BHEQwWpuO66Ez9ynEjFBn6M46PTQ3F6QkHiztq40S7evYJ4N31qqrr8NT8UKFIla/s640/Mahaveer+Bank+FD+Rates.png" width="640" /></a></div>
<div>
<b><br /></b></div>
<div>
<ul style="text-align: left;">
<li>Mahaveer Bank pays up to 10% per annum on fixed deposits for a tenure that ranges from more than 2 years to 5 years, making it one of the most lucrative investments for people in this age group.</li>
</ul>
<div>
<ul>
<li>Ujjivan Small Finance Bank pays a rate of 8.00% per annum on deposits that are kept in the bank from 1 year to 2 years.</li>
</ul>
</div>
<div>
<b>Given below is the updated table of Ujjivan Small Finance Bank FD rates:</b></div>
<div>
<b><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUruI9EdXKFhhAWyqNtdEZcvM9y-lg5c4wrauI4E66fM4CjP4PfclPKaVUsQs-lohYj8jSvguTfZuBFbRZDUnsnyvPYGtj0sG00GxD9ecKEUcLN1eQk_20DIO_TyBtazxxnqAiJu_k3Bq_/s1600/Ujjvan+Small+Finance+Bank+FD+Rates.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="134" data-original-width="553" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUruI9EdXKFhhAWyqNtdEZcvM9y-lg5c4wrauI4E66fM4CjP4PfclPKaVUsQs-lohYj8jSvguTfZuBFbRZDUnsnyvPYGtj0sG00GxD9ecKEUcLN1eQk_20DIO_TyBtazxxnqAiJu_k3Bq_/s640/Ujjvan+Small+Finance+Bank+FD+Rates.png" width="640" /></a></div>
</div>
<div>
<div>
<ul style="text-align: left;">
<li>Senior citizens who invest in Ujjivan will be able to get paid at the rate of 8.50% per annum.</li>
</ul>
<ul style="text-align: left;">
<li>ESAF Small Finance Banks pays 7.50% per annum to senior citizens for an investment duration of 1093 days to 1819 days and 1821 days to 3652 days. For the same duration, regular deposit holders will get paid at the rate of 7.00% per annum.</li>
</ul>
<ul style="text-align: left;">
<li>Suryoday Small Finance Bank pays those who are 60 years and above an interest rate of 9% per annum for a time frame of more than 24 months to 36 months and 8% per annum for above 36 months to 60 months.</li>
</ul>
<ul style="text-align: left;">
<li>Regular depositors will get paid 8.75% per annum for 24 months to 36 months and 7.75% per annum for above 36 months to 60 months.</li>
</ul>
</div>
<div>
<h3 style="text-align: left;">
Things to know about small finance bank FDs:</h3>
<div>
<ul style="text-align: left;">
<li>The interest rate paid is generally much higher, making it a well-paying investment.</li>
</ul>
<ul style="text-align: left;">
<li>The risk associated with this type of investment is definitely higher than other type of investment classes.</li>
</ul>
<ul style="text-align: left;">
<li>The features and benefits that are offered by small finance banks are very similar to that given out by other/regular banks.</li>
</ul>
<ul style="text-align: left;">
<li>Many of these banks offer the facility to <a href="https://www.bankbazaar.com/fixed-deposit/online-fixed-deposit.html" rel="nofollow" target="_blank">open and close a time deposit online</a> in a matter of seconds.</li>
</ul>
<ul style="text-align: left;">
<li>With mobile banking, opening a time deposit in such a type of a bank has become more and more easier.</li>
</ul>
<ul style="text-align: left;">
<li>Online banking and net banking facilities can also be used for premature closure or for premature withdrawal.</li>
</ul>
<ul style="text-align: left;">
<li>Loan or overdraft can be taken against the term deposit easily just like other bank FDs.</li>
</ul>
</div>
<h3 style="text-align: left;">
The final call</h3>
<div>
For those who are willing to take a slight risk, the results can be quite rewarding if you invest in small finance bank term deposits.</div>
<div style="font-weight: bold;">
<br /></div>
</div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-39588234105540061772018-05-28T02:04:00.001-07:002018-11-15T01:56:06.027-08:00Everything You Need to Know About FD Overdraft<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "calibri";"></span><br />
<div>
<span style="font-family: "calibri";"><span style="font-size: 14.6667px; white-space: pre-wrap;">So, you need some money. As simple as that. What can you do? Take a loan. Why not take an overdraft against your Fixed Deposit (FD). Yes! The good old FD will come as a saviour in times of a financial crisis. All term deposit holders are eligible to <a href="https://www.bankbazaar.com/fixed-deposit/personal-loan-against-fixed-deposit.html" rel="nofollow" target="_blank">take a personal loan using their term deposit</a> as a collateral. A loan can thus be availed without any hassle for up to 90% of the deposit amount. </span></span></div>
<span style="font-family: "calibri";"> </span>
<br />
<h3 style="text-align: left;">
<span style="font-family: "calibri";"> <span style="font-size: 14.6667px; white-space: pre-wrap;">What are the benefits of taking a loan/overdraft against a term deposit?</span></span></h3>
<span style="font-family: "calibri";"> </span><br />
<div>
<span style="font-family: "calibri";"><span style="font-size: 14.6667px; white-space: pre-wrap;"><b>Easy and hassle-free: </b>When it comes to availing credit against your own time deposit, the whole process becomes more simple. It is quite simple to apply for this facility and some banks even offer the facility to do it online. All customers have to do is to submit the documentation.</span></span></div>
<span style="font-family: "calibri";"> </span><br />
<div>
<span style="font-family: "calibri";"><span style="font-size: 14.6667px; white-space: pre-wrap;"><br /></span></span></div>
<span style="font-family: "calibri";">
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><b>Less time consuming for approval:</b> Compared to the time and effort taken to apply for a traditional loan, the process involved in taking a loan/overdraft is much more speedier. The loan approval process is pretty fast and there is no long wait involved. In most cases, this loan will be granted in less than 24 hours</span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><br /></span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><b>Lesser interest rate:</b> Probably one of the advantages of this facility is that the rate at which the loan is granted is much lesser that what is offered to other loans. For instance, if you are getting paid around 6.00% per annum on the term deposit, you will have to pay an additional 1% to 2% interest rate for the loan. This is much lesser when compared to other loans, for which the rates range from 16% to 24% per annum.</span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><br /></span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><b>No need to break FD: </b>The best part about this type of loan is that there is practically no need to close or break the term deposit that you hold. The deposit holder will be able to take a loan and also earn interest on the deposit at the same time. This is one of the advantages that customers can gain from holding a time deposit and taking a loan on it as well.</span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><br /></span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;">With a lot of technological developments that are taking place, overdraft can now be taken even by applying online. For example, those who hold a State Bank of India (SBI) FD, can avail a loan/overdraft through the SBI YONO app. In this case, the customer does not have to go to the bank branch physically and can go and loan/overdraft will be granted online at the click of a button. Here are some important things to know about the SBI overdraft facility:</span></div>
<div>
<span style="font-size: 14.6667px; white-space: pre-wrap;"><br /></span></div>
<div>
<ul style="text-align: left;">
<li>All those who have what is called a single account will be able to take a loan or an overdraft through the YONO app</li>
<li>As of now, those who hold a joint account with bank will not be able to avail this particular facility</li>
<li>The minimum loan amount that will be granted is Rs.25,000, while the maximum is Rs.5 crore</li>
<li>Only an interest rate of 1% more will be charged for taking a loan this route</li>
<li>As of now, there are no processing charges involved in this type of loan facility that is granted by the SBI</li>
<li>Those who are taking this loan can get up to 90% of the deposit amount as a loan</li>
</ul>
</div>
<div style="font-size: 14.6667px; white-space: pre-wrap;">
<br /></div>
</span></div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-57153464718522997032017-11-29T01:36:00.002-08:002018-11-15T01:56:24.512-08:00PF Withdrawal Online by Providing IFSC Code, UAN Details<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<br /></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: "calibri"; font-size: 11pt; white-space: pre-wrap;">One can easily withdraw money from their Provident Fund (PF) account online by providing <a href="https://www.bankbazaar.com/ifsc-code.html" rel="nofollow" target="_blank">IFSC code</a>, Universal Account Number (UAN), mobile details and PAN card. </span></div>
<div style="line-height: 1.295; margin-bottom: 4pt; margin-top: 18pt; text-align: justify;">
<span id="docs-internal-guid-d9cd2502-071c-5e56-a083-8b0231cad3da"></span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">After the introduction of the online Employee Provident Fund (EPF) facility, withdrawing money from PF accounts has become a much simpler, hassle-free and convenient process. Before the launch of this facility, it used to take several months for employees to get their PF money. PF can be withdrawn under 3 categories: Full Withdrawal, Partial Withdrawal, and Pension Withdrawal Benefit. The withdrawal request can be made through the UAN website. It is necessary to have Aadhaar linked with the EPF account to avail this facility without any hassle.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">After the PAN-Aadhaar linkage, it is now mandatory to link PF with Aadhaar</span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Employees’ Provident Fund Organisation (EPFO) has now made it mandatory to link Aadhaar with the Universal Account Numbers (UAN) of provident fund members.</span></div>
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<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span id="docs-internal-guid-3569f729-0721-0097-0f5f-12a27e2a5926"></span></span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">After attending a Tiranga Yatra organised by the EPFO, Bandaru Dattatreya, the Union Labour and Employment Minister said that the UAN, apart from Aadhaar, must also be linked with bank account, </span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">IFSC code and mobile number as well.</span></div>
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Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-86439391437255315292016-10-19T04:16:00.001-07:002018-11-15T01:56:57.572-08:00TDS - Tax Deducted at Source for Non-resident Indians<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; font-family: "arial"; font-size: 16px; white-space: pre-wrap;">Non-resident Indians battle many challenges in India and high tax deduction at source is just one among them. TDS can be annoying considering the innumerable taxes that we all deal with already. When tax is deducted at source, it becomes a mandatory method of collecting taxes and makes the taxpayer feel choked and pushed against a wall. Moreover, income tax is deducted in the way of TDS for an entire year in advance and later tax returns are claimed which is a tedious process for both Indian nationals and NRIs.</span></div>
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<span style="background-color: white; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="background-color: white; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What is TDS?</span><span style="background-color: white; font-family: "arial"; font-size: 16px; font-weight: 700; white-space: pre-wrap;"> </span></h3>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: white; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">TDS stands for Tax Deducted at Source. It is an indirect tax collecting method followed in India according to the Income Tax Act, 1961. Managed by the Central Board of Direct taxes, TDS, falls under the Indian Revenue Services.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiJoCNJd55I7cTzChIFo8PDSARN1qH4k986uJLuuwHbM1JIUqadrgbGSOIz3WLvL1opc6l-MhrGVnOZy-wTCoKnKQUkymvtpA5hfzcLeJJUAt4y7MyDnerTYYHKwb3OYaoqsCNKE2fZFTM/s1600/nri-tax.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiJoCNJd55I7cTzChIFo8PDSARN1qH4k986uJLuuwHbM1JIUqadrgbGSOIz3WLvL1opc6l-MhrGVnOZy-wTCoKnKQUkymvtpA5hfzcLeJJUAt4y7MyDnerTYYHKwb3OYaoqsCNKE2fZFTM/s320/nri-tax.jpg" width="320" /></a><span style="background-color: white; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">TDS norms for Indian Nationals</span></h3>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Indian nationals enjoy low TDS rates compared to NRIs. Salary, interest on securities, land rent and any other income earned by Indian Nationals who possess <a href="https://www.bankbazaar.com/pan-card.html" rel="nofollow" target="_blank">Permanent Account Number (PAN)</a> is taxable at about 10% of the amount earned. Whereas, income earned through lotteries or any other games of that sort is taxed at 30%. </span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">TDS norms for NRIs</span></h3>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">More often than not, in many articles nowadays you might read about the whooping TDS rates for Non-resident Indians. TDS rates for NRIs ranges from 10% to 30%. Apart from general taxable income like salary, rent or interest on securities, NRIs are taxed for various other income categories like earnings under National Savings Scheme, repurchase of Mutual Fund and royalty income. </span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Changes made to NRI tax norms in Budget Meeting 2016</span></h3>
<div dir="ltr" style="line-height: 1.284; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Addressing high TDS rates for NRIs, The <a href="https://en.wikipedia.org/wiki/Chairperson,_Central_Board_of_Direct_Taxes" rel="nofollow" target="_blank">Central Board of Direct Taxes (CBDT)</a> reformed the taxation norms which now allows NRIs to avail lower tax rates under Section 206AA of the Income-Tax Act. CBDT has included a new rule, section 37BC, according to which non-residents can claim TDS benefits even without submitting their PAN. Previously, residents had to submit PAN under section 206AA to avail any tax benefits. In Budget Meeting, 2016, Arun Jaitley, Finance Minister confirmed that PAN is not mandatory for non-residents to enjoy tax benefits. In his speech, Jaitley addressed the 7 pillars which will support India’s economic growth and tax reforms to reduce compliance burden was one among them.</span></div>
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<span style="font-family: "arial"; font-size: 16px; white-space: pre-wrap;">Saudi Indian Business Network (SIBN) recently conducted a lively debate with experts in the taxation industry to explain the budget meeting in layman’s terms. During the debate Vijay Soni, treasurer, SIBN, spoke about taxation policies in India and rationalization of TDS for NRIs without PAN. Echoing him, CA, S. C. Lekhwani, a senior practitioner from India joined the debate via video conferencing and explained the taxation provision for NRIs and foreign investors in India. After years of debating and procrastinating, The Government of India has ruled in favor of the NRIs which is definitely a good news for all the non-resident Indians out there.</span></div>
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Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-81593135326988557992015-10-10T12:43:00.002-07:002018-11-15T01:57:23.168-08:00Reaping the profit out of compound interest<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="font-family: "calibri"; font-size: 18.6667px; line-height: 1.295; text-align: left; white-space: pre-wrap;">Did you know you compound interest can help you increase your savings? Yes, it can do wonder by adding to your existing savings. Compound interest can help you earn more than what you invested initially and fulfill your long term savings goals by providing higher and assured returns. </span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">So, what is compound interest?</span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">It is a kind of interest on interest; an addition of interest to the principal amount of your deposit. Compound interest which is added to the principal amount of your deposit or a loan, helps a loan or a deposit grow at a faster pace. Compound interest is calculated on the initial principal amount as well as on the accumulated interest of a deposit or a loan. This addition of interest to the principal as well as accumulated interest of the previous years is known as compounding. The compounding frequency determines the interest you will receive on your deposits. The higher the frequency of compounding, the higher the compound interest is.</span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Compound interest rate is particularly beneficial for investing in fixed deposits. By using a compound interest calculator, you can calculate the compound interest on your deposit or a loan. </span></div>
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<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">How compound interest helps you earn more:</span></div>
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<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">You can be rich gradually by investing at compound rates of interest. The compounding rate of interest may work for you in the following ways:</span></div>
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<a href="https://magic.piktochart.com/output/8393657-reaping-profit-by-compound-interest" target="_blank"><img alt="Reaping Profit out of Compound Interest" border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdRwAP0Ji8AsqxSJTMxWCJ4PpakhyljcrEKu_L9H7_rX1F5L57FdO1-omU8IMIefaryY2oE5VqlLWKQgNIAdqGHZYN-SY-AHeUnlF585wQ-tsBPK50ey9OcC0oF3XDqb3wapzsYAZwgNOX/s640/reaping-profit-by-compound-interest.jpeg" title="" width="443" /></a></div>
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<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Start your investments early:</span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> When your <a href="http://www.richescorner.com/6-important-steps-you-need-to-take-before-you-turn-30/" rel="nofollow" target="_blank">start your investments early</a> in your career at compound rate of interest, the possibility is very much there that it will add to your returns. So don’t wait, make your as early as possible to add more value to you your investment </span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Invest regularly: </span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Make it a habit to make regular investments. In the initial years, you may not be able to see the difference. But if you keep on investing at compound interest rates, you will see the difference. Investments giving lower returns in the initial stages may produce higher returns in the long run. Always, it’s important to look at the bigger picture, not short term goals. Besides, a proper asset allocation plan will also help you add more value to your savings by managing the risk factors. A well – thought out asset allocation plan always helps in long term wealth generation. </span></div>
<div dir="ltr" style="line-height: 1.295; margin-bottom: 8pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Stay invested for a longer time: </span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">It is very important to be patient and keep your investments intact for a longer time. The magic of compounding works only when you invest your savings for a longer duration</span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. </span><span style="background-color: transparent; color: black; font-family: "calibri"; font-size: 18.666666666666664px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Do not withdraw or touch your savings, unless you really need them. Let them remain invested for a longer time and grow. Although, you will witness slow progress in the initial stage, it will pay off in the long run. </span></div>
<span id="docs-internal-guid-c6074927-4be5-6d9b-28b1-f9222b63cd77"><span style="font-family: "calibri"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">So, if you are intending to earn more profit from compounding rate of interest, invest regularly and invest for a longer duration. Make your investments at the early stage of your life and give time to your investments. Definitely, compounding will show its magic and double your returns. </span></span></div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com1tag:blogger.com,1999:blog-7597025471336884250.post-31315924436293799542015-09-08T00:17:00.000-07:002018-11-15T01:57:52.540-08:00Unusual Investments that Will Ensure a Comfortable Post Retirement Life!<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">After working hard for years, everyone deserves a peaceful comfortable life. But a post retirement life with no or limited income can be hard. The best way to ensure a good post retirement life is to invest in the right policies. Surprisingly, investments like Fixed Deposits, Gold and other investments can ensure a good life post retirement. Listed below are some unusual investments that might help you sail a lot smoother during your post retirement days.</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCq7vrtb8dZIbnNchCk0U0l7hf0iVX-jrKTR4viO6yvMXgtwau4p2Z0MnE42XcC432v8rPAwIVcPODRU6936z44T9gBPnnYa4SPdBxNSaGrlpOpH2pfoHA9sd0kHp1dMBDLnCXsiyFt_UB/s1600/retirement-planning.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCq7vrtb8dZIbnNchCk0U0l7hf0iVX-jrKTR4viO6yvMXgtwau4p2Z0MnE42XcC432v8rPAwIVcPODRU6936z44T9gBPnnYa4SPdBxNSaGrlpOpH2pfoHA9sd0kHp1dMBDLnCXsiyFt_UB/s640/retirement-planning.jpg" width="640" /></a></div>
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<b><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Fixed Deposits:</span></b><o:p></o:p></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Fixed deposits are term deposits wherein money is deposited as a single payment for a certain period of time and interest is earned on the same. The <a href="http://www.bankbazaar.com/fixed-deposit-rate.html" rel="nofollow" target="_blank">FD Interest Rates</a> depends on the amount deposited and the deposit term. Fixed deposits can actually act as a retirement investment tool. FD can act as a retirement tool if you plan it the right way. Investing idle savings in an FD when you are earning a regular income can benefit you later in life. It can be planned in such a manner that the Fixed deposit matures during the time of your retirement thus granting you a lump sum amount for your post retirement days.</span><o:p></o:p></div>
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<b><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Precious metals:</span></b><o:p></o:p></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Investing in precious metals is a wise decision and can also serve as a source of finance post retirement. The price of precious metals is always inflating thus making your investment a valuable one. Precious metals like gold, diamonds can be purchased in the pre retirement days and this will act as a valuable asset of a much higher price post retirement.</span><o:p></o:p></div>
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<b><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Real estate:</span></b><o:p></o:p></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">The value of real estate never goes south. Investing in real estate in your younger days is probably the most unusual but <a href="https://magic.piktochart.com/output/7516662-post-office-fd" rel="nofollow" target="_blank">wisest retirement plan</a> ever. This piece of real estate can later be sold off post retirement or it can act as your shelter. Since the price of real estate is always inflating, this investment plan will never fail you.</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifD2WnEf-rw6iyeRGmI4Mk_Czf7NoaLfu_Omc3p9DH_MOMDg6BsW3ErA_LVSgiWXiqnkTqHhR8dOM_ipqNX2LzJADEnR3sB7PJQf_tQTcETP4FHv4AhAwwBU2FXhLkJs9q8UZvysszrMaC/s1600/emergency-fund.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="116" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifD2WnEf-rw6iyeRGmI4Mk_Czf7NoaLfu_Omc3p9DH_MOMDg6BsW3ErA_LVSgiWXiqnkTqHhR8dOM_ipqNX2LzJADEnR3sB7PJQf_tQTcETP4FHv4AhAwwBU2FXhLkJs9q8UZvysszrMaC/s200/emergency-fund.jpg" width="200" /></a><b><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Emergency fund:</span></b><o:p></o:p></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">It is important to have an emergency fund irrespective of your</span><span style="font-family: "times new roman" , serif;"> </span></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">age. Small savings over a longer time in an emergency fund can prove to be very valuable during tough times like a medical emergency, house repair, etc post retirement.</span><o:p></o:p></div>
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<b><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">Specific health insurance plan:</span></b><o:p></o:p></div>
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<span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";">With old age comes old-age ailments. Having a <a href="http://www.livemint.com/Money/TQ0AVirTplI9NC7xelAwUK/Best-health-insurance-plans.html" rel="nofollow" target="_blank">health insurance plan</a> that covers a particular ailment can be very beneficial. For example, if you are suffering from cardiac-related ailments, it is best to choose a Cardiac health insurance plan that covers for risks against cardiac related ailments. This can save you from huge medical expenses.</span><o:p></o:p></div>
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Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-86840193934257558752015-05-27T06:25:00.001-07:002018-09-21T05:26:43.811-07:00Top Bank FDs in India for 2015<div dir="ltr" style="text-align: left;" trbidi="on">
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Bank fixed deposits have been an
investment staple for most Indians and as the year 2015 gets underway, we find
these fixed-income options have not lost their allure. <o:p></o:p></div>
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<b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">What makes bank FDs a favorite among Indian investors?</span></b><o:p></o:p></div>
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Even as financial markets in
India develop and diversify, bank FDs continue to win over other channels of
saving. The main reasons for this are:<o:p></o:p></div>
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<br /></div>
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<b>Simplicity</b> - FDs are easy to understand. Money is deposited with a
bank for a particular period of time in return for a fixed amount of interest.
At the end of the deposit period, account-holders receive their principal
investment along with the interest earned on it.<o:p></o:p></div>
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<br /></div>
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<b>Safety</b> - Banks are considered to be the safest financial
institutions in India, operating within a well-monitored framework, under the
watchful eye of a regulatory authority viz. the RBI. <o:p></o:p></div>
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<br /></div>
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<b>Guaranteed returns</b> - Interest rates on fixed deposits are
pre-determined and remain unchanged throughout the deposit period. This makes
it easy for an investor to calculate how much is due on maturity. Interest
rates currently vary between 3.5% to 9.25% for holdings between 30 days to 5
years. <o:p></o:p></div>
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<br /></div>
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<b>Flexibility</b> - Bank FDs let investors balance returns and liquidity.
Deposits can be held with banks for varying tenures, starting as low as 7 days
and going as high as 10 years. Additionally, depositors can choose to have
interest credited to their accounts at regular intervals (usually every
quarter). This creates a regular income stream without affecting the principal investment;
this is especially useful for retired persons.<o:p></o:p></div>
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<br /></div>
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<b>Accessibility </b>- Opening a fixed deposit account is easy with a
multitude of options available from different banks located across the country.
Paperwork is almost negligible and with more FD schemes being made available
online, the application process is now quicker and more convenient than ever
before. <o:p></o:p></div>
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<b>Easy to manage - </b>There is little need to monitor bank deposits
since investors know exactly how much is due to them on maturity. Interest
rates don’t have to be tracked as they remain unchanged from the start to the
end of the deposit period. Interest rates only have to be reviewed on renewal.<o:p></o:p></div>
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<b><u><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Best Bank FDs Rates for 2015 </span></u></b><o:p></o:p></div>
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Below is a round-up of the
highest interest rates offered on different FD schemes across the country and
the banks that offer them. Interest rates depicted are the highest returns
offered for a particular tenure, on a per annum basis. These schemes are
categorised from a collective perspective i.e. all the sectors combined and further
broken down to depict the best schemes for each sector i.e. public, private and
foreign banks.<o:p></o:p></div>
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<i><span style="font-size: 10.0pt; line-height: 115%;">(Rates shown are those
in effect during the last week of January 2015* for a deposit amount of Rs.1
lakh)</span></i> <o:p></o:p></div>
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<b></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz-hx5jVOa1GNeu775TaRMdLBMIJ8Cdt9kTAKSttZPPaztWGVaHh0G5veHO1P56a9wwupRnQ0LAPeGp2kPWa-qLNA3OShyxnYEemwgRpU6nBEBWpWu-ZtGeh1Y7WgQ8gaRvo2et4krsUud/s1600/time+deposit.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz-hx5jVOa1GNeu775TaRMdLBMIJ8Cdt9kTAKSttZPPaztWGVaHh0G5veHO1P56a9wwupRnQ0LAPeGp2kPWa-qLNA3OShyxnYEemwgRpU6nBEBWpWu-ZtGeh1Y7WgQ8gaRvo2et4krsUud/s640/time+deposit.jpg" width="640" /></a></b></div>
<o:p></o:p><br />
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<u><br /></u></div>
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<b>(All sectors)</b></div>
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<u>Medium and Long-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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5 years 9.25% TMB<o:p></o:p></div>
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1 year 9.1% TMB<o:p></o:p></div>
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1.5 years. 9.00% Central
Bank of India, Dena Bank, J&K Bank, Karur Vysya Bank, <o:p></o:p></div>
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State
Bank of Mysore, TMB<o:p></o:p></div>
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2 years 9.00% Dena
Bank, J&K Bank, Karur Vysya Bank, State Bank of<o:p></o:p></div>
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Mysore,
TMB<o:p></o:p></div>
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3 years 9.00% Dena
Bank, TMB<o:p></o:p></div>
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4 years 9.00% Dena
Bank, TMB<o:p></o:p></div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2SwZmyNsJYz0m2V1P3Q3qwnSURBJX7yJ6ipejsTXTG8uhp-h4x9qb66k_ZvHq-EfxfO4K6kp-b-Tutl-RBZCQ6OI6fEkgX5q7F27VQkvQlQna11PVTPcgQU5Bl7MLdlu7OtwLXNMk__1Y/s1600/long+term.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="329" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2SwZmyNsJYz0m2V1P3Q3qwnSURBJX7yJ6ipejsTXTG8uhp-h4x9qb66k_ZvHq-EfxfO4K6kp-b-Tutl-RBZCQ6OI6fEkgX5q7F27VQkvQlQna11PVTPcgQU5Bl7MLdlu7OtwLXNMk__1Y/s640/long+term.png" width="640" /></a></div>
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<u>Short-Term Deposits</u><o:p></o:p></div>
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90 days 8.80% ING
Vysya Bank <o:p></o:p></div>
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6 months 8.75% TMB<o:p></o:p></div>
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9 months 8.75% Indian
Bank,IndusInd Bank,TMB,Yes Bank<o:p></o:p></div>
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120 days 8.70% ING
Vysya Bank<o:p></o:p></div>
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60 days 8.00% TMB<o:p></o:p></div>
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30 days 7.75% State
Bank of Mysore<o:p></o:p></div>
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<br /></div>
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*<i><span style="font-size: 10.0pt; line-height: 115%;">Interest rates are
subject to change.</span></i><o:p></o:p></div>
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<br /></div>
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<!--[if !supportLists]-->★<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Best</b> <b>Public-Bank FD Rates 2015</b><o:p></o:p></div>
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<br /></div>
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<u>Medium and Long-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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1 year 9.00% Dena
Bank, Central Bank of India, State Bank of Mysore<o:p></o:p></div>
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1.5 years. 9.00% Dena
Bank, Central Bank of India, State Bank of Mysore<o:p></o:p></div>
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2 years 9.00% Dena
Bank, State Bank of Mysore<o:p></o:p></div>
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3 years 9.00% Dena
Bank<o:p></o:p></div>
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4 years 9.00% Dena
Bank<o:p></o:p></div>
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5 years 9.00% Dena
Bank<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u>Short-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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9 months 8.75% Indian
Bank,IndusInd Bank<o:p></o:p></div>
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120 days 8.70% ING
Vysya Bank<o:p></o:p></div>
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6 months 8.55% Syndicate
Bank<o:p></o:p></div>
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90 days 7.75% State
Bank of Mysore<o:p></o:p></div>
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60 days 7.75% State
Bank of Mysore<o:p></o:p></div>
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30 days 7.75% State
Bank of Mysore<o:p></o:p></div>
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<br /></div>
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*<i><span style="font-size: 10.0pt; line-height: 115%;">Interest rates are
subject to change.</span></i><o:p></o:p></div>
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<br /></div>
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<!--[if !supportLists]-->★<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Best
Private-Bank FD Rates 2015<o:p></o:p></b></div>
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<u>Medium and Long-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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5 years 9.25% TMB<o:p></o:p></div>
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1 year 9.1% TMB<o:p></o:p></div>
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1.5 years. 9.00% J&K
Bank, Karur Vysya Bank, TMB<o:p></o:p></div>
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2 years 9.00% J&K
Bank, Karur Vysya Bank, TMB<o:p></o:p></div>
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3 years 9.00% TMB<o:p></o:p></div>
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4 years 9.00% TMB<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u>Short-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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90 days 8.80% ING
Vysya Bank <o:p></o:p></div>
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6 months 8.75% TMB<o:p></o:p></div>
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9 months 8.75% TMB,Yes
Bank<o:p></o:p></div>
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120 days 8.70% ING
Vysya Bank<o:p></o:p></div>
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60 days 8.00% TMB<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
30 days 7.50% TMB<o:p></o:p></div>
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<br /></div>
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*<i><span style="font-size: 10.0pt; line-height: 115%;">Interest rates are
subject to change.</span></i><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l4 level1 lfo9; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->★<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Best
Foreign-Bank FD Rates 2015<o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u>Medium and Long-Term Deposits</u><o:p></o:p></div>
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<br /></div>
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1 year 8.25% Standard
Chartered Bank<o:p></o:p></div>
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3 years 7.75% Citibank<o:p></o:p></div>
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4 years 7.75% Deutsche
Bank<o:p></o:p></div>
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1.5 years. 7.50% Citibank,
Deutsche Bank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
2 years 7.50% Citibank,
Deutsche Bank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
5 years 7.25% Standard
Chartered Bank<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u>Short-Term Deposits</u><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
9 months 8.25% Standard
Chartered Bank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
90 days 8.00% HSBC<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
6 months 7.75% Citibank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
120 days 7.75% Standard
Chartered Bank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
60 days 7.50% Deutsche
Bank<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
30 days 7.00% Deutsche
Bank<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
*<i><span style="font-size: 10.0pt; line-height: 115%;">Interest rates are
subject to change.</span></i><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><u><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">How to choose a good fixed deposit scheme</span></u></b><o:p></o:p></div>
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<br /></div>
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Although Bank FDs make great
fixed-income options, they are not as simplistic as they appear. When choosing
an FD scheme, don’t look at interest rates in isolation but consider the
following as well:<o:p></o:p></div>
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<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>What is the
minimum amount required as initial investment? </b>The initial investment
required to open an FD account varies from bank to bank. For e.g. HDFC Bank
stipulates a minimum amount of Rs.10,000 to open a regular FD account.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l1 level1 lfo8; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>What is the
penalty levied on premature withdrawals? </b>Banks charge a penalty for breaking
an FD i.e making premature withdrawals or closing account before maturity.
Penalties are applied to the interest rate and can go up to 2% in some cases.
This can greatly compromise expected returns. E.g. a penalty of 1% on a deposit
featuring interest rates at 6% will earn account-holders net returns of 5% in
case of early closure of the account.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l2 level1 lfo2; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>How well does
the bank service its customers?</b><span style="color: #1155cc;"> </span>How a
bank services its customers is important. Some banks delay crediting interest
to depositors’ accounts while still others require constant follow-ups for
renewals and issuing of fixed deposit receipts. Foreign and private banks are
generally known for their promptness in providing information and processing
transactions.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Does the bank
provide loans against FDs? </b>Most banks grant <a href="http://articles.economictimes.indiatimes.com/2013-12-09/personal-finance/44989357_1_deposit-loan-interest-rate" rel="nofollow" target="_blank">loans against fixed deposits</a>.
These loans feature interest rates which are lower than those of most personal
loans. The interest payable on the loan is usually set off against the interest
earned on the FD. This is an advantage for those who require funds but do not
wish to break their FDs and lose out on returns.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l7 level1 lfo6; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Does the FD
feature cumulative options?</b><span style="color: #1155cc;"> </span>Under
cumulative options, interest earned, instead of being credited to the
account-holder, is compounded or reinvested at regular intervals. This
maximises returns as interest earned is added to the principal for subsequent
interest calculations. <o:p></o:p></div>
<div class="MsoNormal" style="margin-left: 36.0pt; text-align: justify;">
The longer the
tenure and more frequent the compounding, the higher the returns under
cumulative options. Some banks offer quarterly compounding while some offer
half-yearly compounding.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l8 level1 lfo1; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>Does the bank
offer special senior citizen / employee rates? </b>Most banks offer special FD
rates for senior citizens and bank employees. Senior citizens are generally
offered an extra 0.25% - 0.50% on rates offered to regular customers while
employees generally earn 1% over standard rates. Retired persons can create a
regular income stream by having interest earned on deposits credited to their
account.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36.0pt; mso-add-space: auto; mso-list: l8 level1 lfo1; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->➢<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><b>What is the
effective rate of return post taxes? </b>Interest earned has to be declared as
part of an account-holder’s overall income and is taxable according to the
appropriate tax slab. While determining the desired rate of return, taxes
should be considered. For e.g. If a depositor earns 9% on a deposit and is
liable to pay tax at the rate of 30%, his/her effective rate of interest is
6.3%. This information is useful when comparing schemes to choose the one that
provides optimum returns.<b><o:p></o:p></b></div>
<div class="MsoNormal" style="margin-left: 36.0pt; text-align: justify;">
(For interest
earned on fixed deposits over Rs.5,000 in a financial year, tax will be
deducted at source, by the bank @ 10%.)<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><u>Outlook for bank fixed deposits in 2015</u></b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Given the changing economic
scenario in India, the question on most investors’ minds is - ‘Is it a good
time to invest in bank FDs?’<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Rate cuts are already signalling
a downward trend in the interest rate cycle and banks are expected to bring
down interest rates on fixed deposits in the coming quarters. Some banks have
already acted on this by reducing rates between 25 to 50 bps over the last
month.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In view of these developments,
long-term FDs appear to be the best option for those who can trade-off on
liquidity and lock-in funds for a period of 3 to 5 years at current rates,
before returns are lowered in line with market changes. Investing in tax-saving
FDs, which have a minimum lock-in period of 5 years will also reap long-term
benefits at current rates.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-family: "arial" , sans-serif; font-size: 11.0pt; line-height: 115%;">This will prove most
beneficial to those in the lower tax brackets or those whose incomes fall below
the tax exemption limits. It is also an advantageous prospect for senior
citizens / retirees who can lock-in interest income at current high rates for
the next few years.</span></div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-56593685122379148192015-04-08T04:14:00.000-07:002015-04-08T04:14:01.313-07:00ICICI Bank Pay-Transact Using Twitter Account<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP1_RjBOfZV0By97JCd-Oex8jZiUBtmocbdUnvCEsaaKXx1mralRmohknXaG_FwdHZrhO-_pivJI-JJ0JyXOe_UyUXb6ahEu251F0A0D5W4tqobjmaY8K8Z5v7cOkQmxruBXN_PooqhMxQ/s1600/ICICI-TWITTER-facebook.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="ICICI Tweet Money" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP1_RjBOfZV0By97JCd-Oex8jZiUBtmocbdUnvCEsaaKXx1mralRmohknXaG_FwdHZrhO-_pivJI-JJ0JyXOe_UyUXb6ahEu251F0A0D5W4tqobjmaY8K8Z5v7cOkQmxruBXN_PooqhMxQ/s1600/ICICI-TWITTER-facebook.jpg" height="250" title="ICICI Tweet Money" width="460" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
ICICI Bank, India’s largest private sector bank has been
leveraging social media platforms to offer path breaking banking solutions to
its mammoth customer base. In line with this mission is <span style="background-color: white; color: blue;">ICICI BankPay</span>, a
payments system which allows its banking customers in transferring monies to
any part of the country using the micro blogging site. In addition, ICICI bank
account holders with an active twitter account can also check account balance,
view last three transactions, recharge prepaid mobile and DTH.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
By simply following the official ICICI<b> bank Twitter handle (@icicibank)</b>, tech savvy customers can
transact on Twitter securely, without any hassles. To start using this service,
the customer needs to use his mobile number (registered with the bank) along
with a Twitter account.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<h2 style="text-align: justify;">
<span style="font-size: x-large;"><a href="https://www.blogger.com/null" name="h.ehxzr0vglgae"></a>Steps to Register for ICICI BankPay on Twitter </span><o:p></o:p></h2>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36pt; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Follow <b>@icicibank</b>
from the Twitter account(Also access page <b>twitter.com/ICICIBank)</b><o:p></o:p></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36pt; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Now send a direct message(DM) @icicibank <b>#reg <space> <registered mobile
number> </b>Eg:#reg 9880312345<o:p></o:p></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36pt; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->3.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->You receive a one-time password(OTP)<o:p></o:p></div>
<div class="MsoNormalCxSpMiddle" style="margin-left: 36pt; text-align: justify; text-indent: -17.95pt;">
<!--[if !supportLists]-->4.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Now, send a DM with OTP as reference <b>#regotp 123456</b> to the same handle<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This completes the registration procedure for gaining access
to ICICI BankPay on Twitter. Now, you can use all the available banking
services with your Twitter account.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi84FKz2dcYr066qCCaaWZN70A5OWr1AoPr0PlUvPX_aP7Fq9GZIKo2ay8CssTBN0uz1FofQhtUfaqMcqwLXrdqhAON1mLeL_MPvMw2M2ugeiq28fZE4EfDiVh95p998nNeKlialNAnOnTk/s1600/aa3.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi84FKz2dcYr066qCCaaWZN70A5OWr1AoPr0PlUvPX_aP7Fq9GZIKo2ay8CssTBN0uz1FofQhtUfaqMcqwLXrdqhAON1mLeL_MPvMw2M2ugeiq28fZE4EfDiVh95p998nNeKlialNAnOnTk/s1600/aa3.jpg" height="225" width="650" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<h2 style="text-align: justify;">
<span style="font-family: Verdana, sans-serif; font-size: x-large;"><a href="https://www.blogger.com/null" name="h.s3bui824kvnk"></a>Transacting on Twitter with ICICI BankPay</span><o:p></o:p></h2>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>1) Transferring
money: </b>You can transfer monies online to anyone who has a savings, Twitter
account and mobile phone anywhere in India. Use #pay <space> followed by
twitter handle of the recipient followed by the amount you wish to transfer and
send this information as a direct message to @icicibank. Eg: <b>#pay @xxxx123 1200 </b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The beneficiary receives a tweet immediately notifying
him/her of the incoming monies with a unique link. The recipient has to simply
click on the link which lands them on a secure page. Here, the beneficiary is
required to verify Twitter account details and also provide bank account, IFSC
code and redemption code(received via SMS) to complete the transaction. The
money is transferred instantaneously. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>2) Recharge prepaid
mobile: </b>Refill your mobile currency by sending a direct message <b>#GenOTP</b> to the official twitter handle.
After you receive the One Time Password, send a direct message again to
@icicibank by composing as below.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
#TopUp<space>Mobile number<space> Operator
Code<space>Amount<space>OTP<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Eg: #TopUp 1234566345
Vodafone 125 123456</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To ensure correctness of operator code used, send a direct
message <b>#operatorcode</b> to the Twitter
handle before beginning the recharge process. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>3) Recharge DTH
account: </b>Akin to recharging prepaid mobile, an ICICI bank customer can also
renew DTH by following simple instructions. To begin with, generate an OTP by
sending a direct message<b> #GenOTP </b>to
@icicibank. An OTP is instantly sent to the registered mobile number by
SMS. Now compose a direct message as
below.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
#DTH<space>DTH Account Number<space> Operator
Code<space>Amount<space>OTP<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Eg: #DTH 1234566345
Tatasky 500 123456</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To ensure correctness of operator code used, send a direct
message <b>#operatorcode</b> to the Twitter
handle before beginning the recharge process. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>4)</b> <b>Check account balance & View last three
transactions</b>: As easy as it can get. Send a direct message <b>#ibal </b>& <b>#itran </b>to check balance and view last three transactions
respectively. The bank tweets you back with the required information. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="color: blue;"> </span><span style="color: purple;">With such conducive
banking options from ICICI Bank, your transaction is just a Tweet away!</span><o:p></o:p></div>
</div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-56350934891821048592015-03-23T03:11:00.000-07:002015-03-23T03:13:06.306-07:00Digital Banking all set to change the face of banking in India!<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;">Mobile wallets seem to be reshaping the future of digital
banking. These products are becoming increasingly popular with customers who
enjoy their ready accessibility as well as ease of usage. Digital Banking
includes mobile banking, online banking, as well as the newly launched <i>social
media banking.</i></span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;">According to a report by RBI, mobile wallet banking has been
on a steep rise from 8.58 million transactions in December 2013 to <u>23.19
million transactions</u> in December 2014 which marks an increase of 170 per cent.
The value of mobile wallet transactions increased by about 233.8 percent from
the year 2013 to 2014. Similarly, NEFT and IMPS transaction also been on the
rise as also has banking through digital media like Twitter and Facebook.</span><o:p></o:p><br />
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: red; font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><b>Pockets, launched by ICICI Bank; takes banking to another level</b></span><span style="color: orange;"><o:p></o:p></span><br />
<b><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiew9SdGUzy_EBpFjhDsPNPv4M-hIlZZcPRGIAGPPMKq6X24sL1hzpQcaxy3dw32PT1mCEOtJt5s32mvggb-E2Wq4gDZebA8JukbDgWBpPkUSzaJ5JAOafbS-DOlGU1njzYTITECEcPAiaX/s1600/1380025741_ICICI+Pockets+s1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiew9SdGUzy_EBpFjhDsPNPv4M-hIlZZcPRGIAGPPMKq6X24sL1hzpQcaxy3dw32PT1mCEOtJt5s32mvggb-E2Wq4gDZebA8JukbDgWBpPkUSzaJ5JAOafbS-DOlGU1njzYTITECEcPAiaX/s1600/1380025741_ICICI+Pockets+s1.jpg" height="140" width="400" /></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;">Recently, ICICI bank launched Pockets, which can be called a
digital bank with a mobile interface. Pockets is a virtual place to store money
and carry out transactions. The usage consists of downloading the App and getting
your KYC details registered to create a username and password. An option of
getting a no minimum balance account is also available. Pockets is powered by
Visa and allows monetary transactions as well as ticket bookings, bill payment
mobile recharge and expense splitting. Pockets is an extremely high-end digital
banking platform that allows you to transfer and receive money through channels
like bank accounts, mobile numbers, e-mail accounts, Google+, Facebook,
Twitter. Chat features too are in-built so as to provide customer support. The
pockets account can be used to shop online across all Indian digital shopping
platforms. Also, the physical pockets card can be used to pay for your food and
other related expenses.</span><o:p></o:p><br />
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: red; font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><b>Digital Banking is becoming a preferred option among customers</b></span><o:p></o:p><br />
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;"><b><br /></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghIM70ZANDTdjKUmajbwLo7X2LCHUvRvl7T5Jy_CtxDr0uyW9SRNqgwmvIyfVl26zT5QIc0l2KaM7rclGwa3kaCE0XpP55eD5GslyXEftXvFDXZErRNQ5B8wTqvuLcLaJxdkep-kbWqUtU/s1600/digital+banking.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghIM70ZANDTdjKUmajbwLo7X2LCHUvRvl7T5Jy_CtxDr0uyW9SRNqgwmvIyfVl26zT5QIc0l2KaM7rclGwa3kaCE0XpP55eD5GslyXEftXvFDXZErRNQ5B8wTqvuLcLaJxdkep-kbWqUtU/s1600/digital+banking.jpg" /></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;">Digital Banking is becoming increasingly popular among
customers. Firstly, due to the extreme convenience that it offers in today’s
fast-paced life and secondly because of the host of options that are available
to customers. Mobile Wallets have less security issues too since the amount
stored in the wallet is the only amount that is at risk as against bank
accounts which carry customers’ total account balance. Technological
advancements in the banking industry are paving way for a better and more
convenient banking experience. Competition among banking players ensures that
private as well as public sector banks pick up in terms of technical upgrade
and provide users with the best possible financial solutions. Rural Banking too
is set to benefit from this since technological advancements will ensure that
even customers from rural areas are included in this chain of growth and
innovation.</span><o:p></o:p></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<a href="https://www.blogger.com/null" name="h.gjdgxs"></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 10.0pt;">With a huge percentage of Indian
population being the youth, connect with them is the primary goal for all
banking institutions. This is where Mobile banking and internet banking play a
crucial role. Digital Banking requires continuous and steady innovations in
technology architecture, user interface as well as security. IT spends for
almost all banks has been on the rise and mobile phones are supposed to be the
primary banking channel in the coming years.</span><o:p></o:p></div>
</div>
Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com0tag:blogger.com,1999:blog-7597025471336884250.post-48554688072770287922015-02-02T04:39:00.000-08:002018-11-25T20:01:57.177-08:00RBI advises banks to review base rate quarterly<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<div style="text-align: justify;">
Rakesh is a salaried individual who is
looking forward to a personal loan. Though he has his documents ready, he is
waiting for a rate cut so that he can borrow at a cheaper rate of interest. He
keeps on checking the bank’s website to see if the <span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><b>interest rates</b></span> have been revised after RBI
announced a rate cut. But two weeks after, he is still waiting to see any
change in the bank’s rates.</div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">For many borrowers like Rakesh, life got a
little easier with RBI directing quarterly review of rate cuts at banks’ end.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<div style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEippczpX527RRhR9O2kHHYcR-jbAJKFdrw4IHY6X8nyzpwGozHOJbbfcrgt4k8nLMWoKAhpIeMCjR6VHyr_UylKrOsyhfxbQ55Q9dle8svvhxqhwdsWAoRT-uM-I7s8Za5JzvDy_Tq3KxNT/s1600/RBI.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Reserve Bank of India" border="0" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEippczpX527RRhR9O2kHHYcR-jbAJKFdrw4IHY6X8nyzpwGozHOJbbfcrgt4k8nLMWoKAhpIeMCjR6VHyr_UylKrOsyhfxbQ55Q9dle8svvhxqhwdsWAoRT-uM-I7s8Za5JzvDy_Tq3KxNT/s1600/RBI.jpg" title="Reserve Bank of India" width="320" /></a></div>
<span lang="EN-US">The <a href="http://www.rbi.org.in/home.aspx" rel="nofollow" target="_blank">Reserve Bank of India</a> (RBI) on January
19 said banks must review their base rate, or the minimum rate at which they
lend, every quarter. <o:p></o:p></span></div>
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">The Central Bank cut the repo rate by 0.25
percentage basis points, the first reduction in one and half years, to boost
credit and economic growth. The new base rate norms come into effect from
February 19. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">This is supposed to benefit borrowers as
banks would now have to pass on lower rates from RBI in shortest possible time.
Earlier, banks reviewed their base rates from time to time but there was no set
guideline for quarterly review of base rate.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">Analysts feel that RBI could further reduce
repo rate by 100 bps this year and banks could lower interest rates as the credit
demand remains weak. Only two banks have announced rate cuts since the RBI
announcement.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">In another move, the RBI has allowed the
banks flexibility to revise their methodology for calculating their base rate.
The methodology may be revised every three years now instead of five years
earlier. While allowing flexibility, the Central Bank has also said their
methodology must be transparent and available for scrutiny.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">The RBI circular also said the "banks’
change in tenor premium should not be loan class or borrower specific." Anything
banks levy over the base rate is known as tenor premium. For example, if the
base rate of a bank is 9 per cent and premium is 0.50 per cent for a 15-year borrowing
period, then the applicable rate for customers would be 9.50 per cent.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">The rate at which banks source their funds
must be taken into account, but RBI said deposits which form the majority of
their funds should form the rate at which they lend. It also directed that
while banks are free to choose whatever method they adhere to, proper
disclosure and scrutiny procedures must be followed.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">The bank’s internal policy must justify the
rationale behind and range for the spread in any particular category of
borrower, the RBI advisory said.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-US">These changes are supposed to reduce the
lag between RBI policy and its implementation and ease the supply of funds to
eligible borrowers. Banks would now have to declare cuts in base rate soon
after the RBI announcement. This would promote transparency.<o:p></o:p></span></div>
</div>
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<span lang="EN-US">RBI’s move has brought cheer among <i>small
borrowers</i> and SMBs who are dependent on bank credit to grow their business.<o:p></o:p></span></div>
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Anonymoushttp://www.blogger.com/profile/05335341955024094267noreply@blogger.com8