The new UPI IDs will follow formats such as abc.bkr@validhdfc or xyz.mf@validhdfc. For easier recognition, they will also carry a white 'thumbs up' icon inside a green triangle.
ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
India's lack of financial inclusion is well known but that slightly more than 50 per cent of the population just has a simple savings bank account is distressing.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The RBI on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
How about some facility that would give you the best of both worlds, the liquidity of a savings account and the interest rate of a fixed deposit? Auto-sweep facility does exactly this.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
'Liquid ETFs help in cash management by enabling a smooth transition between equity and cash within the same settlement cycle, as they trade in the same segment as equity.'
The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said.
The Western Railway tonight said it has digitally transferred Rs 10 lakh in the savings bank account of the victim's wife.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Every banker loves the four-letter word Casa as it plays an important role in lowering the cost of deposits. Every bank wants to increase its Casa, as a higher portion of Casa in the overall deposit liability brings down its cost of money, points out Tamal Bandyopadhyay.
I am increasingly seeing young people starting 25-year-SIPs; these kids will definitely benefit from the long term effect of compounding, notes P V Subramanyam.
Reserve Bank of India on Friday said it has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank. A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.
The new interest rates will be effective from August 19 and will be applicable to both resident and non-resident customers.
The Madras high court has refused bail to two persons, said to be the members of the banned organisation LTTE, who attempted to loot Rs 40 crore lying idle in the savings bank account of a dead man.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
Probably 35 bps. There could be even an encore in February 2023 to take the policy rate to 6.5% before the financial year ends, predicts Tamal Bandyopadhyay.
The current limit of Rs 24,000 per week has been raised to Rs 50,000 for savings accounts.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Have you ever thought of options that are safer like the savings bank account, and additionally provide higher returns?
On higher amounts, banks are allowed to offer differential rates to depositors.
Transiting from "survival mode", which took most of the management time in FY21, the bank has been able to take a long-term view in terms of growth and preparing technology in the past 12 months.
For far too long, individuals have been at the receiving end of unfair practices from various entities in the financial services industry. Now it's time to stand up and be counted!
The finance ministry's ambitious plan to implement portability in savings accounts has not found favour with the Reserve Bank of India (RBI).
Saibaba, an assistant professor of English, was suspended after his arrest by the Maharashtra Police in 2014. His wife and daughters were receiving half of his salary since the arrest.
In a big relief to people and small businesses, the Reserve Bank of India on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.
Don't keep your money in savings account. Here's how you end up losing money rather than earning interest on it.
Such a move would have allowed different banks to pay different rates of interest on their savings accounts, like is the case with fixed deposits currently.
Effective April 1, 2010 your savings bank account deposits is going to earn more interest for you. Here's how.
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 2,500 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100
The Reserve Bank of India has asked banks to start calculating interest on savings account on a daily basis, starting April 1.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
At present, the interest is calculated on the minimum balance held in the account from the 10th of each month to the last day of that month. So, if a bank customer has Rs 1 lakh in his savings account one day and then Rs 100 another day, the minimum balance taken for calculation of interest in the period would be Rs 100. But, from April 1, 2010, the interest will be paid on the daily minimum balance. This means even the Rs 1 lakh balance will earn the customer interest.
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