Private sector lender IDFC First Bank has lowered its savings account rates and introduced new slabs for small and medium balance categories, effective January 9, 2025, as per its website. The interest slabs and rates for higher balance accounts remain unchanged. Despite the revision, the bank continues to offer one of the highest savings account interest rates in the industry among mid-sized banks.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Paytm (One 97 Communications Ltd), India's full-stack merchant payments leader serving MSMEs and enterprises, has launched a fully redesigned version of its flagship app, integrating artificial intelligence-driven features to streamline and personalise everyday transactions for its users.
rediffGURU T S Khurana answers readers' personal income tax queries.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Overseas Indians deposited around $4 billion in non-resident Indian (NRI) deposit schemes in April - June FY25, up 79 per cent over the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Monday showed. In April - June FY25, inflows into the NRI schemes stood at $3.95 billion, compared to $2.21 billion during the same period a year ago. With this, the total outstanding NRI deposits as of June stood at $155.71 billion.
Former pakistan president Pervez Musharraf has described as a "mistake" his decision to promulgate the National Reconciliation Ordinance, a graft amnesty that was recently struck down by Pakistan's Supreme Court.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The NPCI has permitted non-residents from 10 countries, including the US, Canada and UAE, to digitally transfer funds using the UPI platform from NRE/NRO accounts. The National Payments Corporation of India (NPCI) in a circular said it has been receiving requests for allowing non-residents to use international mobile numbers for transacting in Unified Payments Interface (UPI). Accordingly, the NPCI in a circular dated January 10 has asked the UPI participants to put in place a mechanism by April 30 under which non-residents having NRE/NRO accounts will be allowed to transfer funds using their international mobile numbers.
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23. The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data. RBI released the updated data in the bulletin after almost three months.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
RediffGURUS Ashwini Dasgupta, Anu Krishna, Dr Karthiyayini Mahadevan and Jinal Mehta answer queries from Rediff readers.
Pakistan's Supreme Court on Friday rejected a government petition seeking a review of its order that struck down a controversial graft amnesty for politicians, setting the stage for possible reopening of corruption cases against top leaders like President Asif Ali Zardari.
Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter. Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Khan, in the same breath, praised the Army, saying "Pakistan needs the Armed forces more than Imran Khan."
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
Hamza was re-elected to the post by just three votes amidst high drama.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
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.
The rising rupee and the cap on interest rates has hit the flow of non-resident Indian (NRI) deposits into the country. Banks such as ICICI Bank and HDFC Bank are promoting the repatriable non-resident ordinary (NRO) rupee deposits in an attempt to attract NRI depositors.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
NRIs can lock into NRE/NRO fixed deposits, buy real estate and invest in long-term equity investments.
Consider taxation and currency risks before choosing between NRI, NRO and FCNR accounts.
In order to attract inflow of foreign currency, the Reserve Bank on Tuesday simplified rules governing investments by non-resident Indians (NRIs) portfolio investments like equities and debt.
Offices of National Accountability Bureau (NAB) across Pakistan reopened cases closed under National Reconciliation Ordinance (NRO), a controversial law issued by former military ruler Pervez Musharraf that was declared void by the Supreme Court on Wednesday.
Pakistan Supreme Court's historic judgement declaring the 2007 emergency as "unconstitutional" has put President Asif Ali Zardari in a fix as part of its ruling the apex court has struck down the National Reconciliation Ordinance.
Pakistan's supreme court chief justice Iftikhar Chaudhry constituted a 17-judge bench on Thursday, to hear petitions challenging the amnesty granted to President Asif Ali Zardari and close aides under a controversial law that expired last month.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
A N Shanbhag, investment guru, and his son Sandeep Shanbhag, answer questions on NRI investment.
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