Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
At a time when banks are finding it challenging to mobilise resources, State Bank of India (SBI)-the country's largest lender-has devised a three-pronged strategy to boost deposit accretion. First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to Rs 1 lakh through recurring deposit (RD) schemes.
Union Finance Minister Nirmala Sitharaman's call for making lending rates affordable may not resonate anytime soon as banks still struggle with margin compression, and await clues from the Reserve Bank of India (RBI) on liquidity and rate action. Hinting that any lending rate cut was some time away, State Bank of India (SBI) managing director Vinay M Tonse said there was still some aggression in the market regarding deposit pricing.
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
Retail investors could be hesitant to invest in floating rate savings bonds, as these specific bonds tend to be profitable only in a rising rate environment, according to market participants. The Reserve Bank of India has allowed subscriptions for floating-rate savings bonds, 2020, via retail direct - an online portal that enables individual investors to purchase government securities.
State Bank of India does not levy any charge for non-maintenance of a minimum balance in basic savings account.
Systematic Withdrawal Plan, or SWP, can help you achieve your financial goals. Ramalingam Kalirajan's step-by-step guide on how to effectively use an SWP.
An app by the bank lets customers carry out a slew of banking functions via the social media site.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
After declining to a three-year low in FY24, the private sector investment is expected to fall further in the current financial year, India Ratings said in a research note.. The investments in the private sector are likely to plummet to below 11 per cent of the GDP in FY25, based on the trends from the latest national accounts data and company fillings, it noted.
The share of equity and investment funds in the total financial wealth of households increased by more than 50% between 2011-2012 and 2022-2023.
ICICI Prudential Life Insurance (IPRU) disappointed the market even though some analysts said the Q3FY25 results were in line. Most analysts cut margin estimates. The insurer reported M9FY25 growth of 8.5 per cent year-on-year (Y-o-Y) in value of new business (VNB) premium to Rs 1,575 crore, while total annual premium equivalent (APE) grew 27.2 per cent to Rs 6,910 crore.
'It has remained around 38 per cent over the past four to five quarters.'
A new cyber fraud known as 'pig butchering scam' or 'investment scam' has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry.
The PM has assets worth Rs 2.5 crore including a residential plot in Gujarat's Gandhinagar, fixed deposits of Rs 1.27 crore and Rs 38,750 cash in hand.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
With a slew of banks alluring customers with 6 to 7 per cent annual return -- instead of the staid 3 to 4 per cent -- on savings account deposits, customers are confused if they should switch their account to these banks. Salil Dhawan of Investment-mantra suggests you should not.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
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.
Using credit or debit cards abroad can prove costly.
'Young investors should focus more on equity, while retired senior citizens should prioritise fixed income.' 'Mid-career investors should aim for a balanced allocation.'
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
Also on the cards could be the first interest rate reduction in nine months.
The markets' recent behaviour has put most investors in a quandary.
'It's a debatable topic, and we will submit our comments to the RBI by June 15.'
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
'They are ideal for short-term financial goals like children's education or a down payment for a house.' 'They are also useful for transitional savings, such as during job switches or while starting a business.'
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
In case the third party fraud is reported after a delay of four to seven working days, the customer will face liability of up to Rs 25,000.
'In the case of corporate credit, especially to AAA borrowers, lenders will have to take a fresh look at pricing.'
India's largest PSU bank, State Bank of India, delivered excellent results, once the impact of a big jump in employee expenses was adjusted for. The net interest income (NII) beat the Street due to a better net interest margin (NIM) and good loan growth. The credit growth at 5.2 per cent quarter-on-quarter (Q-o-Q) (15 per cent year on year) was excellent for a large bank.
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