The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
State Bank of India chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects. Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than Rs 40,000 in a year. With regard to savings accounts, interest earned up to Rs 10,000 is exempt from tax.
IndusInd Bank on Monday announced the launch of Indus Easy Savings Account, a no-frills account with an allowed balance of Re 1.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
Reflecting strong momentum in business, commercial banks, including one public sector lender, reported a year-on-year (YoY) growth in advances. This was higher than or around the banking sector trend in the first quarter ended June 2023. Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs 1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to Reserve Bank of India (RBI) data.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
'People can start making a safety net, and that safety net should be at least three months of your monthly salary.' 'If somebody is earning Rs 25,000 then s/he should have at least Rs 75,000 in her/his bank account, so that if anything like this (lockdowns) happens in the future, they are not struggling.'
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
We asked you, dear readers to share yours smart tips to save money. This is what Mahesh Kaushik, 45, from Ghaziabad had to share.
'The Casa ratio is at 33.4 per cent, which has to keep improving. Right now, there is a bit of liquidity pressure in the market.'
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
The ED also alleged that Karti had 'disposed' off a property in Gurugram and had 'closed certain bank accounts.
ICICI Bank has 317 branches in hitherto unbanked villages.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
Saving is not the same as investing as many people wrongly assume. But what's the difference between the two? How does each benefit you. Larissa Fernand has the answers
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
Rama and Sita entered a wonderful maze of lit streets, and when Bharatha caught sight of them as he ran down the steps of the palace, the whole city was chiming with celebration with this festival of lights. A fascinating excerpt from Vayu Naidu's book, The Living Legend.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The opposition's Indian National Developmental Inclusive Alliance (INDIA) will hold a 'maha rally' at Delhi's Ramlila Maidan on March 31 to safeguard the country's interests and democracy, Aam Aadmi Party leader Gopal Rai said on Sunday.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
While festive offers can reduce costs, borrowers should also consider the lender's transparency and service quality. Customers need to be mindful of their repayment capacity.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Reserve Bank has cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts.
'More investors now view the stock market as a valuable opportunity, though many still seek quick gains, leading to a rise in futures and options trading.'
Delhi Cabinet minister Atishi on Friday said the Aam Aadmi Party (AAP) is worried about the security of Chief Minister Arvind Kejriwal in Enforcement Directorate (ED) custody.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
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