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.
"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.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
Most lenders that have reported their April-June business update posted slower growth in deposits sequentially as compared to the loan growth in the April-June quarter of 2024-25 (FY25). Current and savings account (CASA) deposits continue to face pressure. Private-sector lenders YES Bank, Bandhan Bank, and RBL Bank saw their deposit growth contract by 0.5 per cent, 1.5 per cent, and 2 per cent, respectively.
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.
The NDA government has asked states to enrol all MNREGA workers under the three newly-launched social security schemes.
Sources said the two Acts will be amended to provide for voluntary sharing of the 12-digit identification number for obtaining new mobile phone connections and for the opening of bank accounts.
The saving in 2015-16 was about Rs 7,000 crore.
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
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.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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?
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Returns of liquid funds are meant only for the short term and don't help investors create wealth over the long term, as equity funds do.
'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.'
As many as 135 people have been killed in the Morbi bridge collapse tragedy and 170 others rescued, Gujarat minister Rajendra Trivedi said on Tuesday.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
After the Reserve Bank of India restricted the Sri Guru Raghavendra Co-operative Bank from doing business with immediate effect and capped the withdrawal limit at Rs 35,000, depositors on Tuesday queued up outside the bank's branches in Bengaluru. The regulatory body said the bank will continue to undertake banking business with restrictions until its financial position improves.
You can still save money, says Samkit Maniar
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Nearly two million postcards and eight million letters pass through India's post offices daily.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.8 crore on Punjab National Bank and Rs 30 lakh on ICICI Bank for deficiencies in regulatory compliance. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of March 31, 2019. Following the ISE and examination of other documents, the RBI found contravention of its provisions relating to the pledge of shares by the PNB.
Claiming that the cashback plan will help the city save 25-30 per cent of drinking water, Delhi Congress president Subhash Chopra alleged that the AAP government's free water scheme 'benefited water tanker mafia'.
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.
State-owned Punjab & Sind Bank is targeting salary accounts to boost the share of low-cost deposits. Swarup Saha, managing director and chief executive officer of the New Delhi-based lender, tells Manojit Saha that the bank may see gross non-performing assets (NPAs) fall below 8 per cent if there is resolution of the stressed assets.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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