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?
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
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.
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.
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
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.
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
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 PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Headline growth was quite weak heading into the Covid period but averaged 6.4 per cent and 6.7 per cent in the five years between FY16 and FY20 for GVA and GDP respectively, points out Abhishek Upadhyay.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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'.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
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.
'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.'
Nearly two million postcards and eight million letters pass through India's post offices daily.
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.
The number of free transactions in a month at non-home ATMs is kept at three.
'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.'
Most banks are still reluctant to open savings accounts based on company appointment letters, though the Know-Your-Customer norms allow it.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
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 banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.
The applicant must have an operational savings bank account.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
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.
When you make those New Year resolutions, you're thinking about fresh starts and the year ahead. What you might not realize is that they also could save money.
This strike the banking industry saved Rs 55 crore on account of salary payable to the award staff as well as officers who participated to protest 74 per cent FDI and bank mergers.\n
Union Bank of India will bring banking services to the doorsteps of over 2.5 lakh hawkers in Mumbai by partnering with their association and FINO Fintec, a micro finance institution.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
It is very important to be aware of what you should not do with your money. Here are five things that you must be wary of while dealing with your money.
rediffGURU Hemant Bokil answers your personal finance queries
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
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