'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
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.
You can still save money, says Samkit Maniar
Outgoing SBI chairman Dinesh Kumar Khara on Saturday said the country's largest lender's net profits in the past four years under him have been higher than the cumulative figures for 64 years before that. However, Khara rued that the bank having a huge network of over 22,000 branches, and ammunition in terms of reserves and product suite, is not getting the "right value".
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
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.
The Reserve Bank India's (RBI's) decision to ban the onboarding of new accounts on the "bob World" mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited "material supervisory concerns"; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
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
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
'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.'
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
The number of free transactions in a month at non-home ATMs is kept at three.
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'.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Most banks are still reluctant to open savings accounts based on company appointment letters, though the Know-Your-Customer norms allow it.
'The BJP has killed public anger. They have killed people's self-respect.'
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
The applicant must have an operational savings bank account.
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
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
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.
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.
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.
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.
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.
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?
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
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.
Union Finance Minister Nirmala Sitharaman on Tuesday commended Indian financial sector regulators for doing a "world-class job" and bringing greater transparency into the system. Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well. Speaking at the Financial Express Best Banks Awards, the finance minister said, "I strongly recommend that facts are taken on board before we discuss anything to do with the regulators, strictly speaking."
Banks like ICICI Bank, ING Vysya Bank, HDFC Bank and Kotak Mahindra Bank provide savings bank accounts for children (below 18 years).
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
