The RBI has also increased the saving bank rate by 50 basis points to 4 per cent to give higher returns to depositors in the wake of high inflation.
Gadkari, who handles key infrastructure-related portfolios, said there is no problem with the road sector at present and money is not an issue anymore.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
A special court on Friday dismissed the petitions of Anil Verma and Purnima, son-in-law and daughter of Satyam scam accused B Suryanarayana Raju, seeking direction to the CBI to defreeze their savings bank accounts and fixed deposits.
A case study that charts financial plans of two individuals with different goals and responsibilities.
Tax rules that could land you in trouble
From April 1, 2010, interest on all savings bank account deposits is being calculated on a daily basis, thereby earning account holdres higher interest income.
Savings bank account holders are a happier lot. The reason: They will earn more on their deposits from April. However, this isn't good news for banks, as their margins will come under pressure
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
The ICICI bank accused him of spending money to the tune of Rs 1.19 lakh by using platinum credit card but Kumar denied the allegations, saying that he had never received the said card.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
Earlier, Russia's number 2 state-owned VTB bank had opened a branch in India.
Secured credit cards offer benefits similar to regular credit cards and hence an applicant should try and get a card with lower fees and more features, suggests Sarbajeet K Sen.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
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.
Most of the services of the postal department are incurring losses.
The receipts have risen after falling for two successive years. Within the gainers among the small savings schemes, the maximum increase was seen in the case of post bank deposits, which had bucked the trend in earlier years as well. During 2008-09, the total receipts were estimated to have increased by 21.65 per cent to Rs 52,513 crore, as against Rs 43,165 crore. The outstanding under the scheme rose 12.27 per cent to Rs 22,217 crore.
In one of the biggest bank failures in the United States in 2009, Florida-based BankUnited has been shut down by the authorities, pushing the total number of such collapses to 34 so far this year.
With a balance sheet size of Rs 22,000 crore (Rs 220 billion), we are a meaningful player in our home country, says Rana Kapoor.
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.
At present, though the interest calculation is done on a monthly basis, the account holder is paid the amount either at the end of three or six months. And the balance considered while paying the interest is the lowest amount in the account between the tenth and the end of any month. The new guidelines for interest calculation on savings bank accounts will increase returns significantly for account holders.
Opposition parties including Congress and Trinamool Congress on Wednesday joined ranks to slam the government for continuing restrictions on cash withdrawal from banks even after 90 days of demonetisation, saying Prime Minister Narendra Modi had said that hardships will last only 50 days.
The Postal Department has geo-tagged more than 1,50,000 post offices on geo-portal Bhuvan, developed by ISRO
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
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.
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.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
A ban on cash transaction of more than Rs 3 lakh has been proposed in the Budget for 2017-18.
Three reasons why this is the best time for financial planning.
We did an analysis comparing investments made from a savings bank account with that made from a debt fund. The results are there for all to see.
Priya Nair finds out how investors of mutual funds, shares, unclaimed bank deposits, insurance policies can redeem long-forgotten investments.
Karvy expects individual wealth in India to grow to Rs 558-lakh crore at a CAGR of 12.9% over the next five years.
Banks and mutual funds are devising novel methods to grab your deposits.
After providing for regular income, invest both in debt and equity options
Evading the eagle eyes of the Election Commission, political parties in Tamil Nadu have come up with innovative ways to attract voters, the latest being the 'mobile contact' system, in which they contact the electorate over cell phones.
Shekhawat owns less than one hectare, that too ancestral, in a Sikar district village of Rajasthan.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
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