In a big relief to people and small businesses, the Reserve Bank of India on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.
The Reserve Bank on Tuesday asked banks not to levy penalties on customers who don't maintain a minimum balance in any inoperative account as part of a consumer protection initiative.
"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.
With the 115 bps reduction in repo rate beginning February, banks have already transmitted 72 bps to the customers on fresh loans and some large banks have transmitted as much as 85 basis points.
'This is for the first time home loan rates have dropped below 7 per cent,' notes Tamal Bandyopadhyay.
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
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
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.
Banks offering a higher rate on savings bank deposits have seen robust growth in the past year but the momentum might get slower as interest rates turn more benign.
You can still save money, says Samkit Maniar
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
RBI's deregulation drive on saving interest rates has created a competitive environment.
Let us discuss what has made your savings bank deposits a worthwhile avenue to park your funds now.
State Bank of India does not levy any charge for non-maintenance of a minimum balance in basic savings account.
The PM has assets worth Rs 2.5 crore including a residential plot in Gujarat's Gandhinagar, fixed deposits of Rs 1.27 crore and Rs 38,750 cash in hand.
The finance ministry's ambitious plan to implement portability in savings accounts has not found favour with the Reserve Bank of India (RBI).
Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from November 1.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
For far too long, individuals have been at the receiving end of unfair practices from various entities in the financial services industry. Now it's time to stand up and be counted!
Don't keep your money in savings account. Here's how you end up losing money rather than earning interest on it.
Such a move would have allowed different banks to pay different rates of interest on their savings accounts, like is the case with fixed deposits currently.
Your opportunity to earn higher interest by keeping more than Rs 1,00,000 in your savings bank account might soon be limited.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
The ED also alleged that Karti had 'disposed' off a property in Gurugram and had 'closed certain bank accounts.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Effective April 1, 2010 your savings bank account deposits is going to earn more interest for you. Here's how.
The Reserve Bank of India has asked banks to start calculating interest on savings account on a daily basis, starting April 1.
Resist the temptation to react to every move of the market and remain disciplined with your investments till you reach your financial goal.
Going to the bank and using your passbook to find out your bank balance while still available and widely used, technological innovations have brought your bank at your fingertips.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
At present, the interest is calculated on the minimum balance held in the account from the 10th of each month to the last day of that month. So, if a bank customer has Rs 1 lakh in his savings account one day and then Rs 100 another day, the minimum balance taken for calculation of interest in the period would be Rs 100. But, from April 1, 2010, the interest will be paid on the daily minimum balance. This means even the Rs 1 lakh balance will earn the customer interest.
The NDA government has asked states to enrol all MNREGA workers under the three newly-launched social security schemes.
Tax Guru Anil Rego answers your personal income tax queries.
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