irdai makes mandatory linking of policies with aadhaar

IRDAI Makes Mandatory Of Linking Aadhaar With Existing Insurance Policies

Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for individuals to link existing policies with Aadhaar and for buying new policies.

 
Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same.
 
The Authority clarifies that, linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
 
These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions.
 
However, IRDAI has not given a deadline for the linkage.
SBI Reduced FD Rates

SBI Reduced FD Rates On 01-11-2017

 

 

Reduced FD Rates in SBI at a Glance 

  • SBI Fixed Deposit Rate for 1 Year (Less than 1 crore) is 6.25% p.a
  • SBI Fixed Deposit Rate for 2 Years (Less than 1 crore) is 6.00% p.a
  • SBI Fixed Deposit Rate for3 Years (Less than 1 crore) is 6.00% p.a
  • SBI Fixed Deposit Rate for 5 Years (Less than 1 crore) is 6.00% p.a

Top 10 Fixed Deposit Rates March 2018

Top 10 Fixed Deposit Interest Rates As On March 2018




Summary of Top 10 Fixed Deposit Rates:

Best of the Lot : ESAF Small Finance Bank is offering 9.00% in the tenure of 1 Year to 3 Years along-with Fincare Small Finance Bank at 9.00% in 24 months 1 day – 36 months tenure.

Other Competitive FD Rates Offered Are : Suryoday Small Finance Bank 8.75% in the tenure 24 Months to 36 Months and Utkarsh Small Finance Bank at 8.50% for 456 Days to less than 2 Years.

Not To Be Overlooked FD Rates : 8.00% by Ujjivan Small Finance Bank for 1 Year to 2 Years and IDFC bank for 366 days.

For More Analyze the Table Below

Top 10 Fixed Deposit Interest Rates

As on 01st January 2018
Bank TenureInterest Rate
ESAF Small Finance Bank 1 Year Up to 2 Years9.00%
Fincare Bank24 months 1 day – 36 months9.00%
Suryoday Bank24 Months to 36 Months8.75%
Utkarsh Small Finance Bank 456 Days to less than 2 Years8.50%
Ujjivan Bank1 Year to 2 Years8.00%
IDFC Bank366 Days8.00%
Equitas Bank1 year to 3 years7.30%
Ratnakar Bank12 months to 24 months7.20%
Bandhan Bank1 years to 2 years7.15%
Bandhan Bank1 Year to 2 Years7.15%
Lakshmi Vilas Bank1 Year to 10 Years7.00%

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Most Importatnt Features of Fixed Deposit of Banks

Bank Fixed Deposit Scheme

A fixed deposit (FD) is a type of wherein a fixed interest rate is given on sum deposited. In this scheme, the depositor keeps a fixed amount of money in an account known as FD account. The money is deposited only once at the time of account opening. If it is Recurring Deposit money is deposited at regular intervals like monthly or quarterly. At the end of the tenure, the interest amount is calculated on the principal amount and the total sum including interest is paid back to the depositor cumulatively. Fixed Deposits account earns higher interest rates than a regular savings bank account.

Fixed Deposits are also known as ‘term deposits’ or ‘time deposits’. If you wish to deposit additional amount as fixed deposit, you need to open another FD account. Term deposits are considered safest investment option compared to other savings instruments. The duration of a fixed deposit may vary from as short as 7 days to 10 years. The rate of interest on Fixed Deposits is based on the tenure of fixed deposit and bank interest rates policies. Key features are:

  • Can be opened by all Individuals (Residents, including minors and HUFs) and Non Individuals (Companies, Firms etc.
  • You can mention nominee who can claim on your deposit on your death.
  • Some Banks have premature penalty on closing of fixed deposits before maturity period. Most banks do not take this penalty only interest is recalculated for the time for which money was with the bank.
  • Sweep FD’s are also provided by many banks in which term deposits are linked with SB account, When balance goes above a certain sum on savings account its is converted to FD.
  • You can also avail loans on your fixed deposits to meet any financial emergency. In loan against FD, your deposit is the security for the loan. Depending upon the bank, you would get a loan on your FD up to the extent of 75-95% of the FD amount which varies from one lender to another. Rate of interest on FD loans are 1%-2% higher than your FD rate.

Fixed Deposit Interest Rates for Senior Citizens-Senior citizens are offered higher rate of interest on FD mostly 0.25% to 0.50% higher than that offered to other individuals.

Salient Features of Senior Citizen FD are:

  • Age of senior citizen should be 60 or more on the date of investment.
  • Tenure on senior citizens FD is between 7 days to 10 years in most of the banks.
  • Senior citizens FDs earn 0.25% to 0.50% higher interest compared to regular deposit rates.
  • Loans against FDs are available on senior citizen FD.
  • Penalties are applicable in case of premature withdrawal of FDs of senior citizens as applicable to other regular accounts.

Breaking of FD account-On the date of maturity FD can be redeemed or renewed.

Whether Partial Withdrawal is Possible?-Partial Withdrawal is not possible on Fixed Deposits. You will have to close the FD and make a new deposit after deducting the amount you need for your expenses.

FD Interest Rates Calculator -The formula for fixed deposit interest calculation is based on the interest rate and frequency of compounding

The formula used for calculating interest on fixed deposit is shown below
A = P * (1+ r/n) ^ n*t
I = A – P
A = Maturity value
P = Principal amount
r = rate of interest
t = Number of years
n = Compounded interest frequency
I = Interest earned amount

 

TDS on Fixed Deposit Interest -TDS is deducted on FD’s when cumulatively interest on all your Fixed Deposit with a Bank exceeds Rs 10000 at a rate of 10% if your PAN card is furnished to the bank otherwise 20% in case of Form 60.

Types of FD 

Regular FD -These deposits are made for a fixed time period such a s 7 days, 6 months. 1 year etc. You earn a high rate of interest on your deposit amount depending on the tenure of FD.

Tax saving FD –Tax Saver FD has a locking period of 5 years before which it cannot be redeemed.

  • Interest is taxable like any other Fixed Deposits.
  • Loans cannot be taken on tax saver fixed deposits.
  • Interest can be taken monthly, quarterly or yearly in your savings account.
Axis Bank FD Rates

How to Avoid Premature Fixed Deposit Encashment Penalties in Axis Bank

  • For Rupee Term Deposits of a contracted amount less than Rs. 5 crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
  • For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
Highest Fixed Deposit Rate for 6 months is offered by Bandhan Bank @ 8.00% Highest Fixed Deposit Rate for 1 year is offered by Bandhan Bank @ 8.25% Highest Fixed Deposit Rate for 2 years is offered by Bandhan Bank @ 8.25%

Sovereign Gold Bond Tranche 3rd is Open for subscription from Oct 9 to Dec 27 2017 for an Issue Price of Rs.2956 per gram

Sovereign Gold Bond Tranche 3rd is Open for subscription from Oct 9 to Dec 27 2017 for an Issue Price of Rs.2956 per gram. If you apply online you can avail a discount of Rs 50 per gram(ie Rs.2906 per gram).

Salient Features of SGB are:

• Minimum Permissible investment is 1 unit. (ie 1 gram).

• Maximum Permissible investment is 4 Kg for individual,4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year.

• The bonds will attract fixed rate of 2.5% p.a. payable semi annually on the initial value of investment.

• The bond can be held either in demat form or in physical form.

Why You Should Invest in Sovereign Gold Bond?

The price of SGB is linked to gold prices so if gold prices go up you get benefit. It is in digital form, there is no risk of theft and issue of storage. Though the tenor of bond is 8 years it can be redeemed early after 5th year.

andhra bank fd rates

Andhra Bank Revised Interest Rates on FCNR [B] Deposits with effect from October 01 2017

FCNR(B) Deposits : Interest Rates w.e.f., October 01, 2017
 
 

The revised interest rates on FCNR [B] Deposits with effect from October 01, 2017 are as under:

Currency1 Year & above but less than 2 Years2 Years & above but less than 3 Years3 Years & above but less than 4 Years4 Years & above but less than 5 Years5 years
 NewExistingNewExistingNewExistingNewExistingNewExisting
USD

2.54

[2.44]

2.71

[2.56]

2.83

[2.62]

2.90

[2.70]

2.97

[2.79]

GBP

1.60

[1.39]

1.82

[1.55]

1.93

[1.63]

2.01

[1.71]

2.10

[1.79]

EUR

0.77

[0.75]

0.84

[0.82]

0.96

[0.92]

1.10

[1.04]

1.24

[1.17]

AUD

2.88

[2.83]

3.02

[2.97]

3.18

[3.11]

3.47

[3.38]

3.59

[3.49]

[Figures in brackets denote previous month interest rates] 

The above interest rates on FCNR (B) Deposits are applicable only to the fresh and renewed deposits from  October 01, 2017.  

Allahabad bank interest rates

Allahabad Bank Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency( RFC) accounts with effect from 01.10.2017

Allahabad Bank Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency( RFC) accounts with effect from 01.10.2017

Foreign Currency Non-Resident FCNR (B) Account and Resident Foreign Currency( RFC) accounts with effect from 01.10.2017

PeriodRevised Rate % p.a.
(w.e.f. 01.10.2017)
 USDGBPEURCADAUD
1 year to < 2 years2.791.851.023.103.13
2 years to < 3 years2.962.071.093.173.27
3 years to < 4 years3.082.181.213.283.43
4 years to < 5 years3.152.261.353.353.72
5 years only3.222.351.493.413.84

NON-RESIDENT (EXTERNAL) RUPEE TERM DEPOSIT ACCOUNT (NRE–TERM DEPOSIT)

PeriodRevised Interest Rate (w.e.f. 31.07.2017)
 For below Rs. 1.00 Crore
1 year to less than 2 years6.60

 

2 years to less than 3 years6.50

 

3 years to less than 5 years6.50

 

5 years & upto 10 years6.50

 

NON-RESIDENT (EXTERNAL) RUPEE SAVINGS DEPOSIT ACCOUNT (NRE–SB)

Savings Bank Deposits

Interest Rate

Existing Rates % p.a

Revised Rates % p.a
(w.e.f. 01.10.2017)

Balances of Less than Rs.40.00 Lakhs

4.00%

3.50%

Balances of Rs.40.00 Lakhs & Above

4.00%

4.00%

Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c :

The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits.

Differential Rate of Interest/ Additional Rate for Senior Citizens :

No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits.

The above rates are applicable to fresh deposits and for renewal of deposits only.

These rates are subject to change without notice and the depositors will be advised of the current rates on the date of deposit.

Allahabad Bank Tax Benefit Term Deposit Scheme

"Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).

Investment :Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. The amount to be deposited shall be a minimum of Rupees one hundred or multiples thereof.

Types of the Deposit : Can be opened in the following types, namely : -

  1. Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
  2. Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit.

Tenure of Deposit : Five years.

Encashment option : Premature encashment is not permissible.

Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 6.50% p.a. for fresh deposits only. No additional rate of interest for Senior Citizens and Staff of the Bank.

TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.

Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.

Nomination : Available.

Transfer from one branch to another :The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank.

 

SBI reduces interest on fixed deposits

Country’s largest lender State Bank of India has cut its term deposit rates by 0.25 percent effective from October 1.

According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier.

The rates have been revised for up to 1-year term deposits and for amount below Rs one crore.

According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier.

SBI Charges

SBI Cut Interest Rates on Savings Bank Deposits

SBI Cut Interest Rates on Savings Bank Deposits

India's largest lender State Bank of India (SBI) on Monday cut interest rates on savings bank deposits by 0.5 per cent. Banks were flushed with liquidity after Government's demonetization move last year.

The new interest rates on savings bank deposits will be come into effect from 31st July.

Now, for saving deposits balance up to Rs 1 crore, SBI will offer a rate of 3.5 per cent as compared to 4 percent earlier, the bank said.

However, for saving deposits balance above Rs 1 crore, rate of interest has been retained at 4 per cent per annum.

To promote digital banking, SBI had earlier reduced charges levied on Real-time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions up to 75 per cent.

NEFT and RTGS are electronic money transaction mechanisms used to transfer money between two different bank accounts anywhere in the country.

New Bank Charges

Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started levying a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges will apply to savings as well as salary accounts effective from Wednesday, HDFC Bank said in a statement.

According to HDFC bank’s new rule, apart from having to pay an additional Rs 150 for the fifth transaction after four free ones, consumers will have to pay cess and an additional service tax.

While a transaction of Rs 25,000 from a non-home branch won’t cost you a penny, anything above Rs 25,000 will be charged Rs 5 per thousand or a minimal amount of Rs 150 once and for all. The tax and cess will be applicable on this amount as well.

At a home branch, if the cumulative cash (deposit and withdrawal) exceed Rs 2 lakh, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be levied.

According to HDFC, there will be no charge or tax for minors and senior citizens up to an amount of Rs 25,000 per day.

Third party transactions above Rs 25,000 won’t be allowed. Only a transaction up to Rs 25,000 with Rs 150 charge will be accepted.

However, the cash handling charges imposed after the note ban have been removed completely.

THE CASE WITH ICICI BANK

In case of ICICI Bank, the charges are the same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for the first four transactions a month in the home branch, while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day.

For non-home branches, ICICI Bank would not charge anything for the first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

For cash deposit anywhere, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for the first cash deposit of a calendar month and Rs 5 per thousand thereafter. ATM intercharge charges have also been re-introduced.

FOR AXIS BANK ACCOUNT HOLDERS

At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.