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 Charges

SBI Revised criteria for Monthly Average Balance (MAB) in Savings Bank Accounts and charges for non maintenance of MAB w.e.f 01.10.2017

 

SBI Revised criteria for Monthly Average Balance (MAB)

 

 AreaExisting Monthly Average Area Proposed Monthly 
  Balance     Average Balance 
           
 MetroRs 5,000/-   Metro & Urban    
 UrbanRs 3,000/-     Rs 3,000/- 
          
 Semi UrbanRs 2,000/-   Semi Urban Rs 2,000/- 
 RuralRs 1,000/-   Rural Rs 1,000/- 
           
 Penalty for Non- maintenance of MAB        
     
 Metro Existing Charges   /Proposed Charges / p.m.
    p.m.    
 Shortfall < = 50% Rs. 50/- +GST    
 (MAB ≥ Rs1500/- and < Rs3000/-)    Shortfall <=50%= Rs 30/-
 Shortfall > 50 – 75% Rs. 75/- +GSTShortfall > 50-75% = Rs 40/-
 (MAB ≥ Rs 750 and < Rs 1500/-)    Shortfall > 75%= Rs. 50/-
 Shortfall > 75% (MAB < Rs750/-)  Rs. 100/- +GST plus GST
 Urban         
 Shortfall < = 50%  Rs. 40/- +GST    
 (MAB ≥ Rs1500/- and < Rs 3000/-)        
 Shortfall > 50 – 75%  Rs. 60/- +GST    
 (MAB ≥ Rs 750 and < Rs 1500/-)        
 Shortfall > 75% (MAB < Rs750/-)  Rs. 80/- +GST    
 Semi-Urban        
 Shortfall < = 50%  Rs. 25/- +GSTShortfall <=50%= Rs 20/-
 (MAB ≥ Rs1000/- and < Rs 2000/-)    Shortfall > 50-75% = Rs 30/-
 Shortfall > 50 – 75%  Rs. 50/- +GSTShortfall > 75%= Rs.40/-
 (MAB ≥ Rs 500 and < Rs 1000/-)     plus GST
 Shortfall > 75% (MAB < Rs500/-)  Rs. 75/- +GST    
 Rural         
 Shortfall < = 50%  Rs. 20/- +GST    
 (MAB ≥ Rs500/- and < Rs 1000/-)        
 Shortfall > 50 – 75%  Rs. 30/- +GST    
 (MAB ≥ Rs 250 and < Rs 500/-)        
 Shortfall > 75% (MAB < Rs250/-)  Rs. 50/- +GST    

 

 

The following categories of Savings Bank Accounts are excluded from MAB requirement:

 

  1. Financial Inclusion Accounts

 

  1. No frill accounts

 

  • Salary Package accounts

 

  1. Basic Savings Bank Deposit Accounts

 

  1. Small Accounts

 

  1. Pehela Kadam and Peheli Udaan accounts.

 

  • Minors up to the age group of 18 (Primary Account Holder)

 

  • Pensioners, all categories, including recipients of social welfare benefits

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SBI Revises Savings Bank Account Closure Charges

SBI Revises Savings Bank Account Closure Charges

SBI Revises Savings Savings Bank Account Closure Charges with effect from 1st October 2017.

1.There will be no charges on closing the account upto 14 days of Account opening

2. After 14 days and upto 1 year of opening the account closing charges are Rs500+ GST

3. Beyond 1 year of opening the account closing charges are NIL

4. Closure of account by BSBD customers there will be no charges.

State Bank Revised Average Balance Limit

State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges. In respect of the rest, it has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors. Therefore, this is in addition to the already exempted categories under PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD).

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.

Sovereign Gold Bond (SGB) scheme - 5thTranche Open for subscription from 1st September - 9th September, 2016

Sovereign Gold Bond (SGB) scheme

The government is set to issue the fifth tranche of the sovereign gold bond scheme on 1 September.

The tenure of the bond will be for a period of eight years with an exit option from the fifth year to be exercised on the interest payment dates.

The gold bonds will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices and recognized stock exchanges.

The investors will be compensated at a fixed rate of 2.75% per annum payable semi-annually on the initial value of investment. These bonds are available in nearly all banks. Government pays commission to banks for selling the bonds.

Fore more details go here:  Govt website