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%

Signup To Never Miss Best FD Rates




Calculate Investment Interest

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.
SBI IMPS Service Charges Reduced wef 15 October 2017

SBI IMPS Service Charges Reduced wef 15 October 2017

SBI today announced that it has reduced its charges for IMPS transaction.

  • Transactions below Rs 1000 will be free.
  • IMPS Transactions from Rs 1000 to Rs 10000 will be charged Rs 1.
  • IMPS Transactions from Rs 10k to Rs 1lakh will be charged Rs 2.
  • Transactions from Rs 1 lakh to Rs 2 lakh will be charged Rs 3.
rbi assitant recruitment bankfdrates

RBI Assistant Exams Notification For 623 Posts 20th October 2017

RBI Assistant Exams Notification For 623 Posts 20th October 2017

RBI Job Official Notification

The Reserve Bank of India has invited applications from eligible candidates for 623 posts of “Assistant” in various offices of the Bank.

Selection Process will be held countrywide in following manner:-

  • Preliminary Examination
  • Main examination followed
  • Language Proficiency Test (LPT).
Eligibility Criteria for Post of Assistant in RBI Notification

Age (as on 01.10.2017) :- Between 20 and 28 years. Candidates must have been born not earlier than 02/10/1989 and not later than 01/10/1997 (both days including) are only eligible to apply.

Relaxation in the Upper Age Limit:

Upper age limit will be relaxed as under :

Sr. NoCategoryRelaxation in Age
(i)Scheduled Caste / Scheduled Tribe (SC / ST)By 5 years, i.e. up to 33 years
(ii)Other Backward Classes (OBC)By 3 years, i.e. up to 31 years
(iii)Persons with Disabilities (PWD)By 10 years (GEN) 13 years (OBC) & 15 years (SC/ST)
(iv)Ex-ServicemenTo the extent of service rendered by them in Armed Forces plus an additional period of 3 years subject to maximum of 50 years.
(v)Widows/divorced women/ women judicially separated who are not re-marriedBy 10 years
(vi)Candidates domiciled in the state of Jammu and Kashmir during the period from 1st January, 1980 to 31st December, 1989.By 5 years
(vii)Candidates having work experience in Reserve Bank of IndiaTo the extent of number of years of such experience, subject to maximum of 3 years.

NOTE: Cumulative Age Relaxation will not be available either under the above items or in combination with any other items.

Important Dates
Starting Date to Apply Online & Payment of Fee18-10-2017
Last Date to Apply Online & Payment of Fee10-11-2017
Last Date for Receipt of Printout of Application25-11-2017
Tentative Date of Online Preliminary Test27 & 28-11-2017
Tentative Date of Online Main Test20-12-2017
How To Apply for RBI Assitant Exam 2017

Candidates who wish to apply for RBI Assistant Vacancy and want to know about detailed state-wise vacancy should visit the official website https://www.rbi.org.in/ and click on the appropriate link provided on this page. Then complete the online registration process and fill the application form along with uploading of relevant documents, i.e. Photo & signature. After completing the process you will receive a mail with id and password on mail, keep it starred for future use.

Selection Process for RBI Assistant Examination 2017

a. Preliminary Examination:

Sr. No.Name of Tests
(Objective)
No. of QuestionsMaximum MarksTotal Time
1English Language3030Composite time of 1 Hour
2Numerical Ability3535
3Reasoning Ability3535
Total100100 

b. Main Examination:

Sr. No.Name of Tests
(Objective)
No of QuestionsMaximum MarksDuration
1Test of Reasoning404030 minutes
2Test of English Language404030 minutes
3Test of Numerical Ability404030 minutes
4Test of General Awareness404025 minutes
5Test of Computer Knowledge404020 minutes
Total200200 

c. Language Proficiency Test (LPT) - The candidates provisionally selected from the main on-line examination will have to undergo a language proficiency test (LPT). The language proficiency test will be conducted in the Official / Local Language of the State concerned .

Candidate not proficient in the Official/Local Language would be disqualified.

Salary and Perk Details of RBI Assistant Examination

Service Conditions / Career Prospects:

(i) Pay Scale:

Assistants will draw a starting basic pay of ₹ 14650/- per month (i.e. ₹ 13150 plus two advance increments admissible to graduates) in the scale of 13150-750 (3)-15400- 900(4) -19000-1200(6)-26200-1300 (2)-28800- 1480(3) – 33240 – 1750 (1)- 34990 (20 years) and other allowances , viz Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transport Allowance etc. as admissible from time to time. At present, initial monthly Gross emoluments for Assistants is approximately ₹ 32528/- including House Rent Allowance @ of 15%.

(ii) Perquisites:

RBI’s accommodation subject to availability, reimbursement of expenses of maintenance of vehicle for official purpose, Newspaper, Brief case, Book Grant, Allowance for furnishing of residence, etc. as per eligibility. Dispensary facility besides reimbursement of medical expenses of OPD treatment / hospitalization as per eligibility; Interest free Festival Advance, Leave Fare Concession (Once in two years for self, spouse and eligible dependents). Loans and Advances at concessional rates of interest for Housing, Car, Education, Consumer Articles, Personal Computer, etc.

andhra bank aadhar seeding

How To Link Aadhaar Digitally With Andhra Bank

The following channels are available to submit AADHAAR seeding request :

    • Internet Banking : (Only for Retail Internet Banking Customer) :
      • Customer has to login to Internet Banking using his/her User ID and Password.
      • Click on the link in the home page “Registration of Aadhaar Number in Internet Banking “.
      • Enter and confirm the 12 digit Aadhaar number in the respective fields.
      • Select the Savings account for which Aadhaar number is to be linked.
      • To know the status about Linking and Rejection of Aadhaar number click on "Inquiry"

 

    • Andhra Bank ATMs :
      • Customer inserts ATM/Debit card in any Andhra Bank ATM and selects AADHAAR registration option available under Services category.
      • ATM will prompt the customer to enter AADHAAR number twice.
      • On completion, customer will receive receipt of seeding the request.

 

  • Using SMS :
    • This facility is enabled only for our Bank’s customers registered for mobile alerts.
    • Customer has to send an SMS to the 56161 the AADHAAR request as per below format. The syntax for sending the SMS is given below :
      • AADHAAR <space> 15 digit Bank Account Number <space> 12 digit AADHAAR Number
      • where "AADHAAR" is the keyword for sending the message.
    • Upon successful registration of AADHAAR number, customer will receive an SMS in his/her mobile inbox.

Note: On successful linking / delinking of AADHAAR number to the customer account, an SMS alert will be sent to the customer’s registered mobile number with the Bank.

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.
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

How to Open Account Paytm Saving Account

PayTM Bank is a new entrant into banking space. It forays as payment bank. The account opening process is very simple and the most exciting feature is that your mobile number will be your savings account number. With the account a virtual debit card id provided. All other banking processes like RTGS/NEFT is relatively simple as with all other banking Apps available on Android/IOS .

PayTM Savings Bank Account Opening Process: