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Category: Business

  • SBI Superhit Scheme: know how much profit you can earn on depositing ₹10 lakh in 1, 2, 3 and 5 years

    SBI Superhit Scheme: The superhit scheme (FDs) of the country’s largest bank SBI offers a lot of income without any tension. In this scheme, you can deposit money for different maturities ranging from 7 days to 10 years.

    In these, on maturity, along with the principal, a good income is earned from interest. Know how much you will earn in 1, 2, 3 and 5 years on making an FD of Rs 10 lakh by SBI (SBI FD Interest Rate 2024).

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    SBI: Interest on ₹10 lakh FD for 1 year

    SBI’s interest rate on 1 year maturity deposit is 6.80 percent. If you have deposited Rs 10 lakh for 1 year, you will get Rs 10,69,753 on maturity. That means you will get a fixed income of Rs 69,753 from interest.

    SBI: Interest on ₹10 lakh FD for 2 years

    SBI has reduced the interest rate on deposits with 2 years maturity to 7%. If you have deposited Rs 10 lakh for 2 years, you will get Rs 11,48,881. In this way, you will get a fixed income of Rs 1,48,881 from interest.

    SBI: Interest on ₹10 lakh FD for 3 years

    SBI’s interest rate on 3-year maturity deposit is 6.75 percent. If you have deposited Rs 10 lakh for 3 years, then your maturity amount will be Rs 12,22,393. In this way, you will get a fixed income of Rs 2,22,393 from interest.

    SBI: Interest on ₹10 lakh FD for 5 years

    SBI’s interest rate on 5-year maturity deposit is 6.50 percent. If you have deposited Rs 10 lakh for 5 years, then you will have a fixed income of Rs 13,80,419 on maturity. In this way, you will get an interest of Rs 3,80,419.

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    SBI Senior Citizen FD Interest Rate 2024

    SBI usually offers senior citizens half a percent (0.50%) more interest than regular customers on different maturities. At the same time, under the ‘WeCare Deposit’ scheme, senior citizens get half a percent more interest on deposits with a tenure of 5 years or more. That is, the total benefit will be 1 percent.

    In this way, if a senior citizen deposits Rs 10 lakh in this scheme for 5 years, then the maturity amount will be Rs 14,49,948. The benefit of ‘SBI Wecare’ can be availed till March 31, 2024.

    Let us tell you, you can claim deduction up to Rs 1.5 lakh on 5-year FDs under Income Tax Section 80C. All customers get the benefit of 5-year tax saver FD. Also know that the interest received on FDs is taxable.

    (Note: The details of interest rates have been taken from the official website of SBI. Interest rates are effective from June 15, 2024 for deposits less than Rs 3 crore.)

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  • EPFO: Pension of private sector employees can be up to Rs 10,050

    After the necessary pension reform in government jobs through the Unified Pension Scheme (UPS), now good news can come for the employees of the private sector as well.

    It has been proposed to increase the salary limit for the calculation of Provident Fund and Pension Contribution under the Employees’ Provident Fund Organization (EPFO).

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    Sources have said that the Finance Ministry may soon take a decision on the proposal received from the Ministry of Labor. In this proposal, the Ministry of Labor has recommended increasing the salary limit from the current Rs 15,000 to Rs 21,000.

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    Pension and EPF contributions will be directly affected

    According to sources, the proposal (to increase the salary limit for EPF contribution) was sent in April and the Finance Ministry will take a final decision on it soon. The Employees’ Pension Scheme (EPS) managed by the EPFO ​​has a salary limit of Rs 15,000 for pension calculation from September 1, 2014. However, the proposed increase may provide much-needed relief and better benefits to private sector employees.

    If the proposal to increase the salary limit from Rs 15,000 to Rs 21,000 is approved, it will have several implications on the pension and EPF contributions of private sector employees.

    How is EPF pension calculated

    A special formula is used to calculate EPS pension. This formula is – Average Salary x Pensionable Service / 70. Let us tell you that here average salary means the employee’s ‘basic salary’ + ‘dearness allowance’. Apart from this, the maximum pensionable service is 35 years. Currently, the current salary limit (pensionable salary) is Rs 15,000. Now if we calculate with these figures, then the current EPS pension is 15,000 x35/70 = Rs 7,500 per month.

    In-hand salary will decrease

    If the salary limit is increased from Rs 15,000 to Rs 21,000, then the pension received by the employees will be Rs 21,000×35/70 = Rs 10,050 per month. That is, after the new rules, the employees will get an extra pension of Rs 2550 every month. However, one more thing to note here is that after the new rules, the in-hand salary of the employees will decrease slightly because after the implementation of the new rules, there will be more deduction for EPF and EPS from the employee’s salary than now.

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  • LPG Price Hike: Commercial LPG cylinder becomes expensive, check domestic rates

    LPG gas prices increased

    LPG Price 1 September: New rates of LPG cylinders have been released today on 1 September. LPG gas cylinders have become expensive from Delhi to Patna and Ahmedabad to Agartala.

    However, this increase in the price of gas cylinders has happened in the rate of 19 kg commercial cylinder. The rate of commercial LPG cylinder in Delhi has increased by Rs 39 to Rs 1691.50. Earlier it was Rs 1652.50.

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    At the same time, from today, September 1, the 19 kg LPG cylinder has become Rs 1802.50 in Kolkata. Earlier it was priced at Rs 1764.50 here. Now this blue cylinder has become Rs 1644 in Mumbai. Earlier it was priced at Rs 1605. While in Chennai it has become Rs 1855, which was available for Rs 1817 in August. These rates are of Indian Oil’s Indane LPG cylinder.

    Domestic LPG cylinder rates for September 1

    In Delhi, a 14.2 kg domestic LPG cylinder is available at its old rate of Rs 803. In Kolkata, it is available at Rs 829 and in Mumbai at Rs 802.50. Today, in Chennai too, a domestic cylinder is available at the August rate of Rs 818.50.

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    The lowest rate in September was Rs 466.50

    On September 1 last year, the price of domestic LPG cylinder was Rs 903 in Delhi. Right now it is available for only Rs 803. In September 2022, the price of domestic LPG cylinder in Delhi did not change. It was available for Rs 1053 in Delhi, Rs 1079.00 in Kolkata, Rs 1052.50 in Chennai and Rs 1068.50 in Mumbai for 14.2 kg LPG cylinders.

    However, on September 1, 2021, Delhi consumers got the cylinder costlier by Rs 25 and at Rs 884.50. Earlier on September 1, 2020, it was being sold for Rs 594. On September 2019, the same cylinder was priced at Rs 590. Whereas, in 2018, its price was Rs 820. It was Rs 599 in September 2017 and the lowest in 2016 was Rs 466.50.

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  • Bank Holiday List in September: Banks will remain closed in these states for 15 days in September! Check RBI’s list of holidays

    Bank Holidays in September : In September 2024, all public and private sector banks in India will remain closed for a total of 15 days. These holidays also include all Sundays, second and fourth Saturdays.

    If you are planning to go for any bank related work this month, then keep in mind that bank holidays may vary according to states and local festivals. Therefore, you are advised to make your plan only after looking at the complete list of holidays.

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    These festivals will be held in September

    Banks will be closed in September on several occasions like Ganesh Chaturthi, Sri Narayana Guru Samadhi Day, Maharaja Hari Singh Ji’s Birthday, Pang-Lhabsol. The Reserve Bank of India (RBI) has released the list of bank holidays for September 2024.

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    List of Bank Holidays in September 2024

    September 1 (Sunday): Banks will remain closed in all states.

    September 4 (Wednesday): Tribhuvan Tithi (tithi of Srimanta Sankardeva); banks will remain closed in Assam.

    September 7 (Saturday): Ganesh Chaturthi; banks will be closed in Gujarat, Maharashtra, Karnataka, Odisha, Tamil Nadu, Andhra Pradesh, Telangana, and Goa.

    September 8 (Sunday): Banks will remain closed in all states.

    September 14 (Saturday): Karma Puja/First Onam; Banks will remain closed in Kerala and Jharkhand. As this is the second Saturday, banks will remain closed in all states as well.

    September 15 (Sunday): Banks will remain closed in all states.

    September 16 (Monday): Milad-un-Nabi; banks will be closed in many states.

    September 17 (Tuesday): Indrajatra/Milad-un-Nabi; banks closed in Sikkim and Chhattisgarh.

    September 18 (Wednesday): Banks will remain closed in Pang-Lhabsol; Sikkim.

    September 20 (Friday): The day after Eid-e-Milad-un-Nabi; banks will remain closed in Jammu and Srinagar.

    September 21 (Saturday): Sree Narayana Guru Samadhi Day; banks will remain closed in Kerala.

    September 22 (Sunday): Banks will remain closed in all states.

    September 23 (Monday): Birthday of Maharaja Hari Singh Ji; banks will remain closed in Jammu and Srinagar.

    September 28 (fourth Saturday): Banks will remain closed in all states.

    September 29 (Sunday): Banks will remain closed in all states.

    Online banking service will remain operational

    During these holidays, you can avail all online and digital banking services. This means that customers can do their banking work through online fund transfer and mobile banking apps.

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  • UPI Transactions Skyrocket, India Leads in Digital Payments

    Unified Payments Interface (UPI)

    IANS

    India’s digital economy has witnessed a significant milestone with the National Payments Corporation of India (NPCI) reporting a record-breaking surge in Unified Payments Interface (UPI) transactions in August. The data revealed a 41% year-on-year growth, with UPI transactions reaching an all-time high of 14.96 billion. This robust growth underscores the increasing acceptance and adoption of digital payments among Indian consumers.

    The total transaction amount for the month touched Rs 20.61 lakh crore, indicating a 31% YoY growth. This robust growth in UPI transactions underscores the increasing acceptance and adoption of digital payments among Indian consumers. The average daily transaction amount in August stood at a staggering Rs 66,475 crore, further highlighting the scale and reach of UPI.

    Interestingly, the value of UPI transactions has remained consistently above Rs 20 lakh crore for four consecutive months. In July, UPI-based transactions clocked Rs 20.64 lakh crore, with the total UPI transaction count standing at 14.44 billion.

    The UPI platform is witnessing a steady influx of new users, adding up to 60 lakh new users every month. This growth is primarily driven by the introduction of the RuPay credit card on UPI and its expansion into foreign markets. The NPCI has set an ambitious target of achieving 1 billion UPI transactions per day in the coming years, reflecting its confidence in the platform’s potential for further growth.

    Unified Payments Interface (UPI)

    UPI

    The UPI platform processed nearly Rs 81 lakh crore transactions in the April-July period this year, marking a 37% increase YoY. This impressive growth rate has propelled UPI past some of the world’s leading digital payments platforms. The homegrown digital payments solution processed 3,729.1 transactions per second, a 58% surge over the 2,348 transactions every second registered in 2022.

    This puts UPI ahead of global giants like China’s Alipay, Paypal, and Brazil’s PIX in terms of transaction numbers. India is leading the world in digital transactions, with over 40% of payments being made digitally. UPI is the preferred choice for a majority of these transactions, reflecting its widespread acceptance and trust among Indian consumers.

    RBI Governor Shaktikanta Das recently stated that the central bank is focusing on making UPI and RuPay truly global. This statement came in response to the encouraging response received from several jurisdictions. The central bank’s focus on globalizing UPI and RuPay is a testament to the success of these platforms and their potential for further growth.

    The success of UPI is not just limited to India. The UAE-based Al Maya Supermarket announced the acceptance of UPI-based payments across its outlets in the country. Furthermore, India Stack’s flagship offering is now available at the Eiffel Tower in Paris, Galeries Lafayette’s flagship store in Haussmann ahead of Paris Olympics, and certain countries in the Middle East.

  • India’s Q1 GDP Highlights

    By –  Ms. Ritu Prakash Singh, Senior Economist and Head – MSME Research, UGRO Capital 

    India’s GDP growth for the quarter ending June 2024 registered at 6.7%, slightly below expectations and 1.5 percentage points lower than the same quarter last year. This slowdown is largely due to a high base effect, adverse weather conditions, and restrictions on government activities related to the Lok Sabha election. However, the underlying data remains optimistic, with significant gains in private consumption and service sector. Looking ahead, the measures introduced in the Union Budget FY25 for the MSMEs, manufacturing, and services sectors are expected to provide a substantial boost to these areas.


    Mansi Praharaj

  • Pension Hike: Will the government increase the minimum pension to Rs 7500? Know what the Finance Minister said

    Nirmala Sitharaman on minimum pension: The central government has recently approved the Unified Pension Scheme (UPS), taking a step forward on the demand for restoration of pension of government employees.

    Along with this, the demand to increase the minimum pension of employees retiring from the private sector to Rs 7500 has gained momentum. The organization of pensioners of private employees has been demanding an increase in pension for a long time. In connection with this demand, the representatives of the organization have met Finance Minister Nirmala Sitharaman.

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    Government is sensitive towards the needs of the elderly

    During the meeting with the Finance Minister, a demand was made to increase the minimum pension to Rs 7,500 per month. According to the committee, Sitharaman assured that the government is sensitive to their needs and will try to find a way to meet their demand. The EPS-95 National Struggle Committee (NAC) includes about 78 lakh retired pensioners and 7.5 crore working employees of the industrial sector. The committee said in a statement, the Finance Minister has assured the delegation that the government is sensitive to the needs of the elderly and is seriously considering the proposal put forward by the EPFO.

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    According to the pension

    committee, the Finance Minister reiterated his assurance that the government is committed to ensuring financial security for pensioners and a solution will be found. Union Labor and Employment Minister Mansukh Mandaviya met EPS-95 NAC representatives this month and assured them that the government would take necessary steps to meet their demand. EPS-95 NAC members are currently protesting demanding a monthly pension of Rs 7,500 instead of the average monthly pension of only Rs 1,450.

    36 lakh pensioners are getting less than Rs 1000

    The committee also demands that medical facilities should also be provided to EPS members and their life partners. EPS-95 NAC President Ashok Raut said that pensioners have been demanding an increase in the minimum pension for the last eight years, but the government has not paid attention to their demands. The body had also informed recently that 36 lakh pensioners are getting less than Rs 1,000 pension every month. Raut says that despite making long-term contributions to the regular pension fund, pensioners get very little pension.

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  • Women Investors Surge in India’s Stock Market; There Are Over 2.2 Crore Now

    At least 2.2 crore women among 10 crore NSE investors

    INTERNET

    The National Stock Exchange (NSE) has reported that out of its 10 crore registered investors, at least 2.2 crore are women. This data, revealed by Tirthankar Patnaik, the chief economist at the NSE, indicates that approximately 22% of the total investors on the NSE are female. This is a remarkable increase since 2015, when the number of female investors in the Indian stock market has surged by 6.8 times.

    The rise in female investors is not the only demographic shift in the Indian stock market. Patnaik also noted that about 69% of investors are below the age of 40 years, indicating a growing interest in investing among the younger generation. This trend is a testament to the increasing financial literacy and the streamlined Know Your Customer (KYC) process that has made it easier for individuals to participate in the stock market.

    The strength of retail investors has been a significant factor in the resilience of the Indian stock market. Despite heavy selling by foreign institutional investors (FIIs) and geopolitical stress, the Nifty has been registering consistent growth. This resilience can be attributed to the fact that Indian households now have a share of 35% in total trading.

    At least 2.2 crore women among 10 crore NSE investors

    IANS

    Furthermore, the monthly Systematic Investment Plan (SIP) inflow has crossed the Rs 23,000-crore level, a significant milestone for the markets. The NSE’s growth has been rapid and consistent. The total number of client codes (accounts) registered with the exchange stands at 19 crore. This growth has been facilitated by rapid digitisation, rising investor awareness, financial inclusion, and sustained market performance.

    The registered investor base hit the one crore mark 14 years after the commencement of operations and has seen more than a three-time jump in the last five years. The growth of the NSE is not limited to the number of investors. The exchange has also seen a significant increase in the diversity of its investor base. Of the latest 10 million additions, 42% are from North India, followed by those in the western areas at 25%.

    Investor participation has increased across various financial instruments such as Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and bonds. The states of Uttar Pradesh and Maharashtra have been leading in new investor registrations, accounting for more than a quarter of these investors.

    This growth has been accompanied by a robust financial performance by the NSE. The exchange reported a 39% jump in consolidated net profit at Rs 2,567 crore in the first quarter of FY25, with net margins for the three-month period coming in at 52%. The growth of the NSE and the increasing participation of retail investors, particularly women, is a positive sign for the Indian economy.

    It indicates a growing financial literacy and an increasing trust in the stock market as a viable investment avenue. However, it is essential to continue the efforts towards financial inclusion and investor education to ensure that this growth is sustainable and inclusive.

  • Maruti Suzuki India’s sales down 3.9 pc in August, Kia India logs 17.1 pc growth

    Maruti Suzuki India's sales down 3.9 pc in August, Kia India logs 17.1 pc growth

    IANS

    Maruti Suzuki India sold a total of 1.82 lakh units in August, down nearly 3.9 per cent (year-on-year) from 1.89 lakh units in the same month last year.

    Total domestic sales (including passenger vehicles, light commercial vehicles and OEM) for the company decreased 5.3 per cent to nearly 1.56 lakh units for the automaker, from over 1.64 lakh units last year.

    The automaker exported 26,003 units from the country in August, up from 24,614 units last year.

    In the April-August period during the current fiscal, Maruti Suzuki India clocked a total sale of 878,691 units, down from 868,742 units in the same period last fiscal.

    Meanwhile, Kia India logged domestic sales of 22,523 units in August, a 17.19 per cent YoY growth compared to the 19,219 units sold in the corresponding month of the last year. The new Sonet gained traction, with 10,073 units sold, informed the company.

    Maruti Suzuki

    Hardeep Singh Brar, SVP and national head of sales and marketing, said that this success is a testament to the company’s strategic optimisation of the products, making its vehicles most compelling and value-for-money.

    The total sales of Toyota Kirloskar Motor India rose 35 per cent (year-on-year) to 30,879 units in August, compared to 22,910 units a year earlier.

    Sabari Manohar, vice president of Toyota Kirloskar’s sales-service-used car business, said in a statement that as “we approach the festive season, demand for our products remains buoyant, and we are already witnessing increased consumer interest and higher footfall across all our dealerships”.

    SUVs and MPVs continue to significantly contribute to the company’s sales numbers, reflecting a growing preference for these segment vehicles.

    Retail sales of JSW MG Motor India went up 9 per cent YoY to 4,571 units in August. The company had sold 4,185 units in the year-ago period. On September 11, the automaker will launch a new model, Windsor, in the Indian market.

     (With inputs from IANS)

     

  • Big Update: New rules of PPF-Sukanya Samriddhi Yojana will be implemented from October 1

    The Economic Affairs Department of the Ministry of Finance issued a circular. According to this circular, new rules for Small Savings Schemes (Small Savings Schemes New Rules 2024) will be issued from October 1, 2024. These rules are for irregular accounts as well as regular account holders.

    The department has identified all the categories covered under the scheme and has issued guidelines for each category.

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    National Small Savings Accounts (National Saving Scheme)

    The current scheme rates will be applicable on all accounts opened before 2 April 1990. On the other hand, Post Office Savings Account (POSA) will get interest at the rate plus 2%. After 1 October, both these accounts will get 0% interest.

    The current scheme rate will be applicable to accounts opened after 2 April 1990. The account rate will also be applicable to POSA. But after 1 October, no interest will be paid on these two accounts.

    If someone has more than 2 accounts, then no interest will be given on the third additional account. Apart from this, the principal amount of the third account will also be refunded.

    Public Provident Fund (PPF)

    If a minor’s PPF account is opened, he will get interest as per Post Office Savings Account till the age of 18 years. As soon as the minor turns 18 years old, he will get the benefit of PPF interest rate. Even the calculation of maturity in this will be done from the 18th birthday of the minor.

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    If an investor has more than one PPF account, the secondary account will be merged with the primary account. 0% interest will be given from the date of opening more than two accounts.

    NRI PPF account holders will also get POSA interest till September 30. After this, i.e. from October, the interest rate will be 0 percent.

    Sukanya Samriddhi Yojana

    If grandparents have opened Sukanya Samriddhi Account, then the account will be transferred to the guardian or biological parents. If there are more than two accounts, then the additional account will be closed.

    Instructions for post offices

    The post office will have to collect the PAN Card and Aadhaar Card details of the account holders or guardians. It is the responsibility of the post office to inform the customer about these new rules and guide them.

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