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Tag: interest

  • EPFO increases interest rate on employees’ provident fund for 2022-23 to 8.15% from 8.1% last year

    Watch: PM Modi’s publish retirement plans







    The retirement fund physique Employee Provident Fund Organisation (EPFO) on Tuesday barely elevated the interest rate to 8.15 per cent on the workers’ provident fund for 2022-23.

    The determination was taken by EPFO’s board of trustees. Last year, EPFO had declared 8.1 per cent because the rate of interest for 2021-22, which was the bottom in 40 years. The last time the interest rate had slipped to 8 per cent was in 1977-78.

    EPFO payroll data: EPFO adds 15.29 lakh net subscribers during the month of January, 2022

    Subsequent to the CBT determination, the interest rate on EPF deposits for 2022-23 will likely be despatched to the finance ministry. 

    The CBT, which is chaired by the Union Labour Minister and contains representatives from each the enterprise and worker sides, determines the interest rate proposal. The Finance Ministry then confirms the advice.

    coronavirus

    coronavirus IndiaIANS

    In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent supplied for 2018-19.

    The EPFO stored the interest rate on PF deposits at 8.5 p.c for 2020-21, the identical as in 2019-20, regardless of important withdrawals because of Covid’s impression on individuals’s monetary assets. 

    Following the Covid-19 pandemic, the retirement fund physique confronted giant withdrawals and lesser contributions. The EPFO had cleared 56.79 lakh claims value Rs 14,310.21 crore below the advance facility as of December 31, 2021.

  • US Fed, undaunted by recent banking problems, raises interest rate

    Fed Chief Says Delta Variant Can Pose Risks to US financial system







    The US Federal Reserve on Wednesday raised interest rate by 25 foundation factors, which is modest in comparison with earlier hikes aimed toward curbing inflation however got here amidst uncertainty in regards to the banking system that has taken a success in the previous few weeks triggering fears of a bigger downside.

    Jerome Powell Explains Fed Rate Hike

    This hike takes the goal rate within the 4.75 per cent to five per cent vary, which is the best because the begin of the recession in September 2007. Later, Fed Chief Jerome Powell hinted that this could possibly be the final hike, cet bar.

    Soon after the rate hike announcement, the Dow Jones Industrial Average was down 250 factors, or 0.8%, whereas the S&P 500 slid 0.5%. The Nasdaq Composite dipped 0.3%.

    However, the Fed did handle issues in regards to the banking system.

    In a press release it mentioned, “The US banking system is sound and resilient. Recent developments are prone to end in tighter credit score circumstances for households and companies and to weigh on financial exercise, hiring, and inflation. The extent of those results is unsure.”

    Federal Reserve Bank of New York

    There was hypothesis that the Fed won’t elevate the interest rate on the finish of its two-day assembly this week in view of the collapse of the Silicon Valley Bank and bother at one other financial institution due to rising interest charges, amongst different causes. And that it’s going to placed on maintain its battle towards inflation to take inventory.

    Equally, specialists had mentioned, that if the Fed didn’t hike charges, it will ship out an much more dire message: that there was a certainly an issue with the banking system, sufficient for the central financial institution to pause anti-inflation interest rate hikes.

    Fed chief Jerome Powell mentioned the rate-setting committee thought-about a pause. “We did contemplate that within the days operating as much as the assembly,” Powell mentioned within the press convention.  But the problems within the banking system in recent weeks will create tighter credit score circumstances any means.

    “We consider nonetheless that occasions within the banking system over the previous two weeks are prone to end in tighter credit score circumstances for households and enterprise, which might in flip outcome have an effect on financial outcomes. It is just too quickly to find out the extent of those results, and subsequently too quickly to find out how financial coverage ought to reply,” Powell mentioned.

    (With inputs from IANS) 

  • RBI Rate Hikes To Have Adverse Impact On Home Sales As Loan Interest Rates To Rise

    The hike in interest rates by the RBI by 35 basis points is likely to have some impact on home sales and interest rates on home loans are likely to rise. Amarendra Sahu Founder & CEO, at NestAway Technologies saysThe hike in interest rates by the RBI by 35 basis points is likely to have some impact on home sales and interest rates on home loans are likely to rise. Amarendra Sahu Founder & CEO, at NestAway Technologies says

  • Fixed Deposit Holders Can Cheer Again, As RBI Hikes Interest Rates Once More

    The last few monetary policy announcements have largely been helpful for fixed deposit holders who were getting very poor interest rates. Fixed deposit holders, who largely depended on fixed interest for sustenance have something to cheer about as deposit interest ratesThe last few monetary policy announcements have largely been helpful for fixed deposit holders who were getting very poor interest rates. Fixed deposit holders, who largely depended on fixed interest for sustenance have something to cheer about as deposit interest rates

  • New Fixed Deposit Rates: Now, you can earn up to 7.95% annual interest – Check tenure-wise FD schemes details

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  • Special Non-Resident Rupee accounts: No interest but repatriable

    Photo courtesy: Facebook/RBI

    Photo courtesy: Facebook/RBI

    In our NRI personal finance series this time we look at the rules governing Special Non-Resident Rupee Account (SNRR).

    Below are some of the dos and don’ts for a SNRR Account, according to the Reserve Bank of India:

    • Any person resident outside India, having a business interest in India, can open a Special Non-Resident Rupee Account (SNRR account) to put through bona fide transactions in rupees
    • The SNRR account will carry the nomenclature of the specific business for which it is opened and not earn any interest.
    • The debits/ credits and the balances in the account should be incidental and commensurate with the business operations of the account holder.
    • Authorised Dealers are required to ensure that all the operations in the SNRR account are in accordance with the provisions of the Act, rules and regulations made thereunder.
    • The tenure of the SNRR account should be concurrent to the tenure of the contract/ period of operation/ the business of the account holder and not exceed seven years. The RBI needs to approve any renewal. However, the restriction of seven years shall not be applicable to SNRR accounts opened by a person resident outside India for investment in India.
    • No operations are allowed in the account after seven years.
    • The operations in the SNRR account should not result in the account holder giving foreign exchange to any person resident in India in lieu of reimbursement in rupees or in any other manner.
    • The balances in the SNRR account can be repatriated outside India.
    • Transfers from any NRO account to the SNRR account are not permitted.
    • All transactions in the SNRR account will be subject to taxes in India.
    • SNRR account may be designated as resident rupee account if the account holder becomes a resident.
    • The amount payable to a non-resident nominee from the account of a deceased account holder, will be credited to a Non-Resident Ordinary account of the nominee with an authorised bank in India.
    • Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank.
    • The SNRR can be held only as a non-interest earning account, while an NRO account can earn interest. While the balances in an NRO account are non-repatriable (except for current income and to the extent permissible for NRIs/ PIOs), SNRR is a repatriable account.

    Tweet us on @connected2india or email us on info@connectedtoindia.com for your specific queries and subjects you would like us to write on.

    Note: Connected to India articles on NRI personal finance are intended to help Non-Resident Indians (NRIs) understand the increasingly complex world of financial investments.  

  • FO:NSE Open Interest

    FO:NSE Open Interest

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    FO:Combine Open Interest across exchanges

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    FO:Participant wise Open Interest