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Tag: interest

  • SBI Interest Rate: SBI changed the interest rate rules from December 15, check details

    SBI Interest Rate: The country’s largest public sector bank, State Bank of India, has changed its Basic Landing Rates (MCLR). The interest rates will be applicable from December 15.

    The bank issued a notification and informed about the new interest rates. Let us tell you that the change in MCLR rates by the bank will affect the EMI of your home loan, car loan, personal loan. Let us tell you that the bank’s MCLR is the minimum rate at which the bank fixes its loan rates. Changes in this change the EMI.

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    SBI new interest rates

    SBI has announced the new rates of Marginal Cost of Lending Rate (MCLR). The new rates will be applicable from 15 December 2024 to 15 January 2025. If we look at the new rates, the bank has kept it as it is. According to the official website of State Bank of India (SBI), the overnight MCLR is 8.2 percent. At the same time, the interest rate for 1 month is 8.2 percent. The rate for 3 months is 8.55 percent. The rate for 6 months is 8.90 percent and the rate for 1 year is 9.00 percent. Apart from these, the rate for 2 years is 9 percent. The interest rate for 3 years is 9.1 percent. Let us tell you that 42 percent of the bank’s loan is linked to MCLR.

    What will be the effect on EMI

    MCLR is the minimum rate of banks below which no bank disburses loans. That is, the more the MCLR increases, the more the interest on the loan will increase. That is, your EMI will also increase. Due to increase in MCLR rates, the EMI of the loan takers increases on the reset date, however, SBI has given a big relief to its customers by not increasing the interest rates.

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  • Good news for EPF members, this change will have double benefit, interest will increase

    EPFO

    EPFO News: Employees Provident Fund Organization i.e. EPFO ​​has announced relief for its subscribers. EPFO ​​has decided to change the rules of interest payment on EPF claim settlement for the members of Employees Provident Fund.

    On November 30, 2024, the Central Board of Trustees (CBT) in its decision has changed the rules in 60(2)(b) of EPFO. After its implementation, members will get more interest and settlement will be faster. This information has been given in a report of Economic Times. Let us tell you that this new rule has not been implemented yet. The new rule will come into effect after the government issues a notification. Till then the old rule will remain in force.

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    What needs to change?

    According to the announcement made by EPFO, ‘CBT has approved an important amendment in paragraph 60(2)(b) of EPF Scheme 1952. According to the current rules, interest on settlements done by the 24th of the month is paid till the end of the previous month. Now members will get interest till the date of settlement.’ EPFO ​​believes that this will give more interest to investors. Along with this, cases will also be settled faster.

    Currently, settlement is not done from 25th to the end of the month. The reason behind this was to protect the members from loss of interest. But now settlement can be done throughout the month. EPFO ​​has said that this decision shows how efficient, transparent and member-centric the organization is.

    How will it be beneficial

    Suppose the total balance of an EPF member is Rs 5 lakh. Currently, the interest rate is 8.25 percent. In such a situation, if a person settles on the 23rd of the month, then after the implementation of this rule, he will get interest for 23 days as well. Till now, interest was available only up to one month before the settlement. Due to which EPF members had to suffer losses.

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  • FD rate Hike: Good news! HDFC Bank has increased interest rates on Fixed Deposit. check latest rate

    HDFC Bank : The country’s largest private sector bank HDFC Bank has given a gift to its crores of customers. HDFC Bank has increased the interest rates on Fixed Deposit. The bank is offering FDs from 7 days to 10 years.

    This increase has been done on FDs of only a few periods. However, HDFC Bank has not increased the interest on FDs up to Rs 3 crore. Rather, this time the interest rates on bulk FDs have been revised. The bank has changed the interest rates on FDs ranging from Rs 3 crore to Rs 5 crore. These new rates have come into effect from December 5, 2024.

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    HDFC Bank’s interest rates on FDs ranging from Rs 3 crore to Rs 5 crore

    • 7 days to 14 days: For general public – 4.75%; For senior citizens – 5.25%
    • 15 days to 29 days: For general public – 4.75%; For senior citizens – 5.25%
    • 30 days to 45 days: For general public – 5.50 percent; For senior citizens – 6 percent
    • 46 days to 60 days: For general public – 5.75 percent; For senior citizens – 6.25 percent
    • 61 days to 89 days: For general public – 6 per cent; For senior citizens – 6.50 per cent
    • 90 days to 6 months: For general public – 6.50 percent; For senior citizens – 7 percent
    • 6 months 1 day to less than 9 months: For general public – 6.85 per cent; For senior citizens – 7.35 per cent
    • 9 months 1 day to less than 1 year: For general public – 6.75 per cent; For senior citizens – 7.25 per cent
    • Less than 1 year to 15 months: For general public – 7.40 percent; For senior citizens – 7.90 percent
    • 15 months to less than 18 months: For general public – 7.05 per cent; For senior citizens – 7.55 per cent
    • 18 months 1 day to less than 21 months: For general public – 7.25 per cent; For senior citizens – 7.75 per cent
    • 21 months to 2 years: For general public – 7.05 percent; For senior citizens – 7.55 percent
    • 2 years 1 day and upto 3 years: For general public – 7.00%; For senior citizens – 7.50%
    • 3 years 1 day to 5 years – 7.00 percent; For senior citizens – 7.50 percent
    • 5 years 1 day to 10 years: For general public – 7.00 percent; For senior citizens – 7.50 percent

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    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • RBI hikes interest rates on NRI foreign currency deposits

    RBI hikes interest rates on NRI foreign currency deposits

    RBI hikes interest rates on NRI foreign currency depositsIANS

    The RBI on Friday increased the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits which will enable NRIs to earn more on their savings.

    The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows.

    FCNR(B) deposits are accounts where Non-Resident Indians (NRIs) can hold their earnings in foreign currencies like USD or GBP, protecting them from exchange rate fluctuations.

    “In order to attract more capital inflows, RBI has decided to increase the interest rate ceilings on FCNR (B) deposits. Accordingly, with effect from today (December 6, 2024), banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding ARR plus 400 bps and deposits with maturity between 3 to 5 years at rates not exceeding ARR plus 500 bps. This relaxation will be available till March 31, 2025,” an RBI statement said.

    Until now, interest rates on Foreign Currency Non-Resident Bank (FCNR(B)) deposits were subject to ceilings of r (ARR) for the respective currency/swap, plus 250 basis points for deposits of 1 year to less than 3 years maturity and overnight ARR plus 350 basis points for deposits of 3 years and above and up to 5 years maturity, according to an RBI statement.

    Reserve Bank Of India

    Reserve Bank has examined the recommendations of the Committee as well as the feedback receivedIANS

    Banks have now been allowed to offer higher interest across the tenors.

    The RBI has also decided to move ahead with the introduction of the Secured Overnight Rupee Rate (SORR), a benchmark based on the secured money markets.

    Financial Benchmarks India Ltd (FBIL) is being requested to take the proposal forward.

    The proposal is being taken up in line with the recommendation of the RBI’s Committee on the MIBOR Benchmark.

    The Reserve Bank had set up the Committee on the MIBOR Benchmark headed by Ramanathan Subramanian to review the rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks. The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks. The Report of the Committee was published on the RBI’s website inviting comments from members of the public. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received.

    “The other recommendations of the Committee are under consideration,” the RBI statement said.

    (With inputs from IANS)

  • SEBI canceled this IPO; ordered to return the money along with interest

    Trafiksol ITS IPO: Market regulator SEBI on Tuesday ordered Trafiksol ITS Technologies to cancel its Rs 45 crore IPO and refund the money to investors along with interest. SEBI has taken this decision after reports of misleading information in the company’s prospectus and suspected collusion with a shell entity.

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    Trafficsol ITS is a Noida-based company that provides intelligent transportation systems and automation solutions for traffic and toll management projects.

    In October, BSE had postponed the listing of Trafficsol ITS Technologies Limited (TITL) on the SME platform following investor concerns. The Rs 45 crore IPO was subscribed over 345 times, receiving bids worth over Rs 10,000 crore.

    SEBI ordered to return the money

    SEBI has ordered BSE to monitor the refund process within a week from the date of this order. Also, Trafficsol has been directed to take necessary steps to cancel the shares transferred to the demat accounts of the bidders.

    In fact, before the company’s shares were listed on the exchange, BSE had received a complaint from the Small Investors Welfare Association (SIREN). In its 16-page order, SEBI has said that Trafficsol knowingly relied on fraudulent documents submitted by a dubious third-party vendor (TPV) to justify the purchase of software worth Rs 17.7 crore.

    Trafficsol fails to convince SEBI

    Apart from this, SEBI’s investigation also revealed that TPV was a shell entity whose financial records were suspicious. Apart from this, it had no prior experience in software development. Therefore, SEBI has concluded that TPV was selected on the basis of fake profiles and forged financial documents.

    While Trafficsol claimed that it had simply received a quote from TPV and selected it as per its procurement policy, the company failed to clearly explain why it selected it in the first place.

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  • FD rate Changed: IndusInd Bank has revised the interest rates of FD, check new rate here

    IndusInd Bank FD Rates: IndusInd Bank has given a gift to crores of customers. IndusInd Bank, one of the country’s largest private sector banks, has revised the interest rates of FD.

    The bank has started FD from 1 year 5 months to 1 year 6 months, in which the bank is offering maximum interest. If you are also planning to invest in FD, then this is a good opportunity because as all experts believe, RBI can reduce the repo rate. If this happens, then the interest received on FD can also be reduced. In such a situation, making FD in advance is a good opportunity to earn more interest.

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    IndusInd Bank has revised the interest rate on FD

    IndusInd Bank has made this revision on FDs of less than Rs 3 crore. The bank is giving interest ranging from 3.50 percent to a maximum of 7.75 percent to general customers. The bank is offering a maximum interest of 7.99 percent to general customers. The bank is giving an extra interest of 0.50 percent to senior citizens as compared to general customers. The bank is giving a maximum interest of 8.49 percent to senior citizens. These new interest rates on FDs have been implemented from November 26, 2024.

    Fixed Deposit Rate on IndusInd Bank

    • Interest on FDs maturing in 7 to 30 days – 3.50%
    • Interest on FDs maturing in 31 to 45 days – 3.75%
    • Interest on FDs maturing in 46 to 60 days – 4.75%
    • Interest on FDs maturing in 61 to 90 days – 4.75%
    • Interest on FDs maturing in 91 to 120 days – 4.75%
    • Interest on FDs maturing in 121 to 180 days – 5%
    • Interest on FDs maturing in 181 to 210 days – 5.85%
    • Interest on FDs maturing in 211 to 269 days – 6.10%
    • Interest on FDs maturing in 270 to 354 days – 6.35%
    • Interest on FDs maturing in 355 to 364 days – 6.50%
    • Interest on FDs maturing in 1 year to 1 year 3 months – 7.75%
    • Interest on FDs maturing in 1 year 3 months to 1 year 4 months – 7.75%
    • Interest on FDs maturing in 1 year 4 months to 1 year 5 months – 7.75%
    • Interest on FDs maturing in 1 year 5 months to 1 year 6 months – 7.75%
    • Interest on FDs maturing in 1 year to 6 months to 2 years – 7.99%
    • Interest on FDs maturing in 1 year to 6 months to 2 years – 7.75%
    • Interest on FDs from 2 years to 3 years to 2 years 6 months – 7.25%
    • Interest on FDs from 2 years 6 months to 2 years 7 months – 7.25%
    • 2 years 7 months to 3 years 3 months – 7.25 percent
    • 3 years 3 months to 61 months – 7.25%
    • 61 months and above – 7 per cent
    • Interest rate on tax saving FDs maturing in 5 years – 7.25%

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    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • SBI’s 400 days FD scheme, here you get up to 7.60% interest; Check details immediately

    SBI Bank

    By investing in Fixed Deposit (FD), customers get guaranteed income after a certain period. If you are also thinking of earning bumper profits by investing for short term in the near future, then this news is of your use.

    Actually, the country’s largest public sector lender State Bank of India (SBI) offers its 400 days special FD scheme in which customers get maximum interest up to 7.60 percent. The name of this popular scheme is SBI Amrit Kalash. Let us tell you that once again seeing the popularity of this scheme, the bank has now extended its deadline till March 31, 2025.

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    The deadline of the scheme had to be extended several times

    Let us tell you that the bank launched the SBI Amrit Kalash scheme for the first time on 12 April 2023. At this time the bank had fixed its deadline as June 30, 2023. After this it was extended to December 31, 2023. Once again, seeing its popularity, the bank extended its deadline to March 31, 2024. Despite this, seeing the popularity of this scheme not decreasing, the bank had to extend its deadline to September 30, 2024. Now customers can invest in this scheme till March 31, 2025.

    In this scheme, you get up to 7.60% interest

    Let us tell you that SBI Amrit Kalash is a 400-day special FD scheme in which general customers get a maximum interest of 7.10 percent on investing. On the other hand, senior citizen customers get 50 basis points more interest i.e. up to 7.60 percent on investing in this scheme. Let us tell you that under this scheme, customers can deposit a maximum amount of up to Rs 2 crore.

    This is how an account is opened in this scheme

    To invest in SBI Amrit Kalash FD scheme, customers can go to any branch near them. For this, you will need Aadhar card, PAN card, passport size photo, mobile number and email ID as your documents. After this, you will get a form for this scheme from the bank, after filling which your account will be opened.


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  • Post Office: These 5 saving schemes of Post Office are best for women, getting up to 8.2% interest

    Post Office Schemes For Women: Post Office Saving Schemes offer many good options for women investors. Investing in these saving schemes not only provides social security to women investors but also gives good returns. Many schemes also offer higher returns than banks. Today we are telling you about those 5 saving schemes of post office which are best for women.

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    Sukanya Samriddhi Saving Scheme

    Sukanya Samriddhi Saving Scheme is specially designed to secure the future of daughters. Investment in this scheme is made before the daughter turns 10 years old. Investing in this gives an interest rate of 8.2% per annum. After opening the account, it can be run for a maximum of 15 years. The interest rate on Sukanya Samriddhi Yojana is reviewed every three months. Deposits made under this scheme also get tax exemption under Section 80C.

    Post Office Monthly Income Scheme

    Post Office Monthly Income Scheme is another good scheme for women. The minimum investment in this scheme is Rs 1000 and it offers an interest rate of 7.4%. This scheme helps in creating a source of regular income.

    Mahila Samman Savings Certificate

    Mahila Samman Savings Certificate is a special risk-free scheme for women investors. Women of all ages can invest in it. A maximum of Rs 2 lakh can be deposited in an account under this scheme. Here 7.5% interest is available annually and after one year you can withdraw 40% of your deposit amount.

    National Savings Certificate

    National Savings Certificate is a safe and low-risk scheme, suitable for all types of investors. The minimum investment in it is Rs 100 and its maturity period is 5 years. However, from October 1, 2024, deposits in the new NSC will not earn any interest, but deposits till September 30, 2024 will earn 7.5% interest.

    Post Office PPF Scheme

    The Post Office Public Provident Fund (PPF) scheme is an excellent long term investment scheme. The minimum investment amount is Rs 500 and the interest rate on it is 7.1%. This scheme is a safe and profitable option for long term investors. By investing in all these post office schemes, women can secure their future and become financially self-reliant.

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  • Best Fixed Deposit: SBI and PNB are giving best interest on three year FD, check the rates

    Fixed Deposit Scheme

    Fixed Deposit SBI vs PNB : Most people trust government banks to invest in FD. Investment in fixed deposit (FD) is safe and fixed interest is received. In India, State Bank of India (SBI) and Punjab National Bank (PNB) are among the big banks of the country.

    They are known for their service and reach in all states and cities. Here we are comparing the interest rates of three-year FD schemes of both the banks. So that, you can achieve your financial target by choosing the right FD.

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    SBI and PNB FD Interest Rates (as of 2024)

    SBI FD Interest Rates (Interest on FDs of 3 years to 5 years)

    For general citizens: 6.75%

    For Senior Citizens: 7.25%

    PNB FD Interest Rates (for tenures of 2 years to 3 years)

    For general citizens: 7%

    For Senior Citizens: 7.50%

    Super Senior Citizen (above 80 years): 7.80%

    Minimum investment amount

    The minimum investment amount to open FD in both the banks is Rs 1,000.

    Which bank is better in terms of interest, SBI or PNB?

    PNB’s FD schemes offer slightly higher interest rates than SBI. PNB’s returns are higher in all categories from general citizens to senior and super senior citizens.

    Be sure to keep these things in mind while investing

    Some FDs charge a penalty for premature withdrawal. If you are investing in a 3-year FD, then your first priority is to get maximum returns. In such a case, you can choose SBI or PNB FD as per your need.

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  • Post Office Scheme: Now you will not get interest in this post office scheme, the govt has changed this rule!

    Post Office Scheme

    Many small savings schemes are operated under the Post Office, under which the rules keep changing. Now another new change has come to the fore. A decision has been taken to stop paying interest under the deposit amount in a scheme.

    Actually, the central government had issued a directive regarding the National Savings Scheme (NSS) earlier this year. In this, depositors were asked to withdraw their money by 30 September. It was also informed that interest payment will stop from October 1, 2024. That is, people will no longer get interest under the NSS scheme.

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    According to the guidelines issued by the government, depositors who had invested in the National Savings Scheme (NSS) more than 37 years ago with the intention of securing their financial future and future generations have been advised to withdraw
    their entire amount by September 30, 2024. Because the payment of interest on their deposited funds will be stopped. Customers have also been asked to update KYC information.

    NSS scheme is different from NSC

    Investors should not get confused with the small savings scheme National Savings Certificate (NSC). National Savings Scheme (NSS) is a completely different scheme, which was closed for new investment in 1992, so that no one could invest under this scheme after 1992. However, the government was giving compound interest under this scheme and now this interest has also been stopped from 1 October 2024. For the period from March 2003 to 30 September 2024, the NSS interest rate was 7.5% per annum. Let us tell you that no change has been made in NSC. In such a situation, people investing here do not need to panic.

    When was the scheme started?

    The National Savings Scheme (NSS) was started in 1987 and continued till 1992, after which it was temporarily reopened the same year. However, it was finally closed in 2002. Despite its closure, the government continued to pay interest on existing deposits. During the scheme, many depositors chose to withdraw their investments, close their accounts and declare the amount as part of their taxable income. At the same time, some investors chose to keep their funds in active accounts, which are still running today.

    Under the NSS, depositors had the opportunity to invest up to ₹40,000 annually, with the amount invested being eligible for tax deduction under Section 80C of the Income Tax Act, 1961. After a lock-in period of four years, depositors were allowed to withdraw both their principal deposit amount and the interest earned. Earlier, the scheme offered 11 per cent interest, which was later reduced to 7.5 per cent per annum.

    Accounts before October 2024

    If you have contributed to your NSS account before October 1, 2024, you will get interest at the rate of 7.5% per annum till the end of September 2024.

    Accounts after October 2024

    No interest will be paid for any new deposits or accounts opened after October 1, 2024. This information may influence your decision as to whether you should continue investing in NSS or explore other savings and investment options.

    Tax rules

    As per official rules, funds withdrawn from the NSS are subject to tax in the year they are withdrawn. However, if the depositor does not wish to withdraw the funds, the interest earned will remain tax-free as long as it remains in the account. If the depositor dies and his heirs withdraw the funds, the entire amount will be considered tax-free.

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