Month: January 2021

How To Open A Sukanya Samriddhi Account With SBI?

Personal Finance

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Key benefits of Sukanya Samriddhi Account

As the main characteristics of this specialized small savings scheme, the following can be discussed:

Opening of the account: An account can be opened on behalf of the girl child by adoptive parents or legal guardians via the minimum deposit of Rs 250 up to a limit of Rs 1,50 lakh. One account per girl child is permitted and a limit of three accounts, according to the circumstance that the family has twin children, can be permitted in a family. At post offices and authorised bank branches a SSY account can be opened and thus transferred too. When the girl child hits the age of 10, on her behalf, the account can be run by a legal guardian or parent. The account holder for this span will also be the administrator of the account. When the girl’s child turns 10 years old, she can opt to administer the account herself. At the expiration of the deposit term of 18 years, the account can be closed or withdrawal can be made.

Minimum deposit limit: A minimum deposit of Rs.250 per year is required for the account and a maximum deposit of Rs.1.5 lakh is permitted per year. Contributions can be made in multiples of Rs.50 according to the above limitations by cash and/or cheque.

Tenure and partial withdrawal facility: SSY account comes with a tenure of 21 years. It is possible to pay or keep the balance of the account as is, causing more accrual of interest before the date the account is effectively terminated. Withdrawal of 50 percent from SBI Sukanya samriddhi Account can be made for higher education/marriage purposes once the girl has reached the age of 18 or passed class 10th.

Interest rate: For the current quarter of March 2021 the interest rate is kept at 7.6%. The interest is calculated on yearly basis and compounded on a yearly basis.

Taxation: SSY investments are classified as an EEE (Exempt, Exempt, Exempt) investment from a taxation standpoint. This indicates that the deposited principal, the interest received, and the maturity amount are free from taxation. Under Sukanya Samriddhi Yojana’s current taxation laws, under Section 80C of the Income Tax Act, 1961, the tax deduction benefit on the principal amount invested is up to Rs 1.5 lakh per annum.

Documents required

Documents required

The requisite documents for opening an SSY account are listed below:

  • Application form for opening a SSY account
  • Valid birth certificate of the girl child
  • At the time of opening the account, the ID proof and address proof of the individual must be submitted.
  • Medical certificate must be submitted in case of multiple children

Procedure to open a SSY account at SBI

Procedure to open a SSY account at SBI

The method of opening an SSY account is very straightforward. You must visit the nearest SBI branch, where a bank official can support you further. All you have to do is fill out the SSY application form, along with the documents and minimum deposit amount of Rs 250. Once the documents have been authenticated your account will be opened successfully. Even if you do not have an existing account with SBI, you can open an SSY account if you are a legal guardian of a girl child as well as the other eligibility requirements are being satisfied. In the name of the girl child, the person opening the SBI SSY account must either be a legal guardian or the girl child’s parent. The individual must be the depositor and thus manage the account until the girl child reaches the age of 10. In the event of an unauthorized payment or if you choose to reopen the SSY account, an ongoing penalty of Rs.50 will be imposed along with the minimum prescribed amount.

How to check SSY account balance at SBI online?

How to check SSY account balance at SBI online?

  • Apply for SSY at your nearest SBI bank branch and receive your SSY account’s login credentials. Remember that this service has not started to be provided by all banks, and only a few banks allow their depositors to verify the SSY account balance online.
  • Sign in to your SBI net banking account using the required credentials.
  • Go to the homepage once you are signed in, and there you can verify the balance. Under the dashboard of your account you can find the option for the same.
  • Remember that you will only be able to check the balance in your account through this procedure. By means of this portal, you will not be able to render deposits.



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ICICI Bank’s Q3 net profit increases 17 pc to Rs 5,498 cr, BFSI News, ET BFSI

Banking & Finance

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ICICI Bank on Saturday reported a 17.73 per cent jump in its December quarter consolidated net profit at Rs 5,498.15 crore, as against Rs 4,670.10 crore in the year-ago period. On a standalone basis, the country’s second largest private sector lender by assets showed a 19.12 per cent rise in the post-tax profit at Rs 4,939.59 crore for the reporting quarter, up from Rs 4.146.46 crore in the October-December 2019 period.

Its total income increased to Rs 24,416 crore from the year-ago’s Rs 23,638 crore, while the total expenditure was lower at Rs 15,596 crore as against Rs 16,089 crore.

The reported gross non-performing assets ratio was at 4.38 per cent, but would have been 5.42 per cent if not for the Supreme Court order asking banks not to classify non-paying loan accounts as NPAs after the end of the loan repayment moratorium.

Its overall provisions increased to Rs 2,741 crore from the year-ago period’s Rs 2,083 crore, but lower when compared to the preceding quarter’s Rs 2,995 crore, as per its exchange filing.

It made a contingency provision of Rs 3,012.16 crore for borrower accounts not classified as NPAs pursuant to the interim order of the Supreme Court and utilised Rs 1,800 crore of the Rs 8,772.30 crore in provisions for the pandemic made earlier.

As at December 31, 2020, the bank held an aggregate COVID-19 related provision of Rs 9,984.46 crore, including contingency provision amounting to Rs 3,509.46 crore, it said.

It said the provisions held by it are more than what is required by the RBI and the bank’s capital and liquidity position are strong.

Its overall capital adequacy stood at 18.04 per cent as of December 31, 2020.



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Rama Mohan Rao Amara takes charge as the MD & CEO of SBI Card, BFSI News, ET BFSI

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SBI Card has appointed Rama Mohan Rao Amara as Managing Director and Chief Executive Officer.

Rao takes over from Ashwini Kumar Tewari who has been appointed as MD at State Bank of India.

SBI Card in a statement said, “Rama Mohan Rao Amara is a veteran banker, with a successful career spanning over 29 years at the State Bank of India. Prior to taking charge at SBI Card, Mr. Rao was the Chief General Manager, SBI Bhopal Circle, where he managed two key states MP & Chhattisgarh.”

Ashwini Kumar Tewari, MD at State Bank of India said, “We are pleased to welcome Mr. Rama Mohan Rao Amara as the MD & CEO of SBI Card. He has exhibited reliable and proficient leadership, while managing key assignments across India and abroad. His vision and strategic approach would be a key enabler to lead the rapidly growing credit card business. We are confident that he will be able to further strengthen SBI Card’s position and thereby increase value for all stakeholders.”

On his appointment, Rama Mohan Rao Amara, MD & CEO, SBI Card said, “It is an exciting time to join SBI Card. The Indian economy is slowly but surely coming out of the grip of the pandemic. With a renewed focus towards cashless and digital payments, the country is firmly on the path to becoming a digital economy. Moreover, the Indian credit card market continues to present significant growth potential due to its favourable demographic changes and extremely low credit card penetration rate. SBI Card is known and respected as a customer centric, resilient, and nimble organization. I look forward to leading the organisation to newer heights.”

Rao had started his banking career with SBI in 1991 as a probationary officer and has expertise in field of credit, risk, and international banking. He has held two foreign posting in Singapore and later in US as CEO of Chicago branch and then as President and CEO of SBI California and has also served as CGM – Financial Control at SBI’s Corporate Centre in Mumbai.



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How To Open A Sukanya Samriddhi Account With SBI?

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Investment

oi-Vipul Das

|

One of the banks providing the service to open a Sukanya Samriddhi account is the State Bank of India. It is among the small savings schemes that the government introduced. It provides financial assistance for a girl’s schooling or marriage. The aim of this scheme is to support girls with a brighter life and thus inspire the female ratio across the country. This scheme, as per its name, is intended solely for girls and offers financial assistance aimed at completing higher education or satisfying marriage requirements. In relation to minimal banking options such as savings accounts, corporate accounts, personal and personalized loans, State Bank of India also provides, to meet the needs of the banking services.

How To Open A Sukanya Samriddhi Account With SBI?

Key benefits of Sukanya Samriddhi Account

As the main characteristics of this specialized small savings scheme, the following can be discussed:

Opening of the account: An account can be opened on behalf of the girl child by adoptive parents or legal guardians via the minimum deposit of Rs 250 up to a limit of Rs 1,50 lakh. One account per girl child is permitted and a limit of three accounts, according to the circumstance that the family has twin children, can be permitted in a family. At post offices and authorised bank branches a SSY account can be opened and thus transferred too. When the girl child hits the age of 10, on her behalf, the account can be run by a legal guardian or parent. The account holder for this span will also be the administrator of the account. When the girl’s child turns 10 years old, she can opt to administer the account herself. At the expiration of the deposit term of 18 years, the account can be closed or withdrawal can be made.

Minimum deposit limit: A minimum deposit of Rs.250 per year is required for the account and a maximum deposit of Rs.1.5 lakh is permitted per year. Contributions can be made in multiples of Rs.50 according to the above limitations by cash and/or cheque.

Tenure and partial withdrawal facility: SSY account comes with a tenure of 21 years. It is possible to pay or keep the balance of the account as is, causing more accrual of interest before the date the account is effectively terminated. Withdrawal of 50 percent from SBI Sukanya samriddhi Account can be made for higher education/marriage purposes once the girl has reached the age of 18 or passed class 10th.

Interest rate: For the current quarter of March 2021 the interest rate is kept at 7.6%. The interest is calculated on yearly basis and compounded on a yearly basis.

Taxation: SSY investments are classified as an EEE (Exempt, Exempt, Exempt) investment from a taxation standpoint. This indicates that the deposited principal, the interest received, and the maturity amount are free from taxation. Under Sukanya Samriddhi Yojana’s current taxation laws, under Section 80C of the Income Tax Act, 1961, the tax deduction benefit on the principal amount invested is up to Rs 1.5 lakh per annum.

Documents required

The requisite documents for opening an SSY account are listed below:

  • Application form for opening a SSY account
  • Valid birth certificate of the girl child
  • At the time of opening the account, the ID proof and address proof of the individual must be submitted.
  • Medical certificate must be submitted in case of multiple children

Procedure to open a SSY account at SBI

The method of opening an SSY account is very straightforward. You must visit the nearest SBI branch, where a bank official can support you further. All you have to do is fill out the SSY application form, along with the documents and minimum deposit amount of Rs 250. Once the documents have been authenticated your account will be opened successfully. Even if you do not have an existing account with SBI, you can open an SSY account if you are a legal guardian of a girl child as well as the other eligibility requirements are being satisfied. In the name of the girl child, the person opening the SBI SSY account must either be a legal guardian or the girl child’s parent. The individual must be the depositor and thus manage the account until the girl child reaches the age of 10. In the event of an unauthorized payment or if you choose to reopen the SSY account, an ongoing penalty of Rs.50 will be imposed along with the minimum prescribed amount.

How to check SSY account balance at SBI online?

  • Apply for SSY at your nearest SBI bank branch and receive your SSY account’s login credentials. Remember that this service has not started to be provided by all banks, and only a few banks allow their depositors to verify the SSY account balance online.
  • Sign in to your SBI net banking account using the required credentials.
  • Go to the homepage once you are signed in, and there you can verify the balance. Under the dashboard of your account you can find the option for the same.
  • Remember that you will only be able to check the balance in your account through this procedure. By means of this portal, you will not be able to render deposits.



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Rama Mohan Rao Amara appointed MD and CEO of SBI Card

Banking & Finance

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SBI Card, the country’s largest pure play credit card issuer, has a new Managing Director and CEO in Rama Mohan Rao Amara. He has been part of State Bank of India Group for almost three decades now and has handled several key assignments both in India and abroad.

Amara has come in the place of Ashwini Kumar Tewari, who was recently appointed as Managing Director of SBI. SBI Card board approved Amara’s appointment for two years at a meeting on Saturday.

Prior to this appointment, Amara, who started his banking career with SBI in 1991 as a probationary officer, was the Chief General Manager of SBI Bhopal circle. He had earlier served as the Chief General Manager, Financial Control at SBI Corporate Centre in Mumbai.

Commenting on the appointment, Ashwini Kumar Tewari, Managing Director, SBI, expressed confidence that Amara’s vision and strategic approach would be a key enabler to lead the rapidly growing credit card business. “We are confident that he will be able to further strengthen the SBI Card’s position and, thereby, increase value for all stakeholders”.

Amara, who holds a bachelor’s degree in engineering, said that it is an exciting time to join SBI Card as the Indian economy is slowly but surely coming out of the grip of the pandemic. With a renewed focus towards cashless and digital payments, the country is firmly on the path to becoming a digital economy, he said.

Moreover, the Indian credit card market continues to present significant growth potential due to its favourable demographic changes and extremely low credit card penetration rate, he added.

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Geojit post 93% rise in net profit in Q3

Banking & Finance

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Geojit Financial Services has posted a 93 per cent rise in net profit at ₹30.60 crore in Q3 of the current financial year, as against ₹15.83 crore in the corresponding period of the previous year.

The profit before tax during the period increased 107 per cent at ₹40.63 crore, compared to ₹19.64 crore. The consolidated revenue increased 34 per cent from ₹78.31 crore to ₹104.61 crore.

As on December 31, the company’s Assets Under Custody and Management is ₹47,000 crore and has 11 lakh clients, the company said in a statement.

Higher volumes in the capital market transactions helped the company to improve performance during the current year, said C.J.George, Managing Director, Geojit Financial Services.

Geojit Financial Services has an extensive presence in the GCC region via joint ventures and partnerships: Barjeel Geojit Financial Services LLC in UAE, BBK Geojit Securities KSC, in Kuwait and QBG Geojit Securities LLC in Oman. The company also has a presence in Bahrain through a business partnership with Bank of Bahrain and Kuwait.

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ICICI Bank Q3 net up 19.1%

Banking & Finance

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Private sector lender ICICI Bank reported a 19.1 per cent increase in its standalone net profit in the third quarter of the fiscal at ₹4,939.59 crore. The bank had a net profit of ₹4,146.46 crore in the same period last fiscal.

For the quarter ended December 31, ICICI Bank’s net interest income increased by 16 per cent to ₹9,912 crore from ₹8,545 crore in the third quarter last fiscal.

The net interest margin was 3.67 per cent in the October to December compared to 3.57 per cent in the quarter ended September 30 and 3.77 per cent in the third quarter last fiscal.

Non-interest income, excluding treasury income, declined to ₹3,921 crore in the third quarter this fiscal compared to ₹4,043 crore a year ago.

Provisions increased by 31.6 per cent to ₹2,741.72 crore in the third quarter this fiscal from ₹2,083.2 crore a year ago.

“During the third quarter of 2020-21, the bank made contingency provision amounting to ₹3,012 crore for borrower accounts not classified as non-performing pursuant to the interim order of the Supreme Court. The Bank utilised ₹1,800 crore of Covid-19 related provisions made in the earlier periods,” ICICI Bank said in a statement on Saturday.

It further said that it has changed its provisioning policy on non-performing assets to make it more conservative in the third quarter.

“The contingency provision made on a prudent basis for loans overdue for more than 90 days at December 31, 2020 but not classified as non-performing pursuant to the Supreme Court’s interim order, also reflects the revised policy,” it said, adding that the change in policy resulted in higher provision on advances amounting to ₹2,096 crore during the third quarter for aligning provisions on the outstanding loans to the revised policy.

During the quarter, the gross additions to NPAs were ₹471 crore.

As on December 31, gross NPAs amounted to 4.72 per cent of gross advances as against 6.39 per cent a year ago. Net NPAs stood at 0.69 per cent at the end of the third quarter this fiscal versus 1.6 per cent a year ago.

Loans amounting to ₹8,280 crore, compared to ₹1,410 crore at September 30, 2020, were not classified as non-performing at December 31, pursuant to the Supreme Court’s interim order, ICICI Bank said.

On a proforma basis, the net NPA ratio was 1.26 per cent at December 31 compared to 1.12 per cent at September 30.

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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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5 Years NSC Vs Post Office Time Deposit: A Tax Saving Comparison For Good Returns

Personal Finance

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Investment

oi-Vipul Das

|

For tax saving purposes there are a plethora of investment vehicles and considering the same risk-averse investors go for 5-years tax saving FDs first. Even if bank fixed deposits (FDs) with terms of 5 years or more also give tax deductions under section 80C of the Income Tax Act, both NSC (National Savings Certificate) and 5-year POTD (Post Office Time Deposit) are provided by the Post Office can be taken into consideration where the capital deposited in the two schemes is managed by the government and thus provide guaranteed returns along with tax benefits. But taking both into consideration which can be a good bet tax saving purpose. Let’s discuss here.

5-Years NSC Vs Time Deposit: A Tax Saving Comparison For Good Returns

Deposit cap

The minimum contribution cap is Rs 100 and multiple Rs 100 in both NSC and 5-year POTD. In both schemes, there is no cap to the overall investment. Deposits in these schemes can be made independently, jointly or on behalf of a minor. It is possible to purchase multiple NSCs from a post office. Likewise, in a single post office and/or in different branches, multiple post office time deposit accounts can be opened by the eligible investors.

Rate of interest

The NSC and 5-year POTD interest rates are determined on a quarterly basis by the government and the NSC interest rate is currently 6.8 percent compounded annually but paid after maturity, whereas the 5-year POTD interest rate is 6.7 percent payable annually but determined on a quarterly basis.

Taxation

In the fiscal year u/s 80C of the Income Tax Act, although there are no limitations on the amount of maximum contributions, a maximum deduction of up to Rs 1.5 lakh will be eligible from taxable income. Although both schemes are liable for a deduction of 80C, interest is taxable on both schemes. In order to measure tax obligation, the interest payout under the 5-year POTD is credited to overall income revenue. 10% tax is deducted at source (TDS) until paying interest under the 5-year POTD unless the 15G/15H certificate is not submitted. In a fiscal year, senior citizen investors receive a tax exemption of up to Rs 50,000 on interest paid under POTD. The interest on the NSC, on the other side, is taxable on an accrual basis, but the interest still qualifies for a tax benefit u/s 80C. Thus, under the head of Income from Other Sources, the accrual interest is first applied, but also included for deduction purposes under 80C. So, once the existing 80C limit of Rs 1.5 lakh is not exceeded, an investor can reap tax gain on interest on NSC too.

Liquidity

The capital invested in NSC and accrued interest can not be withdrawn until maturity, but an investor may avail for a loan from any bank against NSC at an interest cheaper than the current personal loan interest rate offered by the individual bank. The principal deposited in the 5-year POTD can only be withdrawn after 6 months from the date of opening the account. Interest is due on the Post Office Savings Account, which is actually at 4%, in compliance with the prevailing interest if the withdrawal is rendered after 6 months but before 1 year from the date of the deposit. If the 2, 3 or 5 year TD account is prematurely terminated after 1 year, interest will be measured 2% lower than the TD interest rate (i.e. 1, 2 or 3 years) for the accomplished years and the PO Savings Interest rates will be applied for a period of less than 1 year.



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