January 2021 – Page 62 – IFSCCodeof.in

Reserve Bank of India – Press Releases

January 11, 2021 root Press Releases

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How To Transfer Money In Sukanya Samriddhi Account Online?

January 11, 2021 root Personal Finance

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What is the DakPay digital payments app?

The government unveiled the digital payments app ‘DakPay’ last month. The post office and IPPB members can also make use of this. The digital financial and supported banking services offered by India Post and IPPB are presented by DakPay. It also provides services such as transferring funds online, QR code scanning and electronic payment for services and merchants and The government unveiled the digital payments app ‘DakPay’ last month. The post office and IPPB members can also make use of this. The digital financial and supported banking services offered by India Post and IPPB are presented by DakPay. It also provides services such as transferring funds online, QR code scanning and electronic payment for services and merchants. It will also provide interoperable banking facilities for every bank in the country for customers and existing account holders.

How To Deposit Money In Post Office RD Account Online?

SSY Interest Rates

The SSY interest rate is determined by the government, and is adjusted every quarter. In the Sukanya Samriddhi Account, the minimum contribution is Rs 250 per financial year and the limit is Rs 1,5 lakh. SSA has a maturity span of 21 years from the date of the account opening. This post office small savings scheme is currently fetching an interest rate of 7.6 percent to the eligible depositors.

Steps to deposit money in SSY account online through IPPB app

First you need to transfer or add money from your savings bank account to IPPB account

Now navigate to the ‘DOP Products’ tab and tap on ‘Sukanya Samriddhi Account’

Enter your SSY account number and DOP customer ID on the required space

Now you will need to select the instalment amount and duration

Once you are done with the successful payment transfer you will get a notification on the app itself.

You can select different investment alternatives offered by India Post and make monthly instalment via the standard savings account of IPPB.

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Should I Go For FDs Considering Health Cover Benefits?

January 11, 2021 root Personal Finance

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ROI and maturity period

Standard rates are usually provided by these FDs. So, with no additional benefit, you can get the same deposit rate as given on a regular deposit. The maturity duration is, however, pre-defined. For instance, the FD of DCB Bank is only available for a tenure of 700 days whereas the minimum term for ICICI Bank’s FD is two years respectively.

Upper limit for deposit

Generally, there is a limit on the minimum and overall amount of investment. For comparison, the FD of DCB Bank has a minimum investment amount of Rs10,000, whereas the FD of ICICI Bank has a minimum and maximum investment cap of Rs 2 lakh and Rs 3 lakh.

Limited Health Insurance Benefits

The insurance offered in compliance with these policies is minimal. In the context of ICICI Bank’s FD, for instance, the critical illness insurance is for Rs 1 lakh only but there are age restrictions as well. For instance, to deposit in ICICI Bank’s FD, the investor should not reach 50 years of age; the cap for DCB Bank’s FD is 70 years respectively.

Does It Make A Sense To Invest?

With additional perks, these FDs have the same interest rates. Well, if you are depositing and satisfying all the requirements for the same tenure, you can accept them, but be alert before depositing, check the terms and conditions thoroughly. For example, one of the FD options has a two-year maturity period, but only has healthcare coverage for one year. Another type of FD has a number of advantages that differ based on the amount deposited. The standards for the minimum and maximum age often differ across FD schemes. Even, don’t focus on your health care policy for it.

In most instances, the cover may not be worthy for you and the health insurance benefits can apply only to the primary depositor. As well, the health cover will be lost if you want to break or exit from the FD scheme. As well, if you need to split the FD, the health cover will be lost. Most significantly, you will no longer be entitled to use the policy on the next extension if the bank’s liaison with the insurer breaks. We also suggest that all factors must be analysed before participating in these FDs.

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Life insurers bet on guaranteed return products to woo customers

January 11, 2021 root Banking & Finance

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Amid the trying pandemic times and low interest rate environment, private life insurers are seeing opportunity and pushing protection products with a promise of guaranteed income. These products bundle life insurance coverage with benefits of savings, offering a suitable product for risk averse individuals who are keen to get regular income and are eyeing assured financial returns over the medium term.

In view of a higher life expectancy, rising inflation, and rising healthcare costs, the combination of protection and savings with guaranteed returns and guaranteed additions in life insurance plans make them attractive for those who seek assured returns on their savings.

Alternative to FD

In the past few months, many insurers, including Bharti AXA Life, ICICI Prudential Life, Future Generali Life, and HDFC Life, have introduced insurance plans with guaranteed returns to help people secure financial stability and meet their different life goals. They have increased the focus on non-participating saving products with guaranteed returns, pitching them as an alternative to bank fixed deposits that have seen sharp fall in rates over the past year.

Recently, Bharti AXA Life launched ‘Guaranteed Income Pro’, a non-linked, non-participating savings insurance plan, that offers life insurance along with guaranteed returns and maturity benefits.

Parag Raja, Managing Director & CEO, Bharti AXA Life Insurance, said: “Guaranteed income is ideal for risk-averse individuals who aim to generate a substitute source of regular income and achieve assured financial returns for tomorrow. We designed Bharti AXA Life Guaranteed Income Pro as an innovative solution that provides life insurance coverage and benefits of a savings product. The hallmark of our offering is the sound financial returns amid uncertain markets. It not only offers flexible short, medium- and long-term income options, but also helps people meet different financial needs at various milestones of life.”

Launching Future Generali Assured Wealth Plan, a guaranteed endowment plan in October last year, its Chief Customer and Marketing Officer, Rakesh Wadhwa, had said: “Given the volatility in interest rates, many customers look for long-term solution with guaranteed returns. Also, the ongoing pandemic has made people understand the importance of being financially protected. Both of these factors have resulted in higher enquires for guaranteed life insurance products.’’

ICICI Prudential Life Insurance had, in December 2020, unveiled ‘ICICI Pru Guaranteed Pension Plan’ that offers guaranteed life-long income to lead a financially independent retired life.

Similarly, HDFC Life Sanchay Plus also works for those who are risk-averse and want assured returns for their later years.

Managing risk

So, how are life insurers able to manage the risks on guaranteed products in an environment of low interest rates? Are they knowingly exposing themselves to liabilities when they hard sell guaranteed products?

Sandeep Nanda, Chief Investment Officer, Bharti AXA Life Insurance, said: “Insurance companies need to carefully monitor the duration of their liability cash flows and then decide their asset allocation and duration to reduce interest rate risk. If interest rates move adversely as compared to assumptions, then products may need to be repriced or withdrawn. Insurance companies sell a variety of products with different liability cash flow durations. Hence, the overall interest rate risk gets reduced as some products have relatively shorter duration.”

Nanda adds that life insurance companies are required to have at least 50 per cent of their assets in government securities, and these are generally long-duration to match with liabilities and to benefit from the upward sloping yield curve. Interest rate derivatives such as forward rate agreements or swaps as permitted are also used to lock in rates of future cash flows. Several high-quality private and public sector issuers have also issued partly paid bonds, which are invested into by insurers who are looking to match cash flows at a pre determined interest rate.”

According to industry experts, life insurance companies are capitalising on exempt-exempt-exempt (EEE) taxation, implying tax benefit available on investment and no tax on accrual and when the product matures.

The experts pointed out that customers who buy insurance plans with guaranteed returns must ensure to run them till maturity as any exit before maturity will be very costly in such schemes.

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Here is the latest FD Interest rates of banks, BFSI News, ET BFSI

January 11, 2021 root Personal Finance

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Fixed deposits (FDs) are financial instruments provided by banks or NBFCs that offer investors better interest rates than the regular savings accounts. FDs are considered one of the safest investment options and are also called term deposits as they are booked for a fixed term that may range from 7 days to up to 10 years.

Latest rates being offered by some of the top Financial Institutions:

Banks FD Interest Rates

HDFC Bank 2.5% to 5.5%

ICICI Bank 2.5 to 5.5%

Axis Bank 2.5% to 5.5%

Kotak Mahindra Bank 2.5% to 4.5%%

SBI 2.9% to 5.4%

Bank of Baroda 2.8% to 5.1%

Bajaj Finace 6.1% to 6.7%

HDFC 5.85% to 6.25%

PNB Housing Finance 5.9% to 6.7%

State Bank of India
On FDs between 7 days and 45 days, SBI gives 2.9% interest. Between 46 days and 179 days, the interest is 3.9%. FDs of 180 days to less than one year will get you an interest of 4.4%. For deposits with maturity between 1 year and up to 2 years fetch 5% interest. FDs with tenor 3 years to less than 5 years give 5.3%, while those maturing in 5 years and up to 10 years give 5.4 percent.

HDFC Bank
On FDs between 7 and 29 days, HDFC Bank gives 2.50% interest. For 30 to 90 days, it is 3.00%. For 91 days to 6 months, the interest rate will be 3.50%. For FDs of 6 months 1 days to 1 day less than a year, the interest is 4.40%. For 1 year it is 4.90%. For 1 year 1 day to 2 years, you can get an interest of 4.90%. For 2 years 1 day to 3 years, the rate is 5.15%. On FDs between 3 year 1 day and 5 years, you can enjoy an interest rate of 5.30%. And FDs maturing between 5 years 1 day and 10 years will fetch you 5.50%.

ICICI Bank
On FDs between 7 and 29 days, ICICI Bank gives 2.50% interest. From 30 to 90 days, it is 3.00%. From 91 days to 184 days, the interest rate will be 3.50%. For FDs of 185 to 290 days to less than 1 year, you can get interest of 4.40%. For 1 year to 389 days to 390 days upto 18 months, the rate is 4.90%. On FDs between 18 months upto 2 years, you can enjoy interest rate of 5%. From 2 years 1 day upto 3 years, the interest rate is 5.15%, whereas for 3 years 1 day upto 5 years it is 5.35%. For 5 years 1 day to 10 years, the interest rate is 5.50%.

Axis Bank
For Axis Bank, the FDs between 7 and 29 days is 2.50%, and from 30 days to 3 months it is 3.00%. From 3 months to 4 months interest rate is 3.50%, 4 months to 6 months interest rate will be 3.75%, and from 6 months upto 11 months and 25 days it will be 4.40%. For FDs from 11 months and 25 days upto 1 year 5 days it is 5.15%. On FDs between 1 year 5 days and upto 18 months the interest rate will be 5.10% whereas from 18 months upto 2 years it will be 5.25%. From 2 years upto 5 years the interest rate on FDs is 5.40% and 5.50% from FDs for 5 to 10 years.

Kotak Bank
For Kotak Bank, the FDs between 7 to 30 days is 2.50%, and from 31 to 90 days it is 2.75%. From 91 to 179 days the FD interest rate is 3.25% and from 180 to 364 days it is 4.40%. For FDs between 365 to 389 days the rate is 4.50%. From 390 to 391 days it is 4.75% whereas it is 4.75% from 23 months to 23 months and 1 day less than 2 years also. From 3 to 5 years it is again 4.75%. From 5 to 10 years it is 4.50%.

Senior citizen FD rates
FD interest rates vary from bank to bank depending on their tenure, amount, and type of depositor. Senior citizens, who are above 60 years, get special interest rates on their fixed deposits, which are often 0.5% above the prevailing interest rates.

Timely closure
Timely closure refers to closing the fixed deposit account at the time of its maturity only. When closed upon maturity date, the bank pays back the principal amount with the interest accrued over the tenure chosen.

Premature withdrawal
Premature withdrawal or breaking of FD is usually discouraged by lenders, and in such a case they levy a penalty along with paying back the principal amount and interest at a lower rate. However, in case of emergencies, certain banks do waive off the penalty.

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6 Easy Steps To Deposit Money In Post Office RD Account Online

January 11, 2021 root Personal Finance

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Investment

oi-Vipul Das

|

Published: Monday, January 11, 2021, 15:08 [IST]

For the January to March quarter, the government retained stable interest rates for small savings schemes, including the recurring deposit scheme. Every quarter, interest rates of small savings schemes are updated. Through the India Post Payments Bank (IPPB) app, you can deposit money online on your post office recurring deposit account online from the convenience of your home or workplace. Using the IPPB app you can transfer the minimum installment amount into your RD account online without compromising your comfort.

Post Office RD Interest Rate

In the midst of weak bank deposit rates the government has maintained interest rates untouched for the January-March quarter on small savings schemes, including 5-Year Post Office RD. For a minimum deposit of Rs 100 per month or any amount in multiples of Rs 10 with no upper limit the post office RD scheme is currently fetching an interest rate of 5.8% for a maturity period of 5 years.

How to deposit money online in a post office RD account?

The government unveiled the digital payments app DakPay last month. The post office and IPPB customers can also make use of this. In order to transfer money to your RD account follow the below-listed steps:

Step 1: First of all you need to add or transfer money from your bank account to IPPB account

Step 2: Head to the ‘DOP Products’ section and select ‘Recurring Deposit’

Step 3: Now enter your RD account number and DOP customer ID

Step 4: Now opt the installment amount and duration.

Step 5: IPPB will update you of the successful transfer of payment made through the IPPB app

Step 6: Using the basic savings account of IPPB you can go for different post office schemes offered by India Post in order to render monthly installments.

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Reserve Bank of India – Press Releases

January 11, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 0.00 – –

     I. Call Money 0.00 – –

     II. Triparty Repo 0.00 – –

     III. Market Repo 0.00 – –

     IV. Repo in Corporate Bond 0.00 – –

B. Term Segment

     I. Notice Money** 0.00 – –

     II. Term Money^@@ 0.00 – –

     III. Triparty Repo 0.00 – –

     IV. Market Repo 0.00 – –

     V. Repo in Corporate Bond 0.00 – –

Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)

I. Today’s Operations

1. Fixed Rate

    (i) Repo

     (ii) Reverse Repo Sun, 10/01/2021 1 Mon, 11/01/2021 949.00 3.35

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo – – – – –

3. MSF Sun, 10/01/2021 1 Mon, 11/01/2021 90.00 4.25

4. Long-Term Repo Operations – – –

5. Targeted Long Term Repo Operations – – – – –

6. Targeted Long Term Repo Operations 2.0 – – – – –

7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*
-859.00

II. Outstanding Operations

1. Fixed Rate

   (i) Repo

     (ii) Reverse Repo Sat, 09/01/2021 2 Mon, 11/01/2021 3,483.00 3.35

Fri, 08/01/2021 3 Mon, 11/01/2021 6,69,422.00 3.35

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Sat, 09/01/2021 2 Mon, 11/01/2021 250.00 4.25

Fri, 08/01/2021 3 Mon, 11/01/2021 0.00 4.25

4. Long-Term Repo Operations^# Mon, 24/02/2020 365 Tue, 23/02/2021 15.00 5.15

Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15

Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15

Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15

Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15

5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40

Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40

Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40

Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40

6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40

D. Standing Liquidity Facility (SLF) Availed from RBI^$ 33,592.17

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -5,61,965.83

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -5,62,824.83

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 10/01/2021 4,48,980.99

09/01/2021 4,49,688.96

     (ii) Average daily cash reserve requirement for the fortnight ending 15/01/2021 4,41,636.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 08/01/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 18/12/2020 8,15,721.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.

^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.

^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.

^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.

Ajit Prasad
Director

Press Release : 2020-2021/921

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10 Best 3-Year FDs With Returns Up To 7.5% For Senior Citizens

January 11, 2021 root Personal Finance

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Investment

oi-Vipul Das

|

Updated: Monday, January 11, 2021, 13:10 [IST]

In order to gain a regular monthly income after retirement, elderly people always choose to save their savings in fixed deposits (FDs). Investment in FDs is often considered better relative to investment in highly risky stocks or mutual funds. In the last year or so, though, declining bank deposit rates have dramatically reduced their monthly income. This is because of the rapid repo rate cuts from the Reserve Bank of India which makes banks to cut interest rates on fixed deposits through tenures. There are still some banks which offer better rates on three-year FDs for senior citizens, despite falling interest rates.

Considering the rivalry they face in attracting deposits, the smaller private banks appear to top the rate table on fixed deposits. Small private banks promise senior citizens with interest rates of up to 7.50 per cent on three-year FDs. These three-year FD interest rates are higher in contrast with those provided by leading banks in the private and public sector. For example, on their three-year FDs for senior citizens, Yes Bank, DCB Bank and RBL Bank deliver 7.50 percent, 7.45 percent and 7.25 percent interest only. Some private sector banks such as Axis Bank, Kotak Mahindra Bank, ICICI Bank and HDFC Bank offer 5.9%, 5.25%, and 5.65 percent interest on three-year FDs for senior citizens.

Compared with leading private banks, the interest rates provided by small finance banks are stronger. For senior citizens, AU Small Finance Bank and Ujjivan Small Finance Bank offer 7.25 percent and 6.55 percent interest on three-year FDs, respectively. Coming to the public sector banks Canara Bank and Union Bank of India give the highest interest rate of 6 per cent for senior citizens on their three-year FDs. Whereas an interest rate of 5.8 percent on their three-year FDs is currently provided by Bank of India and the State Bank of India (SBI).

Best 3-Year FDs For Senior Citizens With Interest Rates Up To 7.5%

Private Banks ROI per annum in %

Yes Bank 7.50

DCB Bank 7.45

RBL Bank 7.25

IndusInd Bank 7.00

Bandhan Bank 6.40

Public Sector Banks ROI per annum in %

Canara Bank 6.00

Union Bank 6.00

Bank of India 5.80

SBI 5.80

Punjab & Sind Bank 5.75

Conclusion

As given on the respective websites, the details on FDs is as of 6 January 2021. For senior citizens aged between 60-80 years, interest rates are provided for deposit amount less than Rs 1 crore. Quarterly compounding is considered for all FDs and the deposit amount ranges through banks. The amount varies from Rs 100 to Rs 10,000 at private and public banks respectively. Considering the current rate cuts, FDs can be a good and secure bet for senior citizens as the Deposit Insurance and Credit Guarantee Corporation (DICGC), an affiliate of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.

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Debenture holders of Reliance Capital approve asset monetisation proposal

January 11, 2021 root Banking & Finance

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The debenture holders of Reliance Capital have approved the asset monetisation proposal of the company, which includes 100 per cent stake sale in its general insurance business and broking arm as well as exiting its life insurance subsidiary.

The decision was taken at a meeting of the debenture holders of Reliance Capital on January 5.

“..we wish to inform that all the resolutions have been passed by the debenture holders with requisite majority,” it said in a regulatory filing on Monday.

Also read: Reliance Capital: 10 more bids submitted

They were to consider and approve proposals for the asset monetisation process, enabling enforcement of security interest, and acknowledgement and ratification for the reimbursement of costs incurred by the debenture trustee.

The monetisation process is under the aegis of the Committee of Debenture Holders and the Debenture Trustee Vistra, which represents 93 per cent of the total outstanding debt of the company.

Reliance Capital had, on October 31, floated an expression of interest (EoI) for selling stake in its subsidiaries as part of the process to pay off its dues to creditors and become debt-free.

It plans to sell off its entire stake in both Reliance General Insurance and Reliance Nippon Life Insurance. Besides, it also plans to sell 100 per cent stake in Reliance Securities, Reliance Financial and Reliance Health.

It also proposes to sell off its 49 per cent stake in Reliance Asset Reconstruction, 20 per cent holding in ICEX as well as other PE investments like Naffa Innovations and Paytm E-Commerce.

Meanwhile, separately, Reliance Home Finance and Reliance Commercial Finance are also undergoing resolution under the IBC process, and are expected to be completed by March 31 this fiscal.

Bank of Baroda is the lead banker under the ICA resolution process for both companies.

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Reserve Bank of India – Press Releases

January 11, 2021 root Press Releases

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Reserve Bank of India, in public interest, had issued Directions to Kolikata Mahila Co-operative Bank Limited, 8D Krishna Laha Lane, Kolkata – 700012, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on July 09, 2019 as modified from time to time which was last extended upto January 09, 2021. Reserve Bank of India has now, in public interest, further extended the Directions for a period of three months from January 10, 2021 to April 09, 2021. A copy of the Directive is displayed at bank’s premises for perusal of the public.

The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence. The bank will continue to undertake banking business with restrictions till its financial position improves. Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.

(Yogesh Dayal)
Chief General Manager

Press Release: 2020-2021/920

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« 1 … 60 61 62 63 64 … 87 »

HDFC Bank	2.5% to 5.5%
ICICI Bank	2.5 to 5.5%
Axis Bank	2.5% to 5.5%
Kotak Mahindra Bank	2.5% to 4.5%%
SBI	2.9% to 5.4%
Bank of Baroda	2.8% to 5.1%
Bajaj Finace	6.1% to 6.7%
HDFC	5.85% to 6.25%
PNB Housing Finance	5.9% to 6.7%

Private Banks	ROI per annum in %
Yes Bank	7.50
DCB Bank	7.45
RBL Bank	7.25
IndusInd Bank	7.00
Bandhan Bank	6.40
Public Sector Banks	ROI per annum in %
Canara Bank	6.00
Union Bank	6.00
Bank of India	5.80
SBI	5.80
Punjab & Sind Bank	5.75