Month: March 2021

Best Student Credit Cards in India for travelling abroad 2021

Personal Finance

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Features of Student Credit cards

In comparison to other credit cards, the student credit card has a very low credit limit. The credit limit is between Rs.2000 and Rs.25000. The student credit cards are valid for the duration of their studies. This card’s validity ranges from three to five years. There is no joining fee for the student credit card. The annual fees for this card are also extremely low. Some credit cards are best when students are going abroad, they can pay using the student credit card.

Documents required for Student Credit Card:

  • Birth Certificate
  • College Student Proof
  • Resident Address Proof
  • Passport Size Photograph
  • Aadhaar or PAN Card
  • Passport photocopy

In the case of a forex card, the student must Submit related documents of appointment/admission/university letter.

SBI Student Plus Advantage Credit Card

SBI Student Plus Advantage Credit Card

This is a special credit card available only to State Bank of India education loan customers. SBI Student Plus Advantage Card can be obtained by making a fixed deposit at any State Bank of India branch. Interest-free credit is available for 20 to 50 days on retail transactions when the previous month’s balance is paid in full.

Features of SBI Student Plus Advantage Credit Card:

  • In India, there is a 2.5 percent fuel surcharge waiver at any petrol pump.
  • It allows you to withdraw up to 80% of cash
  • For all department store purchases, you’ll get 5% back in value and 10x Rewards points.
  • There is a Flexipay alternative to convert credit card bills to EMIs.

ICICI Bank Student Travelcard

ICICI Bank Student Travelcard

The ICICI Bank student credit module is designed specifically for students. It helps students manage all of their living costs as well as high-value purchases such as paying university fees/hostel fees and purchasing plane tickets. The ICICI Bank Student Travel Card is a foreign exchange card for students studying abroad. This card comes in five different currencies and is good for three years. It provides travel insurance as well as emergency assistance. USD, EUR, GBP, AUD, and CAD are the five currencies that can be loaded onto a card.

The card can be loaded remotely by parents or guardians in India.

A card can be used for online purchases as well as physical swipes all over the world.

Joining fees are Rs.150, reload fees are Rs.100, and there is a 3.5 percent + GST cross-currency charge.

HDFC Multicurrency Platinum ForexPlus Chip Card

HDFC Multicurrency Platinum ForexPlus Chip Card

It has PayWave technology built-in, which allows you to make contactless payments at stores. Individuals can make safe payments by simply waving their cards at a distance of 4cm from the payment machine. This card can consist of up to 22 different currencies. You can save money and time by holding 23 foreign currencies on your HDFC Multicurrency Platinum ForexPlus Chip Card.

  • This provides you with full insurance against any potential fluctuations in foreign exchange rates.
  • You’ll also get Rs. 5 lakh insurance policy in case of card abuse, crash, or theft.
  • Protection against Foreign Exchange rate fluctuation
  • Online Currency Management
  • Additional security with temporary card blocking facility

HDFC Student Add-on Card

HDFC Student Add-on Card

For all practical purposes, the add-on card functions similarly to a credit card. Unless the parent cardholder sets a sub-cap, the add-on card shares the credit limit with the main card. An add-on card can be given to someone over the age of 18.

Expenses on an add-on card are included in the parent card’s monthly statement. As a result, parents can conveniently keep track of their children’s expenses. You may also get transaction reminders to keep track of your spending. Add-on cards don’t need much paperwork, and the application process is straightforward. Purchases made with add-on cards can be made both online and offline.

Bihar Student Credit Card

Bihar Student Credit Card

This credit card is planned specifically for students who are pursuing higher education in Bihar. The program was implemented as a means of encouraging state students to pursue higher education. With this card, a student who has completed class 12th can borrow up to Rs. 4 lakhs, which can be repaid once the student has completed their education and found a decent job. This card would be backed up by the government. To be eligible for the Bihar Student Credit Card Scheme, a student must have a co-applicant – either their parents or guardians – who can provide proof of income and have a secure job.



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G-Sec yields may soften temporarily if last two weekly auctions are cancelled: ICRA

Banking & Finance

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Government Security (G-Sec) yields could soften temporarily as the Government of India’s (GoI) fiscal deficit may undershoot FY2021 Revised Estimate (RE) by ₹50,000 crore to ₹90,000 crore, possibly resulting in cancellation of the final two G-Sec auctions, according to credit rating agency ICRA.

ICRA observed that the yield for the 5.85 G-Sec 2030 has risen by more than 35 basis points (bps) since its introduction, to 6.23 per cent intra-day as on March 5, 2021, with an uptick in the recent weeks.

This increase in yields is mainly due to higher-than-expected fiscal deficit and borrowings of GoI for FY2021 and FY2022, a rise in US Treasury yields and hardening crude oil prices.

 

“In our assessment, there could be a modest upside to the GoI’s tax revenues, whereas its non-interest non-subsidy revenue expenditure may trail the Revised Estimate (RE) for FY2021. Therefore, the GoI’s fiscal deficit in FY2021 may end up undershooting the RE of ₹18.5 lakh crore by ₹50,000 crore to ₹90,000 crore,” said ICRA in a study.

Accordingly, the agency projected the fiscal deficit in FY2021 at ₹17.6-18.0 lakh crore or 9-9.2 per cent of GDP (as per ICRA’s nominal GDP forecasts), lower than the 9.5 per cent of GDP included in FY2021 RE.

“Based on this, we assess a lower borrowing requirement of the GoI in the remainder of this fiscal year. However, given the substantial devolvement in Friday’s auction, it remains unclear whether the GoI will choose to cancel the last two weekly auctions of Government of India security (G-sec) with a planned amount of ₹49,000 crore, instead of carrying forward larger cash balances,” ICRA’s economists Aditi Nayar, Yash Panjrath, Aarzoo Pahwa and Tiasha Chakraborty said.

If the final two G-Sec auctions for March 2021 are cancelled, ICRA expects the yield for the benchmark 5.85 GS 2030 may temporarily soften from the current levels (6.2324 per cent) to 6.10-6.15 per cent in the remainder of this month.

Subsequently, the bond yields would take cue from the domestic inflation trajectory, upcoming borrowing calendar of the GoI for H1 (first half) FY2022 and the State governments for Q1 (April-June) FY2022, magnitude of Open Market Operations (OMOs), as well as global factors such as movement in US treasury yields, crude oil prices, and overall risk sentiment.

Yields may remain elevated

Based on the available trends, the agency expects the headline CPI inflation to average around 6.1 per cent in FY2021, before easing to 4.5 per cent in FY2022, while remaining above the mid-point of the Monetary Policy Committee’s (MPC’s) current target range of 2 per cent to 6 per cent. ICRA anticipates that the MPC will leave the repo rate unchanged in 2021.

Given the large supply of dated G-sec and state development loans (SDL) that is expected in FY2022 (aggregate net supply projected at ₹16.0-16.5 lakh crore), yields may remain elevated in the absence of sizeable and frequent market operations.

In ICRA’s view, the benchmark yield may rise during Q1 FY2022, to as much as 6.35 per cent by the end of the quarter.

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Bank lending activity now stronger than last year; credit growth at 6.6% in February

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The credit growth of banks ranged between 6.5% to 7.2% in April 2020.

Banks gave out credit at a faster rate during the fortnight ending February 12, as compared to the same period last year, helped by an increase in retail loans. The bank credit growth was recorded at 6.6%, marginally higher from the 6.4% recorded last year, a report by CARE Ratings showed. With this, the credit growth is back in the range that was last seen during the early months of the pandemic. The credit growth of banks ranged between 6.5% to 7.2% in April 2020.

Bank credit growth strong

Bank credit during the fortnight ended February 12 stood at Rs 107 lakh crore, up from Rs 105 lakh crore at the end of December 2021 but at par with the previous fortnight ending January 29. “The retail, agriculture and allied segment have driven overall credit growth in January 2021 growing by 6.7% and 9.5% respectively,” the report showed. The retail segment accounted for 29% of the total credit, against the 28.1% share recorded in the year-ago period. Industrial segment, however, had the largest piece of the pie accounting for 29.6% of the total credit. The services sector accounted for 28% of the total.

“Trade and tourism, hotels and restaurant segment registered a (credit) growth of 15.7% and 8.9% respectively,” the report said. The professional services segment registered a de-growth of 25%, computer software segment too registered de-growth, making them the only two segment to slip.

Mutual fund redemptions aid deposit growth

Deposits with banks have also increased during the period under review. “Deposit growth increased during the fortnight ended February 12, 2021, compared with 11.1% growth registered during the fortnight ended January 29, 2021, and also as compared with the previous year,” CARE Ratings said. The report further added that the outflows in debt mutual fund and equity mutual fund could support the rise in bank deposits. Of these deposits, time deposits grew at 89% while demand deposits account for the remaining 11%.

With deposit growth outpacing credit growth in the banking system, liquidity remained in a surplus position. “The outstanding liquidity in the banking system as of February 26 aggregated Rs 6 lakh crore, higher than a month ago level of Rs 5.76 lakh crore,” the report said.

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5 Best Private & Public Sector Banks Providing Returns Up To 6.75% On Tax Saving FDs

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10 things to know about tax saving FDs

According to current income tax statutes, you can claim up to Rs 1.5 lakh in tax-saving fixed deposits under Section 80C of the Income Tax Act. Below are some lesser known facts of tax saving FDs that you need to know:

  1. Individuals and HUFs are the only ones that can invest in a tax-saving deposit scheme.
  2. A minimum deposit is required to open a tax-saving FD scheme, which varies from one bank to the next.
  3. Tax-saving fixed deposit schemes come with a lock-in period of 5 years with no premature withdrawal and loan against deposit facility.
  4. Apart from co-operative and rural banks, one can invest in these FDs across either public or private sector banks.
  5. A five-year deposit in a Post Office Time Deposit is also eligible for a deduction under section 80 (C) of the Income Tax Act of 1961.
  6. Along with the tax benefits a five-year post office time deposit scheme can be transferred from one post office to another and one individual to another.
  7. These FDs can be maintained in either a ‘Single’ or a ‘Joint’ type. The tax advantage is only applicable to the first holder if the form of ownership is joint.
  8. TDS is due because the interest received is taxable according to the investor’s slab rate. Deposit interest is paid either monthly or quarterly, or it may be reinvested. By submitting Form 15G (or Form 15H for senior citizens) to the bank, an individual can prevent TDS on interest received.
  9. Tax-saving deposits also come with a nomination facility.
  10. On tax-saving FDs senior citizens marginally get higher rates opposed to the general public.

TDS applicable on FD

TDS applicable on FD

TDS is a tax that is automatically deducted from your fixed deposit by the bank where you have an account. The bank only deducts TDS if your fixed deposit returns surpass Rs 40,000 (Rs 50,000 for senior citizens) per year. If your fixed deposit earnings surpass Rs 40,000 (or Rs 50,000 by elderly people) and you furnish the bank with your PAN, the bank may subtract 10% TDS from your interest income. If you do not submit your PAN to the bank, the bank will deduct 20% from your fixed deposit income as TDS. To prevent the inconvenience of additional TDS deduction and resulting refund from the Income Tax Department, Form 15G (for non-senior citizens) and 15H (for senior citizens) can preferably be submitted at the beginning of each fiscal year. Surprisingly, no TDS is withheld from fixed or recurring deposits made at the post office.

Tax Saving FD Rates

Tax Saving FD Rates

In the below table DCB Bank and Yes Bank are at the top of the list with 6.75 per cent interest, after IndusInd Bank with 6.50 per cent interest on five-year tax-saving FDs. On tax-saving FDs, small private banks bid interest rates as high as 6.75 per cent. These tax-saving FD rates are higher than those offered by major public sector banks. On tax-saving FDs, AU Small Finance Bank and Ujjivan Small Finance Bank bid 6.50 per cent and 5.55 per cent interest, respectively. In comparison to major private banks, small finance banks bid higher rates. Axis Bank, ICICI Bank, and HDFC Bank, for example, provide 5.50 per cent, 5.35 per cent, and 5.30 per cent interest on tax-saving FDs. Union Bank of India provides the highest interest rate on a 5-year tax-saving FD at 5.55 per cent, led by Canara Bank and State Bank of India (SBI) at 5.50 per cent and 5.40 per cent respectively.

Private Sector Banks ROI per annum for the general public ROI for senior citizens
DCB Bank 6.75% 7.25%
Yes Bank 6.75% 7.50%
IndusInd Bank 6.50% 7%
RBL Bank 6.25% 6.75%
City Union Bank 6% 6%
Public Sector Banks ROI per annum for the general public ROI for senior citizens
Union Bank 5.60% 6.10%
Canara Bank 5.50% 6.00%
SBI 5.40% 6.20%
Bank of India 5.30% 5.80%
Punjab National Bank 5.30% 5.80%

Note

Note

On her Union Budget 2020, finance Minister Nirmala Sitharaman raised deposit insurance cover from Rs. 1 lakh to Rs. 5 lakh for bank customers. The Reserve Bank of India’s Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly-owned division. Customers’ deposits in a bank are covered by deposit insurance provided by DICGC. In a scheduled bank, whether commercial or small finance, you are covered for both principal and interest up to Rs 5 lakh respectively.



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Minutes of the Pre-Bid Meeting – Comprehensive Annual Maintenance contract of 380KVA Diesel Generator Set including operation of Substation, water lifting pumps & maintenance of electrical installation at Bank's Office Premises, R.B.I. Chandigarh

Tenders

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The Pre-bid meeting for the captioned tender was scheduled on March 04, 2021 from 11.00 AM to 12.00 Noon at Estate Department 3rd Floor, RBI Chandigarh.

2. The Meeting was not attended by representative of any Company/Firm/Agency/Prospective bidder.

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Best Home Loans With The Cheapest Interest Rates Starting From 6.65%

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7 tips to avail the best home loan scheme

When it comes to purchasing your dream house, there are many obstacles to overcome. Choosing the best home loan scheme and lender seems to be the first and most difficult challenge. Since there are several banks and financial institutions willing to approve your loan application and give you the loan, you can preferably do extensive analysis and look for the right option that satisfies all the conditions and suits your funding. To assist you in your process, here are some main considerations to keep in mind when selecting the best home loan bid.

Tip 1: The interest rate is the most important aspect in determining your willingness to repay the loan and how easy it would be to do so?. A higher interest rate can prevent you from accepting a larger loan or require you to choose a longer repayment period. A low rate of interest, on the other hand, allows you to take out a higher loan and raises the likelihood of quick prepayment. Financial institutions and housing finance companies provide various interest rates, which fluctuate over time. The rate may be floating (i.e., it varies over time) or fixed (i.e., it stays the same over the loan term).

Tip 2: For determining the eligibility of borrowers for a home loan, banks or financial institutions have a set of standards. These criteria vary by lender, but it generally covers age, income stream, credit history, and so on.

Tip 3: It could be tough to receive a home loan if you have a poor credit score or a poor credit history. A decent credit score demonstrates to your lender that you are a responsible borrower who can reimburse the loan on time. Identifying your credit score allows you to take appropriate steps to boost it before applying for a home loan. A poor credit score will cause your home loan application to be rejected, even if it is approved, you may carry a higher interest rate.

Tip 4: The majority of banks and financial institutions have undisclosed fees that are not revealed to borrowers in advance. Before agreeing for a home loan, it’s a good idea to check into hidden charges and evaluate processing fees, prepayment fees and so on.

Tip 5: A home loan scheme has a number of important terms and conditions that can affect loan approval and repayment. As a result, carefully reading all the terms and conditions before choosing a lender is strongly advised.

Tip 6: Explore the lenders’ loan approval and disbursement period. Choose the loan with the fastest processing and disbursement periods. A bank or financial institution typically takes 10-15 working days to approve a home loan application, with another 3-5 days for the loan to be disbursed. This period, however, differs from one lender to the next.

Tip 7: When you’ve mapped a few lenders, go to their branch office to talk about your choices and ask for the best deal. Often, a bank in which you already have a relationship as a customer can be ready to offer you a better deal than what is currently available in the sector. As a result, it is recommended that some considerable effort be made ahead of time in order to ensure a smooth and hassle-free potential.

Tax benefit on home loan

Tax benefit on home loan

For principal repayments made within the financial year, you can deduct up to Rs 1.50 lakh under Section 80C. For the accrual and payment of interest on a home loan, you can deduct up to Rs 2 lakh under section 24B. You can deduct up to Rs 1.50 lakh in interest payments made on a home loan during the financial year under Section 80EEA. If you take out a home loan during the financial year 2016-17, you can claim an exemption of up to Rs 50,000 for interest payments. If your property is self-occupied, you can claim up to Rs 2 lakh. In the case of an under-development property, the overall cap of Rs 2 lakh is applicable only if the construction is completed within 5 years of the fiscal year in which the loan is taken out. The applicable deduction is restricted to Rs 30,000 if this is not the case. Under section 24(b), the tax gain available for interest on a home loan for a self-occupied property is limited to Rs 2 lakh, while for rented or considered to be lent out the property, the deduction is unrestricted. Additional deduction of Rs 1.50 lakh for interest on home loans taken out to buy affordable houses worth up to Rs 45 lakh until March 2020. The gain is valid until March 31, 2021.

The government has authorised many income tax exemptions in the Union Budget 2021. The former interest tax deduction for subsidised housing has been maintained for the next year. In addition, the Finance Ministry has approved a tax deduction for migrant workers who live in subsidised homes that have been approved by the government.

Note

Note

ICICI Bank cut home loan interest rates to 6.7 per cent on March 5-2021, the private sector lender announced on March 5. The bank’s adjusted interest rate is the lowest in ten years. This interest rate is available for home loans of up to Rs 75 lakh. Interest rates on loans above Rs 75 lakh are set at 6.75 per cent. These new rates will be valid until March 31, 2021, according to the bank. Last week, a slew of banks, including the country’s largest lender, State Bank of India (SBI), Kotak Mahindra Bank, and HDFC, lowered home loan rates. SBI and HDFC lowered their home loan rates to 6.7 per cent and 6.75 per cent, respectively, while Kotak Mahindra lowered the rate to 6.65 per cent. HDFC, a mortgage lender, announced on March 3 that it had lowered home loan rates for all retail customers by five basis points, starting on March 4. In a tweet, HDFC said it had cut its Retail Prime Lending Rate (RPLR), on which its Adjustable Rate Home Loans are based, by 5 basis points. SBI has lowered the interest rate on home loans to 6.70 per cent. Customers were also exempt from paying a processing fee. Kotak Mahindra Bank, a private sector bank, recently lowered its lending rates as well. Interest rates on SBI home loans start at 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans above Rs 75 lakh, according to the bank. Banks have been urged by the Reserve Bank of India (RBI) to lower their lending rates. After February 2019, the central bank has lowered its primary lending rate, repo, by 250 basis points.

Cheapest Home Loan Rates

Cheapest Home Loan Rates

List of banks providing the cheapest floating-rate home loan rates:

Sr No. Banks ROI in % p.a.
1 Kotak Mahindra Bank 6.65
2 State Bank of India 6.70
3 HDFC Bank 6.70
4 ICICI Bank 6.70
5 Union Bank of India 6.80
6 Punjab National Bank 6.80
7 Central Bank 6.85
8 Bank of Baroda 6.85
9 UCO Bank 6.90
10 Punjab & Sind Bank 6.90
11 Bank of Maharashtra 6.90
12 Axis Bank 6.90
13 Canara Bank 6.90
14 IDBI Bank0 6.90
15 Bank of India 6.95
16 Indian Bank 7.00
17 Indian Overseas Bank 7.05
18 Jammu & Kashmir Bank 7.20
19 DBS Bank 7.30
20 Karur Vysya Bank 7.45



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Reserve Bank of India – Tenders

Tenders

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A reference is invited to the captioned subject ‘Empanelment of contractors for civil, electrical and other works and supplies to Reserve Bank of India, Kochi’ which was published on February 17, 2021 under the “Tenders” link of RBI website (www.rbi.org.in).

2. It is informed that ‘Sl.No. 9’ of Annexure-A has been modified, ‘Sl. No.10’ has been added under Annexure 2-Electrical Works, and ‘Annexure 3’ has been added to give clarity to Sl. No. 9 of Annexure A.

3. The modified Notice for Empanelment is appended herewith.

4. All other criteria and terms and conditions for the Empanelment Application remains unchanged.

General Manager (Officer-in-Charge)

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Indian Bank to divest stake in asset reconstruction JV ASREC India, BFSI News, ET BFSI

Banking & Finance

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State-owned Indian Bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetisation exercise. The bank holds a 38.26 per cent stake in ASREC (India) Ltd.

As part of the monetisation of the bank’s non-core assets, the board of directors of the bank in its meeting held on March 5, 2021, accorded in-principle approval for partial/full divestment of the bank’s stake in joint venture ASREC (India) Ltd, Indian Bank said in a regulatory filing.

ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC and Deutsche Bank are the shareholders.

The company was granted a certificate of registration by the Reserve Bank of India in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

The company’s authorised equity capital was Rs 125 crore and the aggregate paid-up equity and other equity was Rs 146.01 crore as of March 31, 2019, according to its website.

ASREC acquires non-performing assets (NPAs) from the banks/financial institutions at mutually agreed prices with the objective to maximise the returns through innovative resolution strategies.

In March 2017, the finance ministry had advised the state-owned banks to prepare a list of their non-core assets and look at disposing of them at an opportune time. KPM BAL



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ICICI Bank drops home loan rate to 6.7%

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or loans above Rs 75 lakh, ICICI Bank is charging a rate of 6.75% or more. Much like SBI, ICICI Bank too is offering the revised rates till March 31.

Amid a rate war in the home loan space, private sector lender ICICI Bank on Friday announced a reduction in interest rates to 6.7% for loans of up to Rs 75 lakh. This is the lowest rate in 10 years at the bank and matches that of State Bank of India (SBI) which, on Monday, lowered the rate for borrowers with high credit scores. For loans above Rs 75 lakh, ICICI Bank is charging a rate of 6.75% or more. Much like SBI, ICICI Bank too is offering the revised rates till March 31.

The fight for market share in the home loan segment isn’t surprising given tepid demand from industry for credit. While Kotak Mahindra Bank lowered its starting home loan rate to 6.65%, Housing Development Finance Corporation (HDFC) said it would charge rates starting at 6.75% for loans of any amount. Analysts believe the cut in rates is temporary and timed to attract customers while the benefit from the cuts in stamp duty are available. However, if demand from companies remains week in the quarters ahead, banks might be compelled to under-cut each other to grow market share, they point out.

SBI chairman Dinesh Khara recently observed the bank intends to grow the home loan portfolio aggressively, doubling it to Rs 10 lakh crore in the next five years.

As at most banks, home loan interest rates at ICICI Bank vary on the basis of various parameters such as bureau scores, profile of customers and customer segments, among others.

Ravi Narayanan, head- secured assets, ICICI Bank, said demand from consumers wanting to buy homes to live in had seen a resurgence over the last few months. “We believe that with our completely digitised home loan process, including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us,”Naryanan said. ICICI Bank’s mortgage portfolio crossed the Rs 2-lakh-crore-mark in November 2020 and disbursements increased in Q3FY21 over Q2FY21. It now sources nearly one-third of new home loans digitally.The growth in the mortgage portfolio was also aided by the bank’s expansion of its footprint across the country, including tier 2, 3 and 4 cities.

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Indian Bank to divest ASREC stake

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The bank holds a 38.26% stake in ASREC (India) and the decision to divest stake is part of monetisation of the bank’s non- core assets.

The board of directors of Chennai-based public sector lender Indian Bank on Friday accorded in-principle approval for the partial or full disinvestment of the bank’s stake in ASREC (India) Ltd.

The bank holds a 38.26% stake in ASREC (India) and the decision to divest stake is part of monetisation of the bank’s non- core assets.

Apart from Indian Bank, LIC of India, Bank of India, Union Bank of India and Deutsche Bank are the other shareholders in the company.

ASREC (India), a public limited company incorporated under the Companies Act 1956 has been granted certificate of registration by the Reserve Bank of India on October 11, 2004 to carry out activities under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.

The company acquires non-performing assets (NPAs) from banks and financial institutions at mutually agreed prices with the objective is to maximise the returns through innovative resolutions strategies.

ASREC positions itself as the multi-lender ARC in the public sector, aiming to earn the confidence of the financial system in the effective resolution of NPAs by operating in transparent manner with flexibility of the private sector.

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