Reserve Bank of India – Press Releases
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Detailed results will be issued shortly. Rupambara Press Release: 2021-2022/54 |
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Month: April 2021
Reserve Bank of India – Press Releases
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The Result of the auction of State Development Loans for 3 State Governments held on April 15, 2021.
Rupambara Press Release: 2021-2022/53 |
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Top 4 Lenders of India Offering Good Returns On Fixed Deposits
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SBI Fixed Deposit Interest Rates
SBI FDs with terms ranging from seven to 45 days pay 2.9 percent interest. Term deposits with a maturity period of 46 to 179 days will yield 3.9 percent. FDs with maturity ranging from 180 days to less than one year will offer 4.4 percent. Deposits with a maturity period of one year or less than two years will provide 10 basis points more. The interest rate on these deposits will be 5%. FDs with a maturity period of two to three years will yield 5.1 percent interest rate. After the recent revision, FDs with a maturity period of 3 or less than 5 years will pay 5.3 percent, while term deposits maturing in 5 to 10 years will 5.4% interest. SBI offers senior citizens an additional 50 basis points interest rate on all tenors. Following the most recent revision with in effect from January 8, 2021, senior citizens will receive 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years.
| Tenure | ROI in % for general public | ROI in % for senior citizens |
|---|---|---|
| 7 days to 45 days | 2.9 | 3.4 |
| 46 days to 179 days | 3.9 | 4.4 |
| 180 days to 210 days | 4.4 | 4.9 |
| 211 days to less than 1 year | 4.4 | 4.9 |
| 1 year to less than 2 year | 5 | 5.5 |
| 2 years to less than 3 years | 5.1 | 5.6 |
| 3 years to less than 5 years | 5.3 | 5.8 |
| 5 years and up to 10 years | 5.4 | 6.2 |
ICICI Bank Fixed Deposit Interest Rates
Fixed deposits are available from 7 days to 10 years at the bank. ICICI Bank now offers 2.5 percent interest on deposits maturing in 7 to 29 days, 3 percent for 30 to 90 days, and 3.5 percent for FDs maturing in 91 to 184 days, after the most recent adjustment. ICICI Bank offers a 4.40 percent interest rate on deposits maturing in 185 days or less than a year. Seniors will receive a 50 basis point (bps) higher interest rate than the general public. Senior citizens will receive interest ranging from 3% to 6.3 percent on FDs maturing in 7 days to 10 years after the most recent adjustment (w.e.f. October 21, 2020).
| Tenure | ROI for general public | ROI for senior citizens |
|---|---|---|
| 7 days to 14 days | 2.50% | 3.00% |
| 15 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 3.00% | 3.50% |
| 46 days to 60 days | 3.00% | 3.50% |
| 61 days to 90 days | 3.00% | 3.50% |
| 91 days to 120 days | 3.50% | 4.00% |
| 121 days to 184 days | 3.50% | 4.00% |
| 185 days to 210 days | 4.40% | 4.90% |
| 211 days to 270 days | 4.40% | 4.90% |
| 271 days to 289 days | 4.40% | 4.90% |
| 290 days to less than 1 year | 4.40% | 4.90% |
| 1 year to 389 days | 4.90% | 5.40% |
| 390 days to < 18 months | 4.90% | 5.40% |
| 18 months days to 2 years | 5.00% | 5.50% |
| 2 years 1 day to 3 years | 5.15% | 5.65% |
| 3 years 1 day to 5 years | 5.35% | 5.85% |
| 5 years 1 day to 10 years | 5.50% | 6.30% |
| 5 Years (80C FD) | 5.35% | 5.85% |
Axis Bank Fixed Deposit Interest Rates
With effect from March 18 – 2021, private sector lender Axis Bank revised interest rates on fixed deposits (FDs). Axis Bank provides FDs in terms ranging from seven days to ten years. Following the most recent revision, Axis Bank now offers 2.50 percent interest on FDs maturing between 7 and 29 days, 3% for FDs maturing between 30 days and less than 3 months, and 3.5 percent for FDs maturing between 3 months and less than 6 months. Axis Bank offers a 4.40 percent interest rate on FDs maturing in six months or less than eleven months and twenty-five days. 5.15 percent for 11 months 25 days to less than 1 year 5 days, and 5.10 percent for 1 year 5 days to less than 18 months. Axis Bank pays 5.25 percent interest on term deposits that mature in 18 months or less than two years. Axis Bank pays a 5.40 percent interest rate on deposits maturing in two to five years. Deposits with a maturity period of 5 to 10 years will offer you 5.75 percent interest. On certain maturities, Axis Bank gives senior citizens a higher rate. For deposits maturing in 7 days to 10 years, senior citizens will receive interest rates ranging from 2.5 percent to 6.50 percent.
| Tenure | ROI in % for general public | ROI in % for senior citizens |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days < 3 months | 3 | 3 |
| 3 months < 4 months | 3.5 | 3.5 |
| 4 months < 5 months | 3.5 | 3.5 |
| 5 months < 6 months | 3.5 | 3.5 |
| 6 months < 7 months | 4.4 | 4.65 |
| 7 months < 8 months | 4.4 | 4.65 |
| 8 months < 9 months | 4.4 | 4.65 |
| 9 months < 10 months | 4.4 | 4.65 |
| 10 months < 11 months | 4.4 | 4.65 |
| 11 months < 11 months 25 days | 4.4 | 4.65 |
| 11 months 25 days < 1 year | 5.15 | 5.4 |
| 1 year < 1 year 5 days | 5.15 | 5.8 |
| 1 year 5 days < 1 year 11 days | 5.1 | 5.75 |
| 1 year 11 days < 1 year 25 days | 5.1 | 5.75 |
| 1 year 25 days < 13 months | 5.1 | 5.75 |
| 13 months < 14 months | 5.1 | 5.75 |
| 14 months < 15 months | 5.1 | 5.75 |
| 15 months < 16 months | 5.1 | 5.75 |
| 16 months < 17 months | 5.1 | 5.75 |
| 17 months < 18 months | 5.1 | 5.75 |
| 18 Months < 2 years | 5.25 | 5.9 |
| 2 years < 30 months | 5.4 | 6.05 |
| 30 months < 3 years | 5.4 | 5.9 |
| 3 years < 5 years | 5.4 | 5.9 |
| 5 years to 10 years | 5.75 | 6.5 |
HDFC Bank Fixed Deposit Interest Rates
HDFC Bank’s FD rates have been in effect since November 13th, 2020. Following the new revision, HDFC Bank is now offering 2.50 percent interest on deposits with a maturity period of 7 to 29 days, and 3 percent interest on deposits with a maturity period of 30 to 90 days. 3.5 percent for 91 days to 6 months, and 4.4 percent for 6 months 1 day to less than one year. On one-year FDs, the bank offers 4.9 percent interest. Term deposits with a one-year or two-year maturity period will earn 4.9 percent interest. FDs maturing in 2 to 3 years will yield 5.15 percent, whereas those maturing in 3 to 5 years will yield 5.30 percent. 5.50 percent interest will be paid on deposits for a maturity period of 5 to 10 years. Senior citizens will receive interest rates that are 50 basis points higher than the general public. Senior citizens will get interest rates ranging from 3% to 6.25 percent on FDs on terms ranging from 7 days to 10 years.
| Tenure | ROI for general public | ROI for senior citizens |
|---|---|---|
| 7 – 14 days | 2.50% | 3.00% |
| 15 – 29 days | 2.50% | 3.00% |
| 30 – 45 days | 3.00% | 3.50% |
| 46 – 60 days | 3.00% | 3.50% |
| 61 – 90 days | 3.00% | 3.50% |
| 91 days – 6 months | 3.50% | 4.00% |
| 6 months 1 days – 9 months | 4.40% | 4.90% |
| 9 months 1 day < 1 Year | 4.40% | 4.90% |
| 1 Year | 4.90% | 5.40% |
| 1 year 1 day – 2 years | 4.90% | 5.40% |
| 2 years 1 day – 3 years | 5.15% | 5.65% |
| 3 year 1 day- 5 years | 5.30% | 5.80% |
| 5 years 1 day – 10 years | 5.50% | 6.25% |
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IL&FS: Aggregate debt recovery target hiked to ₹61,000 crore
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About ₹43,000 crore of debt of bankrupt Infrastructure Leasing and Financial Services (IL&FS) has been addressed and the new board and management expects that this would increase to ₹50,000 crore by end of September this year.
“The group has also enhanced its estimates of aggregate debt recovery to ₹61,000 crore – an increase of ₹5,000 crore over its earlier estimate of ₹56,000 crore,” said Uday Kotak, Chairman of the board of IL&FS on Thursday.
The increased estimate represents resolution of nearly 62 per cent of overall fund based and non-fund based Group debt of about ₹99,000 crore, as of October 2018.
“The aggregate debt of ₹43,000 crore addressed till date represents nearly 71 per cent of the overall revised targeted recovery value of ₹61,000 crore and 44 per cent of the overall debt of over ₹99,000 crore (as of October 2018),” said a statement by IL&FS, adding that the recovery target is higher than the average recovery observed under IBC since its inception.
“The upgrade in potentially addressable debt by ₹5,000 crore (to ₹61,000 crore) has been largely on account of improved valuations, better operating performance and enhanced recoveries from non-group exposures,” it further said.
Of the total 347 entities under IL&FS Group (as of October 2018), a total of 186 entities stand resolved till date, while the remaining 161 entities are under various stages of resolution.
CS Rajan, MD, IL&FS, said that by September end, the number of entities would come down to double digits. This would be done by a combination of liquidation, closure of some entities and sale of some entities.
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Reserve Bank of India – Press Releases
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Rupambara Press Release: 2021-2022/52 |
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Reserve Bank of India – 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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Your EPF Account Will Earn Interest Even After Quitting Job: Here’s How
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Planning
oi-Vipul Das
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When you as an EPF member quit your job before the age of 58 years you may question yourself that what will happen to your EPF account’s accumulated balance. Will it be able to earn tax-free interest in the future? If you were a part of the Employees’ Provident Fund (EPF) and quit your job before the age of 58, you might be curious to know what happens to your current EPF account. Let me first state unequivocally that your EPF account will continue to gain interest even though no fresh contributions are made before you reach the age of 58. Although the accrued balance up to the date of retirement (58 years) or termination of employment is tax-free, any interest gained on the PF account after quitting, retirement, or termination of employment is taxable under the statute.
It’s important to remember that if you resign from your employment before reaching the age of 58, your EPF account will become inactive if you don’t file for withdrawal within 36 months of being able to do so. Two years after quitting a job, an employee is entitled to withdraw the entire balance of his or her EPF account, if he or she does not take up another job. Your EPF account can no longer gain interest because it has been inactive. An EPF account becomes inactive in four cases, according to EPFO guidelines:
- If an employee retires after 55 years of employment
- If the employee shifts permanently to another country,
- In case of death of the subscriber
- If no request for account closure is made within 36 months of the date the balance becomes payable on termination of the job, the account will be closed. In other terms, if the employee does not request an EPF withdrawal within 36 months of leaving his employment, his or her account will become inactive.
Interest accrued on an EPF balance becomes taxable if withdrawn before five years of continuous employment, according to income tax law. If an employee works with more than one employer within the first five years of EPF membership, the service will be deemed continuous if the former employer’s EPF balance is transferred to the current employer. For taxation purposes, the employee is known to have had continuous service for a term of five years or more in this case.
Considering the above rules, it is advisable to transfer your EPF account to your new employer as soon as possible after switching employment. However, if you are retiring early (before the age of 58), you must take your EPF balance out within 36 months of quitting your employment.
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RBI, BFSI News, ET BFSI
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The Reserve Bank of India (RBI) announced that the RTGS (Real Time Gross Settlement) service for fund transfers will not be available for 14 hours on Sunday, April 18.
RBI stated, that after the close of business on April 17, 2021, a technological update to RTGS is planned, with the aim of improving the system’s resilience and Disaster Recovery Time. As a result, on Sunday, April 18, 2021, from 00:00 hrs to 14.00 hrs, RTGS service will be unavailable. However, The NEFT system will continue to be operational as usual during this period.
Central bank further added that, “Member banks may inform their customers to plan their payment operations accordingly. RTGS Members will continue to receive event updates through system broadcasts.”
Last week, the central bank had proposed to gradually extend RTGS and NEFT facilities to non-bank payment system firms. RTGS and NEFT were allowed only for banks and specialised entities like clearing corporations and select development financial institutions.
The move is intended to encourage non-bank participation across payment systems. RBI said. “This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments.”
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HDFC Bank looks to raise ₹ 50,000 crore …
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HDFC Bank plans to raise ₹50,000 crore of capital through perpetual debt instruments.
“The bank proposes to raise funds by issuing perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long-term bonds (financing of infrastructure and affordable housing) up to total amount of ₹50,000 crore over the period of the next 12 months through private placement mode,” it said in a regulatory filing.
The Board of Directors would consider this proposal on April 17.
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Reserve Bank of India – Press Releases
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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on April 16, 2021. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
The underwriting auction will be conducted through multiple price-based method on April 16, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction. The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities. Rupambara Press Release : 2021-2022/50 |
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