Month: June 2021

New Income Tax Portal: How to apply for instant PAN using Aadhar?

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Simple Steps to Download Instant E-Pan Card From New Income Tax Portal

Step 1 Visit New Income tax Website

Step 2: Click on Our Services

Step 3: Scroll down and click Show more

Step 3: Click inStant E PAN

Step 4: Click on Get New E PAN

Step 5: Enter your Aadhaar Number or PAN enrollment number

Note that your aadhaar number should be mapped with your mobile number

Step 6: Accept Terms and Conditions

Step 7: Enter OTP and Click on Continue

Step 8: Check details

Step 9: Enter your E mail ID and confirm the same

Step 10: Confirm.

A person can only use the instant PAN facility if the following conditions are met:

1. He or she has never had a PAN assigned to them.

2. His or her Aadhaar number is connected to his or her mobile number.

3. The Aadhaar card contains his or her entire date of birth.

4. He or she must not be a minor at the time of applying for a PAN.

How to Check Status or Download Instant E PAN?

How to Check Status or Download Instant E PAN?

Step 1: Click on the Icon

Step 2: Enter aadhaar number and click on Continue

Step 3: Enter OTP

Step 4: It displays PAN status

Step 5: Click on either view e PAN or Download e PAN

Why is PAN needed?

The PAN allows the department to identify and relate all of the PAN holder’s dealings with the department. Tax payments, TDS/TCS credits, income returns, defined transactions, communications, and so on are examples of these transactions. It allows for easy retrieval of PAN holder information as well as matching of various investments, borrowings, and other commercial activity.

How to Cancel PAN Card?

How to Cancel PAN Card?

If you want to cancel or surrender your PAN, you must submit a cancellation/ surrender request letter to your local Income Tax Assessing Officer.

A person can only have one PAN at a time. For holding more than one PAN, a penalty of Rs. 10,000/- is required to be imposed under section 272B of the Income-tax Act, 1961.

If a person has been assigned more than one PAN, he must relinquish the additional PAN card immediately (s).

Fill in all essential fields in the Form, input the PAN to be cancelled in the appropriate column of the Form, and check the check box on the left margin to cancel the PAN. The PAN to be cancelled should not be the same as the PAN specified at the beginning of the Form (the one currently in use).

How to know PAN, if the PAN card is lost and PAN is forgotten?

How to know PAN, if the PAN card is lost and PAN is forgotten?

In this scenario, one can obtain his PAN by utilising the Income Tax Department’s “Know Your PAN” service. This service is available on the Income Tax Department’s website, www.incometaxindia.gov.in.

A person’s PAN can be obtained online by giving basic information such as his name, father’s name, and date of birth.

You can apply for a duplicate PAN card after you have your PAN number by filling out the “Request for New PAN Card Or/ And Changes Or Corrections in PAN Data” form.



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Reserve Bank of India – Press Releases

Press Releases

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Sr. No. State Notified Amount
(₹ Cr)		 Amount Accepted
(₹ Cr)		 Cut off Price (₹) / Yield (%) Tenure
(Yrs)
1. Goa 100 100 6.78 10
2. Gujarat 1000 1000 6.75 10
3. Haryana 1000 1000 6.92 15
4. Kerala 1000 1000 6.81 10
5. Maharashtra * 1000 1500 6.80 10
1000 1000 6.83 11
6. Punjab 1500 1500 99.92/6.8209 Re-issue of 6.81% Punjab SDL 2031 issued on June 09, 2021
7. Rajasthan 750 750 6.05 5
750 750 6.84 10
8. Tamil Nadu 1000 1000 5.65 4
1000 1000 99.10/7.0289 Re-issue of 6.96% Tamil Nadu SDL 2056 issued on May 19, 2021
9. Telangana 3000 3000 7.03 30
  Total 13100 13600    
* Maharashtra has accepted an additional amount of ₹500 crore in the 10 year Security.

Ajit Prasad
Director   

Press Release: 2021-2022/364

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HDFC Bank resolves issues after mobile banking app faces glitches

Banking & Finance

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Private sector lender HDFC Bank was facing technical glitches with its mobile app on Tuesday.

The issues lasted for over an hour. The bank had informed the customers about the same stating that it was looking into the problem which will be resolved “shortly.”

“We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused. Thank you,” it tweeted from the official HDFC Bank News account at 12:26 PM IST.

Also read: HDFC MF launches banking and financial services NFO

“Please note the issues around mobile banking app is now resolved. Customers can now use NetBanking and mobile banking app for transactions. We regret the inconvenience and thank you for your patience,” it updated customers at 1:38 PM IST.

The private sector lender has faced multiple outages over the past couple of years. It had suffered intermittent problems with the internet and mobile banking twice in March this year.

Also read: HDFC Bank offers credit upto 75% of project cost to investors of KIADB

In a regulatory filing on February 2, 2021, the bank had said the Reserve Bank of India has appointed an external IT firm for carrying out a special audit of its IT infrastructure.

The bank, after facing five outages in its net and mobile banking services over the last 28 months, in April had said that it was working on a “Technology Transformation Agenda” for its customers.

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SBI Jan Dhan Yojana, Here’s How You Can Claim The Benefits

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Investment

oi-Vipul Das

|

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a financial inclusion that aims to provide inexpensive exposure to financial services including basic savings and deposit accounts, remittance, credit, insurance, and pension. Individuals who do not have any other accounts can open a basic savings bank deposit (BSBD) account in any bank branch or Business Correspondent (Bank Mitra) outlet under the initiative. All Jan Dhan account holders who use RuPay debit cards are eligible for free accidental coverage of up to Rs 2 lakh from the State Bank of India. Holders of debit cards are entitled for a variety of advantages, including accidental death coverage, purchase protection benefit, among others.

A Jan Dhan account can be opened online by submitting Know Your Customer (KYC) credentials. The basic savings account can be transferred to the Jan Dhan Yojana account. Individuals with a Jan Dhan account are issued a RuPay PMJDY card by the bank. RuPay PMJDY cards approved on Jan Dhan accounts established before August 28, 2018 will have a Rs 1 lakh amount covered. Let’s know about the Jan Dhan Yojana or account and procedure to claim the benefits.

Eligibility required to open Jan Dhan account

Eligibility required to open Jan Dhan account

A Jan Dhan account can be opened by any Indian citizen over the age of ten. You can even transfer funds from your regular savings account to your Jan Dhan Yojana account. As per the legal court order, the beneficiary can be a nominee on the cardholder’s behalf or a legal heir. In the situation of multiple beneficiaries, the claim is resolved in the name of the heir as specified by the legal heir.

Benefits of PMJDY

Benefits of PMJDY

The Pradhan Mantri Jan Dhan Yojana Scheme has a number of advantages, such as:

  • This scheme includes mobile banking features such as checking account balance, transferring funds, and also investing in fixed deposits for SBI customers.
  • The SBI account user is eligible for a Rs 5,000 overdraft through PMJDY. However, this functionality is only available for one account per household.
  • Other advantages of this scheme include the notion that the account holder is not needed to maintain a minimum balance, the account holder is eligible for pension plans, and PMJDY enables direct transfer of funds to other plans to SBI customers.
  • Unbanked individuals are given access to a basic savings account under the scheme.
  • In PMJDY accounts, there is no necessity to maintain a minimum balance.
  • Interest is earned on deposits under PMJDY.
  • PMJDY account holders are granted a Rupay Debit card on behalf of their account.
  • Accident insurance coverage of up to Rs. 2 lakh is available to new PMJDY accounts registered after August 28, 2018, with a RuPay card.
  • An overdraft (OD) option of up to Rs 10,000 is provided to qualifying account holders under the scheme.
  • People who have established accounts under the Pradhan Mantri Jan Dhan Yojana (PMDJY) are given the RuPay PMJDY card. The user can use the card to make purchases at any ATM, POS terminal, or e-commerce platform. It also includes up to Rs. 2 lakhs in Personal Accidental Death and Total Disability coverage. Attractive domestic merchant POS and Ecom offers are also available to RuPay PMJDY cardholders.

Documents required to open PMJDY account

Documents required to open PMJDY account

  • If the individual has an Aadhaar card, no other documents are necessary. If the address has changed, self-certification of the current address is mandatory.
  • If the individual does not have an Aadhaar card, he or she must submit a Voter ID card, a PAN card, a driving licence, or a passport.
  • If the document includes the address of the individual, it can also serve as address proof.
  • If the individual does not have any of the above-listed documents, it is categorized as “low risk” by the banks, and they can provide any one of the documents such as a letter issued by a government officer, with a duly attested photograph of the individual, or identity card of the individual with photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions.

Documents required to raise a claim

Documents required to raise a claim

Jan Dhan subscribers must have undertaken one effective financial or non-financial transaction through any stream, either intra and interbank, using the Rupay debit card within 90 days before the date of the accident. The personal accident coverage will include the occurrence even if it occurs outside the country. On submission of the relevant paperwork, the claim will be reimbursed in Indian rupees in accordance with the sum insured. Here are the claim documents to be submitted in case of a claim, whether the incident has happened in India or overseas, according to npci.org.in

  • Duly filled claim form
  • Copy of death certificate.
  • Certified copy of FIR
  • Certified copy of postmortem report
  • Aadhaar copies of cardholder and nominee.
  • Declaration from Card Issuing Banks duly signed by authorized signatory and bank stamp specifying that: 1. Cardholder is holding a RuPay card on RuPay issued IIN and mention the 16 digit card number 2. Compliance of 90 days transaction criteria (to be supported with transaction log /account statement from the bank’s system) 3. Nominee Name and his banking details (including Passbook copy) 4. Brief description of Accident as per FIR translated in English or Hindi. 5. Bank official’s Name and contact details with email ID.
  • The claim documents must be submitted within sixty (60) days of receiving confirmation of the claim.
  • From the date of receipt of the documents, the claims will be processed in ten working days. The benefits of the scheme will be available until March 31, 2022.

Story first published: Tuesday, June 15, 2021, 13:08 [IST]



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Not ICICI Bank or HDFC Bank, this lender is the best in India, as per Forbes, BFSI News, ET BFSI

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DBS Bank has been adjudged the best bank of India, ahead of top private banks HDFC Bank and Kotak Mahindra Bank and top lender State Bank of India.

In the third edition of the ‘World’s Best Banks’ list released by Forbes. DBS Bank has clinched the top position in a list of the best banks in India, DBS Bank has won the title for the second consecutive year among 30 domestic and international banks operating in India. The list was compiled by Forbes in partnership with market research firm Statista.

The order

CSB Bank is in the second position, ICICI Bank in the third, HDFC Bank in the fourth. Kotak Mahindra Bank follows at the fifth position while Axis Bank is at the sixth spot. The country’s top lender State Bank of India is in seventh position, followed by Federal Bank at eighth, Saraswat Bank at ninth and Standard Chartered Bank at the tenth spot.

The survey

Over 43,000 banking customers across the globe were surveyed on their current and former banking relationships. Banks were rated on general satisfaction and key attributes like trust, fees, digital services and financial advice, according to Forbes.

DBS Bank India was also recognised as ‘India’s Best International Bank 2021’ by Asiamoney. DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance in 2020.

The bank was also Global Finance’s pick for ‘Best Bank in the World’ in the same year, making it the third consecutive global Best Bank accolade received by DBS. Previously, DBS was named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019.

DBS Bank has been present in India for 26 years and has grown consistently by strengthening its small and medium-sized enterprise business and consumer lending operations to build scale and become a full-service bank.



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IOB makes a strong turnaround with yearly profit of ₹831 crore

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Amid speculation over its privatisation, Indian Overseas Bank (IOB) has staged an impressive turnaround with a strong net profit in the pandemic-hit FY21 after suffering losses for six years in a row.

The Chennai-headquartered PSU lender reported a net profit of ₹831 crore in FY21 against a net loss of ₹8,527 crore in FY20, on the back of strong operating profit that stood at ₹5,896 crore against ₹3,534 crore, aided by higher non-interest income, which was at ₹5,559 crore (₹3,306 crore).

“From March 2020 quarter, we have been progressively increasing our profit. After 2014, we have recorded an annual net profit in FY21. Our gross and net NPA levels have witnessed a substantial decrease. It’s a great achievement for all of us and it will encourage us to do much better in future,” said Partha Pratim Sengupta, Managing Director & CEO, IOB.

Out of PCA programme

The bank’s net profit in March 2021 quarter also more than doubled to ₹350 crore compared to ₹144 crore in March 2020 quarter, when IOB resumed to profit curve after a gap of 18 quarters. Its net NPA declined to 3.58 per cent in March 2021 quarter from 5.44 per cent in March 2020 quarter.

IOB’s previous annual net profit was ₹602 crore in FY14 and after that the bank slipped to loss due to high levels of bad loans. Consequently, the bank was put under the PCA (prompt corrective action) programme by the RBI from September 2015.

In 2017, under the leadership of R Subramaniakumar, IOB embarked on a massive turnaround programme with a multi-pronged strategy under which it rebalanced its portfolio by significantly reducing exposure to large corporates, stepped our recoveries and focused on containing incremental slippages.

The strategy yielded positive outcome as it achieved impressive operational efficiency. The bank exhibited quarter wise consistent improvement in reducing the gross and net NPAs and upgraded the provision coverage ratio from 53.63 per cent in FY 17 to 71.39 per cent in FY19. Automation of NPA administration such as transparent OTS settlement and identifying the early warning signal accounts helped the bank to contain fresh slippages and improved the NPA recovery.

Turnaround strategy

His successor, Karnam Sekar, who took charge as the MD & CEO of the bank in July 2019, carried forward the initiatives taken by his predecessor with a greater focus on the turnaround strategy.

Under Sekar, the bank focused on improving net interest income (NII), which was stagnant as it couldn’t grow the book in the previous 4-5 year due to restrictions as part of PCA. It also decided to focus on improving CASA percentage as it was lagging behind public sector banks’ growth level.

Though losses continued, the December 2019 quarter saw its net NPA dropping below six per cent, helped by the government’s capital infusion of ₹4,360 crore. With reduced NPAs and lower provisions, the bank generated a net profit in the March 2020 quarter and has continued the profitable journey.

Capital infusion plans

Sengupta said deposits, advances and investments have recorded growth despite pandemic in FY21 and it is hopeful of continuing the performance. The bank has written to the RBI to move out of the PCA framework and the exit from PCA will help the bank focus on credit growth and other expansion activities. It has also planned for a capital infusion of ₹2,000 crore during this fiscal.

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Ahmedabad Regional Office (hereinafter called “the Bank”), invites E-Tender under two-bid system (Technical & Financial Bid) for the empanelment of reputed and capable car hiring agencies/companies for the purpose of hiring cars on ‘call basis’. The empanelment shall be valid initially till March 31, 2022 and thereafter will be renewed for two years (i.e. till March 31, 2024), one year at a time, subject to annual review by the Bank based on the performance of the service provider/s.

2. Tender document and other forms can be downloaded from the undermentioned websites:

https://www.mstcecommerce.com/eprochome/rbi

https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx

3. Tender document will be available for view/download from 11:00 AM of June 15, 2021. Tender, in prescribed form, is to be submitted in two parts, Part-I of the tender will contain the techno-commercial conditions & Part-II of the tender is for financial bid or price bid. Part-II of the tender will be without any conditions of the bidders. The Part-I & II of the Tender are to be submitted from 11.00 AM on June 15, 2021 to 01.00 PM on July 05, 2021 on MSTC portal. Tenders cannot be submitted after the due date and time. All pages of the tender document should be signed & stamped by the Bidder/authorized representative of the Bidder and to be uploaded. A pre-bid meeting for the intending bidders will be held on June 22, 2021 at 11.00 AM at Reserve Bank of India, Regional Office, Ahmedabad. Part-I of the tender (i.e. Technical Bid) will be opened at 03:00 PM on July 05, 2021. Part-II of the tender (i.e. Financial Bid / Price Bid) of the eligible bidders will be opened on a subsequent date which will be intimated to the bidders in advance.

4. The work is estimated to cost ₹15.00 lakh annually. The EMD of amount ₹30,000/- (Rupees Thirty Thousand Only) is to be paid through NEFT by July 04, 2021. Proof of payment has to be submitted along with the Part-I (i.e. Technical Bid).

5. After examination of the Part-I and related documents, if any of the tenderer is not found to possess the required eligibility, their tenders will not be considered by the Bank for further processing and their financial bid (Part-II of the tender) will not be opened. If any tenderer is not found to possess the required eligibility for participating in the tendering process at any point of time and/or banker’s report are found unsatisfactory, the Bank reserves the right to reject the tenderer’s offer even after opening of Part-II of the tender. The Bank is not bound to assign any reason/s thereof.

6. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason/s thereof.

7. Any amendment(s) / corrigendum / clarifications with respect to this tender shall be uploaded on the RBI website / MSTC portal only. The tenderer should regularly check the above website / portal for any amendment / corrigendum / clarification.

Regional Director
Reserve Bank of India
Regional Office
Ahmedabad

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Best 10 Debt-Free Company Stocks To Invest In India 2021; How to Find Debt-free Companies

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Importance of Debt-Equity Ratio

The debt-to-equity ratio indicates the level of risk associated with a company’s financial structure and management. The ratio shows how much debt a company is using to conduct its business and how much financial leverage it has available. The liabilities and commitments held by the organization to repay them over time are referred to as debt.

The debt-to-equity ratio, for example, gives a picture of a company’s capital structure and success potential. Business executives who understand the benefits, intricacies, and significance of the debt-to-equity ratio may use it to help their company compete in competitive marketplaces.

Because a high debt-to-equity ratio lowers a bank’s odds of being repaid, it may refuse to offer additional funding or only supply it in unfavorable conditions. If your debt-to-equity ratio is 2 and the bank’s cutoff is 1.5, you’ll probably be denied a loan. A lower debt-to-equity ratio indicates that a business is less reliant on debt and has a better equity position.

Debt to Equity Ratio =(Total Liabilities)/(Total Shareholder Equity)

Advantages of debt-free firms

Advantages of debt-free firms

Debt-free businesses are unaffected by a slowing economy or an increase in interest rates. They can run their business even if the economy is slowing down. Debt-free firms are low-risk investments preferred by both amateur and professional investors.

AS they are debt-free companies that can provide superior returns. Debt is only a short-term fix for the financial crisis. Debt has a higher long-term cost. A debt-free corporation pays a higher dividend yield and has a higher return on equity. You will receive a decent dividend yield or dividend distribution from the firm or stock you have invested in as a retail investor of that particular stock. So, before buying, do your homework and look at a stock’s debt ratio.

How to Find Debt-Free Companies?

How to Find Debt-Free Companies?

Step 1: Visit- Screener Website

Step 2: Register with the screener website or log in with your credentials

Step 3: find the query builder.

Step 4: Type Debt to Equity = 0

Step 5: Click on Run the query

The screen will display a list of all the debt-free companies in India.

You can also add more variables to this query to make it more personalized. If you wish to locate a firm with a debt-to-equity ratio of zero and a market value of more than 50,000 crores, use the query builder to create the following query.Debt to equity = 0 AND

Market Capitalization > 50000

This query generator can also be used to filter out companies with various financial ratios such as PE, ROE, PEG, and so on.

Disadvantages of Debt Free Companies

Disadvantages of Debt Free Companies

When a corporation chooses stock financing over debt, it may face higher taxation. The capital raised through the sale of shares is referred to as equity financing.

If equity financing is favored over debt financing, the earnings per share (EPS) ratio will be low.

These enterprises lose out on the ‘tax shield’ to a greater extent since they do not have the ideal or an acceptable amount of debt. The concept of tax shield refers to a company’s interest payments being treated as an allowable expense, hence reducing its tax outflow to some extent. Furthermore, investors may regard debt-free enterprises as being less proactive.

Best Top 10 Debt-Free Companies To invest in 2021

Best 10 Debt-Free Company Stocks To Invest In India 2021

Best 10 Debt-Free Company Stocks To Invest In India 2021

The following is a list of the firms with the highest market capitalization that have no debt.

Company Debt Market Cap in Rs
SBI Life Insurance Company Ltd 0 34.73TCr
HDFC AMC Ltd 0 66.17TCr
Max Financial 0 34.77TCr
Hindustan Unilever Limited (HUL) 0 5.58LCr
ICICI Prudential Life Insurance 0 84.38TCr
ITC 0 2.56LCr
Ambuja Cements 0 67.70TCr
CDSL 0 10.55TCr
P & G Hygiene and Health Care Ltd 0 42.45TCr
Gillette India Ltd 0 18.84TCr

Conclusion

Conclusion

Companies handle their financial needs through equity, debt, or cash generated internally. Internally produced cash is the most preferred form of finance, followed by debt, while equity is the least favored form, according to statistical results. The reason for this is unmistakablye due to the accompanying expenditures. However, the other element, which is the growth factor, must be investigated. In their quest to remain debt-free, a corporation may neglect to invest in future capacity and expansion. This may result in the company’s growth being stifled.

In this case, the company is good, but from an investment standpoint, you don’t have much of a choice. As a result, you must investigate the company from each of these angles.

Disclaimer

Disclaimer

Our content is designed for and must be used solely for the purpose of providing information and education. Before making any investment based on your own unique circumstances, it is critical to conduct your own analysis. If you want to rely on any information you see on our Website, whether for the purpose of making an investment choice or otherwise, you should seek independent financial advice from a professional or independently study and verify it.



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5 Best High Rated Company Fixed Deposits To Invest

Personal Finance

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Bajaj Finance FD

With a Bajaj Finance FD, you can earn a high-interest rate ranging from 5.65 per cent to 6.75 per cent on a minimum deposit period ranging from one year to five years. This fixed deposit is rated FAAA (STABLE) by CRISIL and MAAA by ICRA, indicating the deposit’s higher safety. Here are the most recent Bajaj Finance Fixed Deposit interest rates, effective from May 12, 2021.

Tenure in months Regular FD Rates Senior Citizen FD Rates
12 to 23 5.51% to 5.65% 5.75% to 5.90%
24 to 35 5.94% to 6.10% 6.17% to 6.35%
36 to 60 6.31% to 6.50% 6.55% to 6.75%
Source: bajajfinserv.in

HDFC Limited Fixed Deposit

HDFC Limited Fixed Deposit

HDFC Fixed Deposit has got FAAA ratings from CRISIL and ICRA, providing investors with the highest level of deposit security. The deposit has a flexible maturity period ranging from 12 to 120 months. Senior citizens aged 60 and over are eligible for an additional 0.25 per cent p.a. on all deposits. Here are the most recent HDFC Fixed Deposit interest rates for deposits of less than Rs 2 crore, effective from March 30, 2021.

Tenure Monthly Income Plan Quarterly Option Half-yearly option Annual Income Plan Cumulative Option
12-23 Months 5.50% 5.55% 5.60% – 5.70%
24-35 Months 5.65% 5.70% 5.75% 5.85% 5.85%
36-59 Months 5.85% 5.90% 5.95% 6.05% 6.05%
60-83 Months 6.20% 6.25% 6.30% 6.40% 6.40%
84-120 Months 6.35% 6.40% 6.45% 6.55% 6.55%
Source: hdfc.com

LIC Housing Finance Ltd. Fixed Deposit

LIC Housing Finance Ltd. Fixed Deposit

CRISIL has rated LIC Housing Finance Fixed Deposits as FAAA/STABLE. This corporate fixed deposit scheme now offers interest rates ranging from 5.25 per cent to 5.75 per cent. Senior citizens would receive an additional interest rate of 0.25 per cent per annum on deposits of Rs 20,000/- and more, but only up to Rs 20 Crores on all tenors. Here are the latest interest rates of the LIC Housing Finance Fixed Deposit scheme which are in force from 01.04.2021.

Term ROI for monthly option ROI for yearly option
Non-cumulative deposits Cumulative deposits & non-cumulative deposits
1 YEAR 5.10% 5.25%
18 MONTHS 5.35% 5.50%
2 YEARS 5.50% 5.65%
3 YEARS 5.60% 5.75%
5 YEARS 5.60% 5.75%
Source: lichousing.com

ICICI Home Finance Company Limited (ICICI HFC)

ICICI Home Finance Company Limited (ICICI HFC)

ICICI HFC Fixed Deposits are rated FAAA/Stable by CRISIL, MAAA/Stable by ICRA, and AAA/Stable by CARE, indicating guaranteed safety with the highest credit ratings in the category. Senior citizens and ICICI Group employees can receive 0.25 per cent additional interest. Here are the most recent interest rates of ICICI HFC Fixed Deposits which are in force from April 15, 2021.

Term in months Cumulative Non-cumulative
Monthly income plan Quarterly Yearly
12 to less than 24 5.70% 5.55% 5.60% 5.70%
24 to less than 36 5.85% 5.70% 5.75% 5.85%
36 to less than 48 6.05% 5.90% 5.95% 6.05%
48 to less than 60 6.30% 6.10% 6.15% 6.30%
60 to less than 72 6.45% 6.25% 6.30% 6.45%
72 to less than equal to 120 6.65% 6.45% 6.50% 6.65%
Source: icicihfc.com

Mahindra Finance Fixed Deposits

Mahindra Finance Fixed Deposits

Mahindra Finance Fixed Deposits are rated CRISIL FAAA rating, signifying the best level of security for your deposit. An initial deposit of Rs 5000 is required to start investing in Mahindra Finance Fixed Deposits. Senior folks are also eligible for an additional 0.25 per cent FD interest rate. Here are the latest interest rates of Mahindra Finance Fixed Deposits which are in force from 24 August 2020.

Term in months Cumulative option Non-cumulative option
Monthly Quarterly Half-yearly Annually
12 5.70% 5.15 5.5 5.60% 5.70%
24 6.20% 5.65 6 6.10% 6.20%
36 6.30% 5.75 6.1 6.20% 6.30%
48 6.45% 5.9 6.25 6.35% 6.45%
60 6.45% 5.9 6.25 6.35% 6.45%
Source: mahindrafinance.com



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Reserve Bank of India – Press Releases

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) 3,72,554.06 3.27 1.75-5.30
     I. Call Money 7,329.82 3.11 1.90-3.40
     II. Triparty Repo 2,59,293.95 3.26 3.10-3.27
     III. Market Repo 1,05,880.29 3.32 1.75-3.50
     IV. Repo in Corporate Bond 50.00 5.30 5.30-5.30
B. Term Segment      
     I. Notice Money** 1,193.15 3.25 2.60-3.40
     II. Term Money@@ 383.00 – 3.00-3.65
     III. Triparty Repo 444.00 3.26 3.25-3.26
     IV. Market Repo 122.85 3.45 3.45-3.45
     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 Mon, 14/06/2021 1 Tue, 15/06/2021 3,61,592.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Mon, 14/06/2021 1 Tue, 15/06/2021 0.00 4.25
4. On Tap Targeted Long Term Repo Operations€ Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
5. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
6. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,61,272.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
     (iii) Special Reverse Repo~ Fri, 04/06/2021 14 Fri, 18/06/2021 150.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 04/06/2021 14 Fri, 18/06/2021 2,00,029.00 3.46
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# 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
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       1,662.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,16,035.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,77,307.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 14/06/2021 5,99,013.66  
     (ii) Average daily cash reserve requirement for the fortnight ending 18/06/2021 6,11,914.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 14/06/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 21/05/2021 8,43,197.00  
@ 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. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/363

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