This Private Sector Bank Revises Interest Rates On FD & RD: Latest Rates Inside

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Kotak Mahindra Bank FD Rates For Regular Customers

The bank is now providing an interest rate ranging from 2.50 percent to 5.30 percent for deposits of less than Rs 2 crore with a maturity period of 7 days to 10 years. On deposits maturing in three years to less than ten years, the bank promises the maximum interest rate of 5.30 percent. For regular residents, Kotak Mahindra Bank is now offering the following interest rates on their deposits with a premature withdrawal option, which are in effect from October 27, 2021.

Maturity Periods Interest rates Annualized Yield
7 – 14 Days 2.50% 2.50%
15 – 30 Days 2.50% 2.50%
31 – 45 Days 2.75% 2.75%
46 – 90 Days 2.75% 2.75%
91 – 120 Days 3.00% 3.00%
121 – 179 days 3.20% 3.20%
180 Days 4.25% 4.25%
181 Days to 269 Days 4.25% 4.30%
270 Days 4.40% 4.45%
271 Days to 363 Days 4.40% 4.45%
364 Days 4.50% 4.55%
365 Days to 389 Days 4.75% 4.84%
390 Days (12 months 25 days) 4.90% 4.99%
391 Days – Less than 23 Months 4.90% 4.99%
23 Months 5.00% 5.09%
23 months 1 Day- less than 2 years 5.00% 5.09%
2 years- less than 3 years 5.15% 5.25%
3 years and above but less than 4 years 5.30% 5.41%
4 years and above but less than 5 years 5.30% 5.41%
5 years and above upto and inclusive of 10 years 5.30% 5.41%
Source: Bank Website. W.e.f. 27th October-2021

Kotak Mahindra Bank FD Rates For Senior Citizens

Kotak Mahindra Bank FD Rates For Senior Citizens

Senior citizens will continue to receive an additional rate of 0.50 percent across all tenures after the bank’s most recent adjustment on fixed deposit interest rates. The bank is now providing elderly citizens a maximum rate of 5.80 percent on deposits of less than Rs 2 crore maturing in three to less than ten years. Senior citizens will now get the following interest rates on their fixed deposits.

Maturity Periods Interest rates Annualized Yield
7 – 14 Days 3.00% 3.00%
15 – 30 Days 3.00% 3.00%
31 – 45 Days 3.25% 3.25%
46 – 90 Days 3.25% 3.25%
91 – 120 Days 3.50% 3.50%
121 – 179 days 3.70% 3.70%
180 Days 4.75% 4.75%
181 Days to 269 Days 4.75% 4.81%
270 Days 4.90% 4.96%
271 Days to 363 Days 4.90% 4.96%
364 Days 5.00% 5.06%
365 Days to 389 Days 5.25% 5.35%
390 Days (12 months 25 days) 5.40% 5.51%
391 Days – Less than 23 Months 5.40% 5.51%
23 Months 5.50% 5.61%
23 months 1 Day- less than 2 years 5.50% 5.61%
2 years- less than 3 years 5.65% 5.77%
3 years and above but less than 4 years 5.80% 5.93%
4 years and above but less than 5 years 5.80% 5.93%
5 years and above upto and inclusive of 10 years 5.80% 5.93%
Source: Bank Website. W.e.f. 27th October-2021

Kotak Mahindra Bank Recurring Deposit Interest Rates

Kotak Mahindra Bank Recurring Deposit Interest Rates

Kotak Mahindra Bank also allows recurring deposits where depositors can select maturity amount and monthly investment amount according to their convenience. The bank has also revised its interest rates on recurring deposits and following the most recent adjustment made on 27th October 2021, Kotak Mahindra Bank is now promising a maximum rate of 5.30% to the general public and 5.80% to senior citizens on their deposits maturing in 3 years to less than 10 years. Below listed are the latest interest rates on recurring deposits for both regular and senior citizens.

Tenure Interest Rate p.a. (%) Senior Citizen Rates p.a. (%)
6 Months 4.25% 4.75%
9 Months 4.40% 4.90%
12 Months 4.75% 5.25%
15 Months 4.90% 5.40%
18 Months 4.90% 5.40%
21 Months 4.90% 5.40%
24 Months 5.15% 5.65%
27 Months 5.15% 5.65%
30 Months 5.15% 5.65%
33 Months 5.15% 5.65%
3 years – less than 4 years 5.30% 5.80%
4 years – less than 5 years 5.30% 5.80%
5 years – 10years 5.30% 5.80%
Source: Bank Website. W.e.f. 27th October-2021



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UCO Bank Q2 net zooms 583% to ₹205 crore

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Riding on the back of a higher growth in net interest income and lower provisions, UCO Bank registered nearly 583 per cent rise in net profit at ₹205 crore for the quarter ended September 30, 2021, compared with ₹30 crore in the same period last year.

Net interest income (NII) grew by 15 per cent to ₹1,598 crore during the quarter under review, against ₹1,394 crore same period last year.

Provisions during the quarter came down by nearly 22 per cent to ₹1,019 crore (₹1,301 crore).

UCO Bank sees ‘improved investor appetite’

Out of PCA framework

The bank had recently come out of the Prompt Corrective Action (PCA) measure of Reserve Bank of India following the compliance of norms by maintaining minimum regulatory capital, net NPA, and leverage ratio on an ongoing basis.

RBI takes UCO Bank out of PCA framework

The operating profit increased by 24 per cent at ₹1,334 crore (₹1,076 crore).

Gross non-performing asset (NPA) as a percentage of total advances declined to 8.98 per cent (11.62 per cent); while net NPA came down to 3.37 per cent (3.63 per cent).

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Form 26AS; Check Latest Eight New Features Added By Income Tax Department

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Taxes

oi-Sneha Kulkarni

|

The Income Tax Department will now provide full details of taxpayers’ financial transactions, such as foreign remittances, the purchase and receipt of dividends on mutual funds, and other off-market transactions reported by depositories in Form 26AS, in order to prevent information suppression by taxpayers.

Form 26AS; Check Latest Eight New Features Added By Income Tax Department

One of the most crucial tax forms for any taxpayer is Form 26AS, also known as a Tax Credit Statement. It accurately reflects the amount of tax you have paid to the IRS, either directly or through other taxpayers.

What is form 26AS?

Form 26AS is a consolidated yearly tax statement that includes information on taxes deducted at source, taxes collected at source, advance tax paid by the assessee, and self-assessment tax. This data pertains to a Permanent Account Number (PAN).

The annual information statement, also known as Form 26AS, will now include the following eight new features:

  1. Information on foreign remittances reported on Form 15CC
  2. Details on TDS on salary in Annexure II of the last quarter’s Form 24Q TDS Statement
  3. Information from other taxpayers’ ITRs
  4. Interest earned on a prior financial year’s income tax refund
  5. PAN information in Form 61/61A, which indicates that if a taxpayer receives a PAN after submitting Form 61, it should be entered in Form 26AS.
  6. Depository/Registrar and Transfer Agent (RTA) reported for Off Market Transactions, which refers to trades that are not settled through an exchange’s clearing organisation.
  7. RTA has disclosed dividend information for a mutual fund.
  8. RTA-reported information on mutual fund purchases.

What is included in form 26AS?

Form 26AS would include information on pay break-up, any deductions to be claimed by the employee, his/her income from other sources and residential property, as well as the overall tax burden.

Its format has altered since last year to include specific financial transactions of taxpayers, which will be supplied in the form of a Statement of Financial Transactions (SFTs).

Buying and selling stocks, real estate, and other financial instruments, as well as making cash payments for bank draughts, Reserve Bank of India-issued pre-paid instruments (such as mobile wallets), cash deposits in a financial year, and payment of credit card bills, are all examples (both cash or and other modes).

Other information about taxpayers, such as Aadhaar number, date of birth, cellphone number, email address, and address, will be included in the new form.

The data must be submitted within three months of receiving it, starting from the end of the month in which it was received. Off-market transactions will also be included in the Form. The necessary depositories or registrars, as well as transfer agents, are responsible for reporting such transactions. Details on the sale or purchase of a motor vehicle, the opening of a demat account with a depository, and hotel payments, among other things, will be added to the database.

Story first published: Thursday, October 28, 2021, 14:27 [IST]



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PayU launches tokenisation solution – The Hindu BusinessLine

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PayU on Thursday launched its tokenisation solution ‘PayU Token Hub’, which will enable businesses to comply with RBI’s latest guidelines on online card data storage whilst allowing issuing banks to also generate their own tokens.

Built on PayU-owned Wibmo in part partnership with major card networks including Visa, MasterCard as well as with leading issuing banks, this solution offers both network tokens and issuer tokens under single hub.

Also read: Top banks in fray for Citi’s India credit card business

PayU Token Hub is as an interoperable plug-n-play solution, to enable card on file and device tokenisation using a single integration point. The solution is available to all merchants, including PayU’s 3.5 lakh merchants and 65 issuers supported by Wibmo.

Manas Mishra, Chief Product Officer, PayU India said, “We welcome the new RBI guidelines, as they empower the customer and ensure safer transactions. PayU has built the most innovative & robust solution to manage easy compliance with these guidelines for all players in the ecosystem. PayU Token Hub is fully interoperable, providing best of network and issuer tokens for card-on-file use cases extensible to device tap-and-pay. It will ensure that popular payments use cases including EMI, subscriptions, instant refunds and offers engines which rely on card numbers can continue seamlessly.”

RBI mandated that only banks and networks will be allowed to store customer card data w.e.f January 1, 2022, hampering customer payments experience at a e-commerce business levels. While the current guidelines are specific to card data storage, PayU Token Hub will soon expand to enable businesses to safely store and create tokens across other popular payment modes like UPI and net banking and contactless device payments.

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Nykaa IPO Retail Portion Fully Subscribed Within 1 Hour Of Opening

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Investment

oi-Roshni Agarwal

|

As had been the buzz around the Nykaa IPO, there has been seen phenomenal interest in the online fashion retailing company. In just hour, the retail portion has been fully subscribed. As per the NSE data, retail investors as against the available quota of 47,53,187 shares have made an application for 55,47,960 shares by noon.

Nykaa IPO Retail Portion Fully Subscribed Within 1 Hour Of Opening

Nykaa IPO Retail Portion Fully Subscribed Within 1 Hour Of Opening

Overall subscription status as at 12:08 pm as per the brokerage app shows to be 0.35*. On an overall basis, investors made bids for 83,24,076 equity shares or only 31 per cent as of 11.45 am, against the total issue size of 2,64,85,479 equity shares.

A host of brokerages have given a ‘Subscribe’ rating to the IPO given the potential the company has in the online cosmetic and fashion industry as well as the market share it can still garner.

Know whether or not you should tap this investment opportunity.

From the over Rs. 5000 crore IPO, the company will be issuing equity worth Rs. 630 crore and the remaining shall be an OFS.. Marwadi Shares and Finance has a word of caution for investors and has given the IPO with a ‘subscribe with caution’ rating.
Considering the TTM as of June 2021, adjusted EPS of Rs 2.54 on a post-issue basis, the company is going to list at a P/E of 443.46 with a market cap of Rs 53,204 crore, it said.

The chances of listing gains as well as long term prospects as rated by Angel Broking on its app are moderate.

GoodReturns.in



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IPO financing costs double as 5 IPOs set to hit market, raise Rs 31,000 crore, BFSI News, ET BFSI

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After the Reserve Bank of India capped the borrowing from NBFCs for IPO subscription to Rs 1 crore per borrower, investors have been hit by doubling interest rates in the last two months.

Funding rates have shot up as many large-sized IPOs are scheduled within a short span of time. Interest rates have risen to 12-13 per cent in the last two months as liquidity has tightened in the system. Liquidity is further seen going down in the next couple of weeks and funding rates may rise further. With five IPOs scheduled to hit the market by November 3 and aiming to raise Rs 31,000 crore, the demand for funds is bound to go up amid a liquidity crunch.

Five IPOs

Five companies are looking to mop up over Rs 31,000 crore cumulatively between October 28 and November 10. Industry players expect Nykaa to be the biggest draw. Its IPO is expected to generate bids between Rs 80,000 crore and Rs 90,000 crore in the HNI category.

NBFCs issue seven-day commercial papers (CPs) to meet this funding requirement. The CPs are issued at 5.5 to 6.5 per cent. Industry players said the huge borrowing requirement had also led to a 100-200 basis points increase in CP rates.

Bajaj Finance, Kotak Securities, IIFL, JM Financial, and Motilal Oswal are among NBFCs that are looking to borrow or have borrowed from the CP market to lend to HNIs to apply for IPOs of Nykaa and others.

Rising costs

With the increase in funding rates, the cost per share has gone up drastically for wealthy investors.

For instance, at 7% for seven days, the cost for one share of Nykaa comes at around Rs 151 for 100 times HNI portion subscription. At 11%, the cost will go up

to Rs 237 per share, and at 13%, it will be Rs 280 per share. This means investors will make money only if the Nykaa lists with a premium of more than Rs 280 per share if one borrows at 13%.

The IPOs of Nykaa and PB Fintech are currently traded at a grey market premium of Rs 670 and Rs 220 apiece, respectively.

Raising funds

While the Nykaa IPO will hit the market on Thursday to raise Rs 5,352 crore, the PB Fintech IPO will open for subscription on Monday, November 1, to raise

Rs 5,710 crore. There is demand for nearly Rs 1 lakh crore from high-net worth investors for these two IPOs against the availability of Rs 50,000-60,000 crore at one time

NBFCs are readying a war chest of close to Rs 2 lakh crore to lend to high net worth individuals (HNIs) for their IPO bets.



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L&T Reports 67% Drop in Net Profit; Shares Gain 4 Percent

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Investment

oi-Sneha Kulkarni

|

Despite a 67 percent drop in net profit year over year in the July-September period, shares of engineering major Larsen & Toubro (L&T) rose as much as 4% in early Mumbai trading on Thursday, as investors took heart from better margins in projects and manufacturing amid signs of a decline in the coronavirus crisis.

L&T Reports 67% Drop in Net Profit; Shares Gain 4%

Larsen & Toubro Ltd, or L&T, is an Indian multinational company headquartered in Mumbai with interests in engineering, construction, manufacturing, technology, and financial services. The firm is one of the top five construction firms in the globe.

On the National Stock Exchange, the company’s stock hit a high of Rs 1,862, up from Rs 1,784.55 at the previous closing. The stock was up 3.64 percent at Rs 1,849.45 at 10:15 a.m., while the NSE Nifty was down 0.68 percent to 18,093 at the same time.

The company posted a profit of Rs 1,819.45 crore in the July-September quarter, compared to Rs 5,520.27 crore a year ago, when it announced its second-quarter profits after market hours on Wednesday.

During the quarter, L&T received top orders in a variety of areas, including Oil & Gas, Metros, Rural Water Supply, Minerals and Metal, Public Space, and Power Transmission and Distribution.

“During the second COVID wave, L&T made the correct decision to emphasise balance sheet strength over growth. As building activity starts up post-monsoon, labour availability should no longer be an issue, and execution should improve. If and when the order inflow picks up, we anticipate L&T will have a significant earnings growth momentum “Motilal Oswal Financial Services, a stockbroker, said as much.

Story first published: Thursday, October 28, 2021, 13:00 [IST]



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IDBI Bank Revises Interest Rates On Savings Accounts: Latest Rates Here

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Investment

oi-Vipul Das

|

IDBI Bank is providing a choice of savings accounts for customers who want better interest rates on their deposits combined with deposit insurance of up to Rs 5 lakhs guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC). For catering to different types of customers and their needs, IDBI Bank offers a range of savings account options such as Super Savings Account, Super Savings Plus Account, SuperShakti Women’s Account, Jubilee Plus Senior Citizen Account, Being My Account, Power Kids Account, Savings Account Using Video KYC, Small Account – Relaxed KYC, Sabka Basics Savings Account, Pension Savings Account, and Capital Gain Account Scheme. The bank recently updated its savings account interest rates, which we’ll go over in more detail below.

IDBI Bank Revises Interest Rates On Savings Accounts: Latest Rates Here

IDBI Bank Savings Account Interest Rates

IDBI Bank has updated its savings account interest rates on October 25, 2021, and now offers a rate of 3.00 percent on daily balances up to Rs 5 crore, 3.5 percent on daily balances between Rs 5 crore and Rs 100 crore, and 3.5 percent on balances over Rs 100 crore. The recent rates on savings accounts are as follows:

Saving Balance Rate of Interest (% p.a.)
Upto Rs. 5 Cr 3
Above Rs.5 Cr up to Rs.100 Cr 3.25
Above Rs. 100 Cr 3.35
Source: Bank Website, Savings Bank Rate (w.e.f. October 25, 2021)

IDBI Bank currently has more than 1890 branches, more than 3300 ATMs across the country, and has a balance sheet size of Rs 2,97,764 as of 31st March 2021.

Story first published: Thursday, October 28, 2021, 12:59 [IST]



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Reserve Bank of India – Tenders

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Reserve Bank of India, Premises Department, Central Office, Mumbai had invited e-tender for Cleaning and disinfecting of HVAC Duct System comprising supply & return Air Duct, Grills, diffusers, cleaning of Fresh Air ducts at Sub-station, etc. for Bank’s Central Office Building at Mumbai, through the RBI Website and MSTC Portal on September 27, 2021.

In this context, it has been decided to extend the tender for two weeks.

The Revised Bid Close Date for the captioned e-tender is 09.11.2021 upto 4 p.m.

Chief General Manager

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Rupee rises 16 paise against dollar in early trade

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The rupee surged 16 paise to 74.87 against the US dollar in opening trade on Thursday amid easing crude oil prices.

At the interbank foreign exchange, the rupee opened strong at 74.92 against the dollar and gained further to touch 74.87 in early deals, a rise of 16 paise over its previous close.

On Wednesday, the rupee had settled at 75.03 against the US dollar.

Cash is still ‘King’ as digital divide between Bharat and India continues

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04 per cent to 93.84.

Global oil benchmark Brent crude futures fell 2.03 per cent to $82.86 per barrel.

Bitcoin edges off all-time high

On the domestic equity market front, BSE Sensex was trading 363.32 points or 0.59 per cent lower at 60,780.01, while the broader NSE Nifty declined 119.75 points or 0.66 per cent to 18,091.20.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹1,913.36 crore, as per exchange data.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the range for USD-INR for the day is 74.80-75.20.

“Markets await for the US Fed meeting but equities are down while currencies are in a range. On Wednesday buying was from ONGC and BPCL, which may continue on Thursday,” Bhansali said.

Bhansali added that “exporters may sell above 75 at around 75.10 and importers may buy near 74.80.”

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