Personal Finance – Page 146

The current SGB issue is priced lower in comparison to other five series that have come up this year. The issue price of the SGB this time is Rs. 4,732 per gm.

Why You Should Invest In The Latest SGB Series VI?

Now here are given few points as to why you can buy into the current SGB series:

1. There is no upcoming SGB issue:

Sovereign gold bond investment is the best paper gold investment as it other than capital appreciation offers interest pay-out which is payable twice. Also, there is no hassle pertaining to storage cost or theft as in the case of physical gold.

2. Gold helps to diversify your portfolio and hedge against risk from other investments:

Amid geo-political or economic crisis, when there is pressure mounting on equities and other similar assets, gold tends to outperform, this is very well noticed during the last year, when gold yielded good gains.

3. Investments over time can exponentially increase your wealth:

Gold has the power to exponentially increase your wealth and this can be pointed out from the fact that its holding over the years has yielded multi-bagger returns and even beyond 500% in a decade. One may go wrong with equity holdings but never with gold in case of long term investments.

Conclusion:

Now as the Fed tapering is likely due and with it interest rate shall also be hiked, gold will lose its sheen further and hence we see a pressure on gold prices going forward, so the best take can be to partly invest and keep some cash for future allocation to gold as the SGB may be then available at still cheaper rates.

“Gold prices have been trading sideways for the past few days. However, it has recovered much of its losses witnessed in August. Moving forward, gold prices will be guided by the impact of the Delta variant of Covid-19, the geo-political situation in Afghanistan, and most importantly how the Fed signals tapering and manage the rising inflation in the US,” Nish Bhatt, Founder & CEO, Millwood Kane International, which is an investment consulting firm.

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Bharti Airtel Announces Mega Rights Issue: Here’s What Top Brokerages Recommend

August 30, 2021 root Personal Finance

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Bharti Airtel Rights Issue Details

The Board of Directors approved the issuance of equity shares of the Company with a face value of Rs. 5/- each on a rights basis to eligible equity shareholders of the Company as of the record date in an amount up to Rs. 21,000 Crores.

The Board approved the following terms of the Issue:

(a) Price of the Rights Issue: Rs. 535 per fully paid-up equity share (plus a premium of Rs. 530 per equity share).

(b) Payment terms for the Issue Price: 25% on application, with the remainder paid in two additional calls as determined by the Board/Committee of the Board from time to time based on the Company’s needs over a 36-month period.

(c) Ratio of Rights Entitlement: 1 equity share for every 14 equity shares held by eligible shareholders on the record date.

Motilal Oswal on Bharti Airtel

This capital raise is surprising, according to brokerage company Motilal Oswal, because management has maintained in recent calls that its leverage and liquidity situation is comfortable and self-sustaining, with good FCF creation in all verticals, signalling no extra capital demand.

“The unexpected capital raise may cause a negative reaction in the short term, but we see a good earnings growth opportunity over the next 12 months,” the brokerage said.

The firm has a ‘Buy’ recommendation with a target price of 720 per share on the large-scale opportunity in the next 2-4 quarters, and Bharti Airtel is well-positioned to benefit.

Emkay Global on Bharti Airtel

After rate hikes and amid the potential of a duopolistic market following major weakening of VIL’s financial position, another brokerage, Emkay Global, claimed in a report on Saturday that Airtel stock had outperformed (by 22-37bps) the Sensex in the last 2-3 years. The stock has a ‘Buy’ rating and a target price of Rs 730.

Jefferies

Jefferies maintained a Buy call with a target price of Rs 685 a share, citing the Rs 21000 crore rights offering as a positive factor. According to the brokerage, the corporation may need funds for 5G auctions in the coming three years.

The issuance, which is priced at a 10% discount to the current market price, rewards existing shareholders and serves as a reminder that standalone FCF creation is weak, according to the company.

CLSA on Bharti Airtel

Given the company’s outstanding market share performance, CLSA also maintained a Buy stance with a target price of Rs 780 per share.

Rights Issue and Call options, according to the brokerage, create headroom, keeping gearing comfortable, especially if the government moves on with the 5G spectrum auction.

In order to raise funds, a corporation would issue a rights issue. If current owners agree to purchase extra shares, a firm can use the money to pay off debt, acquire assets, or expand without having to take out a bank loan. Shares of the company were seen trading high by 2.22% at Rs 608 on NSE at 10.13 am IST.

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Zomato | Paytm | IPO: What new age tech IPOs mean for the brokerage industry, BFSI News, ET BFSI

August 30, 2021 root Personal Finance

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The Indian brokerage industry has had a very good run in the last one year with the stock market booming despite the ongoing Covid-19 crisis. The otherwise trying time saw the onset of two new strong trends in financial markets – the return of the retail investors and companies coming to the primary market with unprecedented force.

These two factors have kept the brokerage sector busy as well as thriving. On its part, broking companies improved their platforms to promote ease of trading with the adoption of technologies such as artificial intelligence (AI), lowered brokerage fees, and tweaked their offering to suit the needs of new investors.

All these efforts helped the brokerage industry bear fruits and be future ready for the trend that is to stay for a long term. Ratings agency CRISIL estimated broking revenue to have grown around 65-70% during the financial year 2020-21 as against about 7% growth to the previous fiscal. Although the revenue forecast seems dimmer for the current financial year and probably beyond, because of market and regulatory factors, there is no denying that the industry has entered one of its most exciting times.

Riding the IPO boom
What has also ushered in a phase of change for the industry is the launching of initial public offers (IPOs). According to PrimeDatabase, there were 69 public issues which raised Rs 74,707 crore in FY21 and so far, this fiscal, around 24 companies have raised as much as Rs 37,366 crore.

The stock market debut frenzy was triggered by food delivery app Zomato, which raised $1.3 billion from the primary market this year. The owners of fintech apps like Paytm are looking forward to the IPO. The $2 billion public issue is slated to be the largest IPO in India since the Coal India IPO in 2007.
Several other unicorns and interesting start-ups joining the fray include PolicyBazaar, MobiKwik Systems, Nykaa E-Retail, and Delhivery.

There are abundant instances when the IPO mania stretched beyond a point resulting in losses for the investors. Be it the IPO boom of 1992 or the one in 1999 or the IPO boom of 2006-08 which ended with the sub prime crisis.

Time for innovation
The IPO boom is expected to bring many more millennials to the stock market given the value they see in these services companies which are in insurance, food delivery, and ecommerce, things they use on an everyday basis. With the onset of the new-age investors, helped by increased internet penetration and disposable income, the brokerage industry will go through a sea change in terms of use of technology. Already, a new crop of brokerages such as Zerodha have been creating waves in the industry. Existing and traditional brokerage firms too have ensured that they are not left behind in upgrading themselves.

As the industry and its needs evolve, technological innovations will become all the more visible. The innovations will not be restricted to investors looking at the Indian market but also beyond into more matured and bigger markets in the West. Global investments will be another area that will keep brokerages on their toes in the year ahead.

Bumps that can be straightened out
There are opportunities for revenue growth and the brokerage industry is likely to face pressure from the new regulatory changes. Two key implementations that will impact revenue growth are the upfront margin requirement mandated by the Securities and Exchange Board of India from last year and the phased increase in peak margin requirements, which will go up to 100% by September 2021. So even if new client additions bring in more revenue, these requirements would dent full potential. If Sebi were to reconsider its decision on these policies, the brokerage industry would be able to ride high.

(The author, K K Maheshwari, is President at Association of National Exchanges Members of India (ANMI). The views are his own)

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How it affects traders, BFSI News, ET BFSI

August 30, 2021 root Personal Finance

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From September 1, traders will have to shell out 100 per cent margins upfront for their trades due to the new peak margin norms of Sebi kicking in. Traders taking intra-day positions will be the most impacted since in the earlier system margins were calculated on end-of-the-day basis. Now, margin requirements will be calculated four times every session bringing even intraday positions under the ambit. These changes in the margin norms have created furore amongst traders as they will now have to deploy more cash as margin. ET takes a look at the impact of the new norms on market participants.

WHAT WILL CHANGE FOR TRADERS FROM SEPTEMBER 1?
Traders taking bets on futures and options (F&O) markets will have to shell out higher margin money making these trades more expensive. Essentially, they are required to cough up 100 per cent of margin upfront under the new peak margin norms. These margins would apply even to intra-day positions i.e. the ones where the trader enters and sells the contracts within the same market session. Currently, the upfront margin required is 75 per cent of the total margin. In other words, if a trader wants to buy a Nifty contract worth Rs 10 lakh, the margin at 20 per cent would be around Rs 2 lakh. Until August 30, the upfront margin was only Rs 1.75 lakh.

WHAT IS PEAK MARGIN?
Until last year, margins were collected based on end-of-the-day positions. For example, a client had exposure to Rs 1 crore worth F&O securities as on yesterday and he has taken up further exposure of Rs 1 crore during the current market session. In the old system, traders were not required to pay margin money for the Rs 1 crore additional exposure taken until the end of the session. This benefited the active traders since if the additional exposure taken was sold off by the end of the session, the transaction wouldn’t need any special margin money to be brought in. The Securities and Exchange Board of India (Sebi) introduced the peak margin system late last year and it was to be implemented in four phases: first phase with 25 per cent peak margin, second phase with 50 per cent peak margin, third phase with 75 per cent peak margin and finally the complete implementation of upfront margin with effect from September 1. Under the peak margin system, the margin requirement is no longer calculated on the basis of end-of-the- day positions. Instead, the exchanges will sample the prices four times every session and the margins would be calculated based on this. So even the intra-day positions will come under margining.

WHY THE CHANGES?
The intention behind the changes was to control the leverage being taken by some of the traders and thereby reduce systemic risks. Many traders were taking extremely risky bets intra-day which were not being captured in the margin system. Brokers used to allow such positions as long as the margin money in their bank accounts was more than total leverage taken at the end of the market session. But now, the margin will be calculated based on the four price samplings of the exchange and during every point of the trading session, the margin money must be adequate or greater than the requirement.

WHY ARE TRADERS ANGRY?
Changes in rules have evoked strong reactions from the trader and broker community since they will have to shell out more money to bet in the futures market. The core of their contention is that intra-day positions will now need upfront margins. Also, if a trader falls short of these margins during the session, he would be liable to pay a penalty. So, if there are any wild price movements and margins of a trader fall short of the requirement, the same will be penalised. Brokers lobby ANMI has made several representations to exchanges, Sebi and the finance ministry seeking relief from these new rules.

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Comparison of top bank personal loan rates, BFSI News, ET BFSI

August 30, 2021 root Personal Finance

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A personal loan comes in handy when we are short of funds and need the money as soon as possible. A personal loan is an unsecured loan given by a lender. While taking this loan, the potential borrower is not required to provide collateral or security against the loan, unlike in a gold loan where gold jewellery is taken as security by the lender.

Read on to find out more about personal loans.

Where can you avail a personal loan?
While one can approach one’s friends and relatives for a personal loan, lending institutions such as banks and non-banking financial companies (NBFCs) offer personal loans in a more structured and ‘on-tap’ format. Apart from banks like State Bank of India (SBI), HDFC Bank, NBFCs such as Tata Capital, Bajaj Finserv also offer personal loans. As personal loan from one’s friends and relatives may not always be readily available, we shall consider the more structured format of personal loans offered by lending institutions.

Maximum and minimum amount
The minimum and maximum amount that can be taken varies from one lending institution to another. For instance, according to its website, SBI offers a maximum personal loan of Rs 20 lakh to salaried individuals. On the other hand, HDFC Bank offers personal loans up to Rs 12 lakh, as per the bank’s website.

According to Tata Capital’s website, you can take a minimum personal loan of Rs 75,000 and maximum of Rs 25 lakh depending on your eligibility.

Fixed or floating interest rate
While taking a loan, one should check with the lender if the interest rate offered on the personal loan is fixed or floating. In case the interest rate is fixed, changes in the bank’s MCLR will not impact your equated monthly instalment (EMI) amount. Also, do remember that normally the interest rates charged on personal loans are much higher than on home loans or loans against gold because the former are unsecured loans.

Interest rate, loan amount offered by banks for personal loans

BANKS Personal Loan Amount Tenure RoI (%)

AU Small Finance Bank Upto 7.5 Lacs Upto 60 months 11.49% – 23.00%

Axis Bank Upto 15 Lacs Upto 60 months 12.00% – 21.00%

Bandhan Bank >=50000 and <=5 Lacs 12 – 36 Months 15.90% – 20.75%

Bank Of Baroda >=50000 and <=10 Lacs 48 – 60 Months 10.50% to >=16.15%

Bank Of India Upto 10 Lacs 36 – 60 Months 10.75% – 12.75%

Bank Of Maharashtra Upto 10 Lacs 60 months 9.55% – 12.90%

Canara Bank Upto 20 Lacs Upto 60 months 12.40% – 13.90%

Central Bank Of India Upto 10 Lacs 48 Months 9.85% – 10.05%

City Union Bank >=5000 and <=5 Lacs 12 Months >=9.50%

Dhanlaxmi Bank >=1 Lacs and <=15 Lacs 12 – 60 Months 11.90% – 15.70%

Federal Bank Upto 25 Lacs 48 Months 10.49% to 17.99%

HDFC Bank Upto 15 Lacs 12 – 60 Months 10.50% – 21.00%

I O B Upto 5 Lacs 60 Months >=10.80%

ICICI Bank Upto 20 Lacs 60 Months 10.50% – 19.00%

IDBI Bank >=25000 and <=5 Lacs 12 – 60 Months 8.30% – 14.00%

IDFC First Bank >=1 Lacs and <=40 Lacs 12 – 84 Months >=10.49%

Indian Bank >=50000 and <=5 Lacs 12 – 36 Months 9.05% – 13.65%

IndusInd Bank >=50000 and <=15 Lacs 12 – 60 Months 10.49% – 31.50%

J & K Bank Upto 1.50 Lacs 48 Months >=10.80%

Karnataka Bank Upto 5 Lacs Upto 60 months >=12.45%

Karur Vysya Bank Upto 10 Lacs 12 – 60 Months 9.40% – 19.00%

Kotak Mahindra Bank >=50000 and <=20 Lacs 12 – 60 Months >=10.75%

Punjab & Sind Bank >=1 Lacs and <=3 Lacs Upto 60 months 9.35% – 11.50%

Punjab National Bank Upto 10 Lacs Upto 60 months 8.95% – 14.50%

RBL Bank Upto 20 Lacs 12 – 60 Months 14.00% – 23.00%

South Indian Bank >=1 Lacs and <=10 Lacs Upto 60 months 11.95% – 12.65%

State Bank Of India >=25000 and <=20 Lacs 06 – 72 Months 9.60% – 15.65%

Union Bank Of India >=5 Lacs and <=15 Lacs Upto 60 months 8.90% – 13.00%

Yes Bank >=1 Lacs and <=40 Lacs 12 – 60 Months >=10.99%

Ujjivan Small Finance Bank >=50000 and <=15 Lacs 12 – 60 Months >=11.49%

All data sourced from Economic Times Intelligence Group (ETIG)
Data as on August 29, 2021Eligibility to apply for personal loans
The eligibility criteria for sanctioning personal loans vary from lender to lender. To be eligible for a personal loan from SBI, your minimum monthly income should be Rs 15,000 irrespective of whether you have a salary account with the bank or not as per the bank’s website.

In case of HDFC Bank, to be eligible for a personal loan an individual should be between 21 years and 60 years of age and should have a job for at least two years, with a minimum of one year with the current employer. Further, if salary account is maintained with HDFC Bank, then the individual should have minimum Rs 25,000 net income per month. If the individual is not an HDFC Bank account holder, then he/she should have minimum Rs 50,000 net income per month.

Your credit score will also play an important role in determining whether or not you are eligible to get the personal loan.

Tenure of personal loans
Usually, a personal loan is offered for a maximum of five years by lending institutions such as banks. However, the tenure can vary from lender to lender.

Charges in personal loan
To avail a personal loan, a bank or NBFC will levy certain charges such as processing fees, stamp duty and other statutory charges etc. These charges vary from lender to lender.

Further, a lender can also levy pre-payment charges or pre-closure charges. Therefore, before taking a loan from the lender do check the different types of charges leviable.

Disclaimer: The data/information given above is subject to change, hence before taking any decision based on it, please check terms and conditions with the bank/institution concerned.

For any queries or changes, please write to us on etigdb@timesgroup.com or call us at 022 – 66353963.

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CBDT Extends Due Dates For Electronic Filing of Various Forms Under Income-tax Act, 1961

August 30, 2021 root Personal Finance

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Taxes

oi-Vipul Das

|

Published: Monday, August 30, 2021, 8:43 [IST]

The Central Board of Direct Taxes (CBDT) has extended the deadline to file certain electronic forms under Income-tax Act 1961. The decision is made by the tax department in response to the concerns identified by taxpayers and other stakeholders in e – filing of various Forms under the standards of the Income-tax Act of 1961. In its press release issued on 29th August 2021, CBDT has said that “On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms.”

On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued. pic.twitter.com/iOadU8ImUQ

— Income Tax India (@IncomeTaxIndia) August 29, 2021

According to CBDT the further details are as follows:

1. The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31st March, 2022;

2. The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB, for which the last date for filing falls on or before 28th February, 2022 may be filed on or before 31st March, 2022;

3. The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be filed on or before 31st December, 2021;

4. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37BB of the Rules, as extended to 31st August, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be furnished on or before 30th November, 2021;

5. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th September, 2021, required to be furnished on or before 15th October, 2021 under Rule 37BB of the Rules, may be furnished on or before 31st December, 2021;

6. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which was originally required to be uploaded on or before 15th July, 2021, and subsequently by 31st August, 2021, as per Circular No.12 of 2021 dated 25.06.2021, may be uploaded on or before 30th November, 2021;

7. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th September, 2021, which is required to be uploaded on or before 15th October, 2021, may be uploaded on or before 31st December, 2021;

8. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th June, 2021, required to be made on or before 31st July, 2021 as per Circular No.15 of 2020 dated 22.07.2020, as extended to 30th September, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be made on or before 30th November, 2021;

9. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th September, 2021, required to be made on or before 31st October, 2021 as per Circular No.15 of 2020 dated 22.07.2020, may be made on or before 31st December, 2021;

10. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30th June, 2021, required to be made on or before 31st July, 2021 under Rule 2DB of the Rules, as extended to 30th September, 2021 vide Circular No. 15 of 2021 dated 03.08.2021, may be made on or before 30th November, 2021;

11. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30th September, 2021, required to be made on or before 31st October, 2021 under Rule 2DB of the Rules, may be made on or before 31st December, 2021;

12. Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Act, in Form No.3CEAC, required to be made on or before 30th November, 2021 under Rule 10DB of the Rules, may be made on or before 31st December, 2021;

13. Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Act, in Form No. 3CEAD, required to be furnished on or before 30th November, 2021 under Rule 10DB of the Rules, may be furnished on or before 31st December, 2021;

14. Intimation on behalf of an international group for the purposes of the proviso to sub-section (4) of section 286 of the Act in Form No. 3CEAE, required to be made on or before 30th November, 2021 under Rule 10DB of the Rules, may be made on or before 31st December, 2021.

On the other side, the Income Tax Department has confirmed via its Twitter handle that “Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) extended to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021.”

Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) extended to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021.
Press release issued. pic.twitter.com/gNPPUEbEEF

— Income Tax India (@IncomeTaxIndia) August 29, 2021

Regarding the tax refunds, the Income Tax Department has also requested taxpayers through its Twitter handle that “The Deptt requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously. The Deptt has also commenced processing of ITRs 1 & 4 for AY 21-22 & refunds, if any, will be issued directly to the bank account of the taxpayer.”

The Deptt requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously. The Deptt has also commenced processing of ITRs 1 & 4 for AY 21-22 & refunds, if any, will be issued directly to the bank account of the taxpayer (5/5)

— Income Tax India (@IncomeTaxIndia) August 29, 2021

The department has further clarified that “CBDT issues refunds of over Rs. 51,531 crore to more than 22.99 lakh taxpayers between 1st April,2021 to 23rd August,2021. Income tax refunds of Rs. 14,835 crore have been issued in 21,70,134 cases & corporate tax refunds of Rs. 36,696 crore have been issued in 1,28,870 cases.”

CBDT issues refunds of over Rs. 51,531 crore to more than 22.99 lakh taxpayers between 1st April,2021 to 23rd August,2021. Income tax refunds of Rs. 14,835 crore have been issued in 21,70,134 cases &corporate tax refunds of Rs. 36,696 crore have been issued in 1,28,870 cases(1/5)

— Income Tax India (@IncomeTaxIndia) August 29, 2021

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Suryoday Small Finance Bank Revises Fixed Deposit Interest Rates: Check New Rates Here

August 29, 2021 root Personal Finance

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Investment

oi-Vipul Das

|

Published: Sunday, August 29, 2021, 16:55 [IST]

Suryoday Small Finance Bank revised interest rates on its domestic term deposits which are in force from 9th August 2021. This small finance bank allows deposit tenure ranging from 7 days to 10 years and an individual is required to deposit a minimum amount of Rs 1,000 and thereafter in multiples of Rs 1. With both regular fixed deposits and senior citizen deposits Suryoday Small Finance Bank also offers traditional or cumulative/re-investment options on deposits. Here are the latest fixed deposit interest rates of Suryoday Small Finance Bank which you need to know if you are going to open a fixed deposit account with the bank.

Suryoday Small Finance Bank Regular FD Rates

For a deposit amount of less than Rs 2 Cr, Suryoday Small Finance Bank offers interest rates ranging from 3.25% to 6.75% to the regular citizens. The bank offers the highest interest rates on deposits maturing in 3 years to less than 5 years. After the most recent revision, following are the interest rates on fixed deposits of Suryoday Small Finance Bank for the general public.

Period Interest Rate (p.a.) Annualised Yield %

7 days to 14 days 3.25% 3.25%

15 days to 45 days 3.25% 3.25%

46 days to 90 days 4.25% 4.25%

91 days to 6 months 4.75% 4.75%

Above 6 months to 9 months 5.25% 5.35%

Above 9 months to less than 1 Year 5.75% 5.88%

1 Year to 1 Year 6 Months 6.50% 6.66%

Above 1 Year 6 Months to 2 Years 6.50% 6.66%

Above 2 Years to less than 3 Years 6.25% 6.40%

3 Year 6.75% 6.92%

Above 3 Years to less than 5 Years 6.75% 6.92%

5 Years 6.25% 6.40%

Above 5 years to 10 years 6.00% 6.14%

Source: Bank Website

Suryoday Small Finance Bank FD Rates For Senior Citizens

Resident Indian senior citizens who are 60 years and above are eligible to get additional rates on their deposits if compared to the general public. The bank offers a higher interest rate of 7.30% on deposits maturing in 3 years to senior citizens. For a deposit amount of less than Rs 2 Cr, senior citizens will get the following interest rates on their deposits.

Period Interest Rate (p.a.) Annualised Yield %

7 days to 14 days 3.25% 3.25%

15 days to 45 days 3.25% 3.25%

46 days to 90 days 4.25% 4.25%

91 days to 6 months 4.75% 4.75%

Above 6 months to 9 months 5.25% 5.35%

Above 9 months to less than 1 Year 5.75% 5.88%

1 Year to 1 Year 6 Months 6.75% 6.92%

Above 1 Year 6 Months to 2 Years 6.50% 6.66%

Above 2 Years to less than 3 Years 6.50% 6.66%

3 Year 7.30% 7.50%

Above 3 Years to less than 5 Years 6.75% 6.92%

5 Years 6.50% 6.66%

Above 5 years to 10 years 6.00% 6.14%

Source: Bank Website

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Vivad Se Vishwas Act: CBDT Extends Date Under Section 3

August 29, 2021 root Personal Finance

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Taxes

oi-Sneha Kulkarni

|

Published: Sunday, August 29, 2021, 15:26 [IST]

The Central Board of Direct Taxes ( CBDT ) has extended the date under section 3 of the Vivad se Vishwas Act. The amount payable by the declarant is provided in the table under section 3 of the Direct Tax Vivad se Vishwas Act 2020.

The last date for payment of the amount (without any additional amount) has been announced as 31st August 2021, according to the most recent notification dated 25th June 2021.

Furthermore, the deadline for payment of the amount (plus any additional amounts) due under the Vivad se Vishwas Act has been set for October 31, 2021.

Given the problems encountered in producing and modifying Form No. 3, which is required for declarant payment under the Vivad se Vishwas Act, it has been agreed to extend the deadline for payment of the amount (without any additional amount) to September 30, 2021. The necessary notification will be sent as soon as possible.

It is clarified, however, that there is no proposal to amend the last date for payment of the sum (with additional amount) under the Vivad se Vishwas Act, which remains October 31, 2021.

The proposal was introduced in the Lok Sabha on February 5, 2020, and was almost immediately recalled for changes to accommodate diverse representations from key stakeholders. Following that, the Cabinet approved a revised scheme, which was then passed by the Lok Sabha on March 4, 2020. A circular released by the Central Board of Direct Taxes addressed many areas of the modified plan that required clarification (CBDT).

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Story first published: Sunday, August 29, 2021, 15:26 [IST]

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BANKS	Personal Loan Amount	Tenure	RoI (%)
AU Small Finance Bank	Upto 7.5 Lacs	Upto 60 months	11.49% – 23.00%
Axis Bank	Upto 15 Lacs	Upto 60 months	12.00% – 21.00%
Bandhan Bank	>=50000 and <=5 Lacs	12 – 36 Months	15.90% – 20.75%
Bank Of Baroda	>=50000 and <=10 Lacs	48 – 60 Months	10.50% to >=16.15%
Bank Of India	Upto 10 Lacs	36 – 60 Months	10.75% – 12.75%
Bank Of Maharashtra	Upto 10 Lacs	60 months	9.55% – 12.90%
Canara Bank	Upto 20 Lacs	Upto 60 months	12.40% – 13.90%
Central Bank Of India	Upto 10 Lacs	48 Months	9.85% – 10.05%
City Union Bank	>=5000 and <=5 Lacs	12 Months	>=9.50%
Dhanlaxmi Bank	>=1 Lacs and <=15 Lacs	12 – 60 Months	11.90% – 15.70%
Federal Bank	Upto 25 Lacs	48 Months	10.49% to 17.99%
HDFC Bank	Upto 15 Lacs	12 – 60 Months	10.50% – 21.00%
I O B	Upto 5 Lacs	60 Months	>=10.80%
ICICI Bank	Upto 20 Lacs	60 Months	10.50% – 19.00%
IDBI Bank	>=25000 and <=5 Lacs	12 – 60 Months	8.30% – 14.00%
IDFC First Bank	>=1 Lacs and <=40 Lacs	12 – 84 Months	>=10.49%
Indian Bank	>=50000 and <=5 Lacs	12 – 36 Months	9.05% – 13.65%
IndusInd Bank	>=50000 and <=15 Lacs	12 – 60 Months	10.49% – 31.50%
J & K Bank	Upto 1.50 Lacs	48 Months	>=10.80%
Karnataka Bank	Upto 5 Lacs	Upto 60 months	>=12.45%
Karur Vysya Bank	Upto 10 Lacs	12 – 60 Months	9.40% – 19.00%
Kotak Mahindra Bank	>=50000 and <=20 Lacs	12 – 60 Months	>=10.75%
Punjab & Sind Bank	>=1 Lacs and <=3 Lacs	Upto 60 months	9.35% – 11.50%
Punjab National Bank	Upto 10 Lacs	Upto 60 months	8.95% – 14.50%
RBL Bank	Upto 20 Lacs	12 – 60 Months	14.00% – 23.00%
South Indian Bank	>=1 Lacs and <=10 Lacs	Upto 60 months	11.95% – 12.65%
State Bank Of India	>=25000 and <=20 Lacs	06 – 72 Months	9.60% – 15.65%
Union Bank Of India	>=5 Lacs and <=15 Lacs	Upto 60 months	8.90% – 13.00%
Yes Bank	>=1 Lacs and <=40 Lacs	12 – 60 Months	>=10.99%
Ujjivan Small Finance Bank	>=50000 and <=15 Lacs	12 – 60 Months	>=11.49%

Period	Interest Rate (p.a.)	Annualised Yield %
7 days to 14 days	3.25%	3.25%
15 days to 45 days	3.25%	3.25%
46 days to 90 days	4.25%	4.25%
91 days to 6 months	4.75%	4.75%
Above 6 months to 9 months	5.25%	5.35%
Above 9 months to less than 1 Year	5.75%	5.88%
1 Year to 1 Year 6 Months	6.50%	6.66%
Above 1 Year 6 Months to 2 Years	6.50%	6.66%
Above 2 Years to less than 3 Years	6.25%	6.40%
3 Year	6.75%	6.92%
Above 3 Years to less than 5 Years	6.75%	6.92%
5 Years	6.25%	6.40%
Above 5 years to 10 years	6.00%	6.14%
Source: Bank Website