Category: Personal Finance

NITI Chairman, BFSI News, ET BFSI

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India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday. While releasing a report — Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat — prepared jointly by Niti Aayog and Mastercard , Kumar said this report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone.

“Technology has been transformational, providing greater and easier access to financial services. India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI,” he said.

The report recommended that there is a need to strengthen the payment infrastructure to promote a level-playing field for NBFCs and banks.

It also pitched for digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.

According to the report, there is a need to build information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.

It also pitched for enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes.

“Digitizing land records will also provide a major boost to the sector,” the report said, adding that to make city transit seamlessly accessible to all with minimal crowding and queues, there is need to leverage existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system .

Also speaking at the event, Mastercard. Asia Pacific Co-President Ari Sarker said the Covid-19 pandemic has alerted us all to the fragility of cash and the resilience of digital technologies, including digital payments.

“India has changed its operating landscape in making digital more accessible and friction free. It is one of the most advanced digital payments environment in the world. Now is the time to take our learnings and digital transformation-at-scale with speed and agility,” he said.

Niti Aayog CEO Amitabh Kant said in the post-COVID-19 era, building resilient systems and encouraging business models that could be change-makers of the future are crucial.

Kant further said India is emerging as the hub of digital financial services globally, with solutions like UPI growing tremendously and being hailed as instrumental in bringing affordable digital payment solutions to the last mile.



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Top 10 Corporate FDs With Good Returns Up To 8.35%

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1. Shriram Transport Finance FD

Shriram Transport Finance FD is rated “FAAA/Stable” by CRISIL and “MAA+/with stable outlook” by ICRA.” The deposit period varies from 12 to 60 months, and the available annual interest rates on deposits for the general public vary from 7.01 percent to 7.95 percent for the same period. Senior citizens on the other hand are eligible to get an additional rate of 0.40% per annum. These rates are applicable on deposits of below Rs 5 Cr and are in force from 1st April 2021.

Period in months Regular FD Rates Senior Citizen FD Rates
12 7.01% 7.41%
15 7.25% 7.65%
24 7.25% 7.65%
30 7.72% 8.12%
36 7.72% 8.12%
45 7.81% 8.21%
48 7.81% 8.21%
60 7.95% 8.35%
Source: Shriram Transport Finance Co. Ltd.

2. Shriram City Union Finance FD

2. Shriram City Union Finance FD

Shriram City’s term deposit has an ICRA rating of “MAA+/ with Stable Outlook,” with investment terms ranging from 12 to 60 months. Shriram City has an interest rate range of 7.01 percent to 7.95 percent, with a 0.40 percent additional rate for senior citizens. These rates are applicable on deposits of less than Rs 5 Cr and are effective from 1st April 2021.

Period in months Regular FD Rates Senior Citizen FD Rates
12 7.01% 7.41%
15 7.25% 7.65%
24 7.25% 7.65%
30 7.72% 8.12%
36 7.72% 8.12%
45 7.81% 8.21%
48 7.81% 8.21%
60 7.95% 8.35%
Source: Shriram City Union Finance Co. Ltd.

3. Bajaj Finance FD

3. Bajaj Finance FD

CRISIL’s FAAA/Stable Rating and ICRA’s MAAA (stable) Rating bring Bajaj Finance fixed deposits the best stability score. Bajaj Finance accepts deposits with terms ranging from 12 to 60 months. Bajaj Finance Fixed Deposits deliver a decent interest rate of up to 7.00 percent, with senior citizens receiving a higher rate of 7.25 percent. These rates are in force from 1 February 2021.

Tenure in months Regular FD Rates Senior Citizen FD Rates
12 – 23 5.98% to 6.15% 6.22% to 6.40%
24 – 35 6.41% to 6.60% 6.64% to 6.85%
36 – 60 6.79% to 7.00% 7.02% to 7.25%
Source: Bajaj Finance Ltd.

4. KTDFC Fixed Deposit

4. KTDFC Fixed Deposit

The Government of Kerala completely guarantees KTDFC’s fixed deposits along with interest rate. KTDFC FDs have terms ranging from one to five years, with interest rates ranging from 6% to 5.75 percent for the general public and 6.25 percent to 6% for senior citizens. These rates are in force from January 1, 2021.

Tenure Regular FD Rates Senior Citizen FD Rates
1 year 6.00% 6.25%
2 years 6.00% 6.25%
3 years 6.00% 6.25%
4 years 5.75% 6.00%
5 years 5.75% 6.00%
Source: Kerala Transport Development Finance Corporation Ltd.

5. PNB Housing Finance FD

5. PNB Housing Finance FD

CRISIL has given PNB Housing’s fixed deposits the FAA+/Negative rating and CARE has given it the AA/Stable rating, indicating a sense of capital security. This firm now offers an interest rate ranging from 5.9% to 6.7 percent to the general public, with senior citizens (over 60 years) receiving an additional 0.25 percent rate of interest. This rate change is effective from 28.11.2020.

Tenure in months Regular FD Rates Senior Citizen FD Rates
12 – 23 5.90% 6.15%
24 – 35 6.15% 6.40%
36 – 47 6.60% 6.85%
48 – 59 6.60% 6.85%
60 -71 6.70% 6.95%
72 – 84 6.70% 6.95%
120 6.70% 6.95%
Source: PNB Housing Finance Ltd.

6. Sundaram Home Finance FD

6. Sundaram Home Finance FD

Sundaram Home Finance has an ICRA rating of MAAA and a CRISIL rating of FAAA, signaling a high degree of deposit safety. This company’s fixed deposit scheme has a term spanning from 12 to 60 months, at an interest rate of 5.75 percent to 6.25 percent. These rates are effective from September 1st, 2020.

Tenure in months Regular FD Rates Senior Citizen FD Rates
12 5.75% 6.25%
24 6.00% 6.50%
36 6.25% 6.75%
48 6.25% 6.75%
60 6.25% 6.75%
Source: Sundaram Home Finance

7. Mahindra Finance FD

7. Mahindra Finance FD

Fixed Deposits from Mahindra Finance have a CRISIL FAAA rating, which means you’ll get a decent return against your deposit along with an add-on benefit of capital safety. The company is now offering an interest rate of 5.7 percent to 6.45 percent on FDs maturing in 12 months to 60 months, as well as an additional rate of 0.25 percent for senior citizens across all tenors. These rates are in force from 24 August 2020.

Tenure in months Regular FD Rates Senior Citizen FD Rates
12 5.70% 5.95%
24 6.20% 6.45%
36 6.30% 6.55%
48 6.45% 6.70%
60 6.45% 6.70%
Source: Mahindra Finance Ltd.

8. ICICI Home Finance FD

8. ICICI Home Finance FD

ICICI HFC provides you with a range of flexible tenure options ranging from 12 to 120 months. CRISIL has rated ICICI HFC Fixed Deposits as FAAA/Stable, ICRA as MAAA/Stable, and CARE as AAA/Stable, making them the best deposit scheme in the category. With effect from April 15, 2021 interest rates of this company are capped between 5.70% to 6.65% and an additional rate of 0.25% is also given to the senior citizens against their deposit.

Tenure in months Regular FD Rates Senior Citizen FD Rates
>=12 to 5.70% 5.95%
>=24 to 5.85% 6.10%
>=36 to 6.05% 6.30%
>=48 to 6.30% 6.55%
>=60 to 6.45% 6.70%
>=72 to 6.65% 6.70%
Source: ICICI Home Finance Ltd.

9. HDFC Ltd Fixed Deposits

9. HDFC Ltd Fixed Deposits

Two major credit rating agencies have given HDFC AAA ratings for its deposit scheme (CRISIL and ICRA). Individuals can select from a variety of deposit products with maturities ranging from 12 to 120 months which will give them attractive interest rates against their deposit. Senior citizens aged 60 and over are eligible for an additional 0.25 percent interest each year. The general public, on the other hand, will receive an interest rate ranging from 5.70 percent to 6.55 percent. These rates are effective from March 30, 2021.

Period Regular FD Rates Senior Citizen FD Rates
12-23 Months 5.70% 5.95%
24-35 Months 5.85% 6.10%
36-59 Months 6.05% 6.30%
60-83 Months 6.40% 6.65%
84-120 Months 6.55% 6.80%
Source: HDFC Ltd.

10. LIC Housing Finance FD

10. LIC Housing Finance FD

CRISIL has provided the LIC Housing Finance FD an FAAA/Stable rating. This firm will pay you an interest rate of 5.25 percent to 5.75 percent on cumulative and non-cumulative deposits for 1 to 5 years. Senior citizens, on the other hand, will be paid a 0.25 percent additional rate. From April 1, 2021, the LIC Housing Finance FD interest rate mentioned below are in force.

Term Regular FD Rates Senior Citizen FD Rates
1 YEAR 5.25% 4.60%
18 MONTHS 5.50% 4.85%
2 YEARS 5.65% 5.00%
3 YEARS 5.75% 5.10%
5 YEARS 5.75% 5.10%
Source: LIC Housing Finance Ltd.



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Direct Equity Vs Equity Mutual Funds: Which Is The Best Investment Option For You?

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Investing in direct equity

Direct equity allows you to make your own investment choices, it is a safer option for experienced investors who have a clear understanding of how the market works. It’s also crucial to stay informed of what’s going on in the country and around the world. Market timing and purchase, sell, and keep decisions must be made on a regular basis. Direct equities can be ideal for you if you want to concentrate on a small number of stocks that you know well. If you can meet these conditions, investing in direct equity is a good option. Dividends are paid by many company to their shareholders, and they can be a tax-efficient source of income for investors.

We receive shares when we invest in direct equity. A share is an indivisible unit of capital that expresses the company’s ownership relationship with the shareholder. The stock market is open to everyone. When you want to see the value of your stocks rise or fall, you can do so at any time. If the company in which you invest makes a profit, its stock price will usually increase. As a result, the value of your investment rises.

Investing in Equity through Mutual Funds

Investing in Equity through Mutual Funds

Demat account is credited with mutual fund units. The Net Asset Value (NAV) of a mutual fund investment is the price paid for it (NAV). The NAV of a fund is calculated by dividing the total value of the portfolio’s securities by the total number of shares outstanding. Professional investment managers oversee equity funds, making decisions on whether to purchase, sell, or keep the assets in the funds. When you invest in an equity mutual fund, you get the benefit of easy liquidity. For example, in open-ended equity mutual fund schemes, you can withdraw your money anytime you need it. Skilled investment managers who have experience and expertise in stock market management run mutual fund schemes. The aim of fund managers is to outperform market averages and provide superior returns to investors.

The Securities Exchange Board of India (SEBI), whose primary goal is to protect investors’ interests, regulates mutual funds. Because of SEBI’s regulation, mutual funds are safer than other investment options that may or may not be controlled. There are several different types of equity mutual fund schemes to fit various investment objectives. Mutual fund investments have no upper limit, and you can start with as little as Rs 500. There are several different types of schemes available to invest in depending on the risk-taking potential and the urgency of your objectives.

Which one is better option for you?

Which one is better option for you?

Experts advise that mutual funds, which are professionally managed by fund managers, should be the best choice for first-time investors. People who want more flexibility in building their own portfolios and have a good understanding of stocks should opt for direct equity investing. There is no right or wrong when it comes to investing in equity, you just have to choose the right funds or stocks. However, these both are subject to volatility and one should read all the documents carefully.



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SBI Vs IDFC Vs Kotak Vs Axis Vs ICICI Vs HDFC: Check Revised Rates On FD Here

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SBI Fixed Deposit

SBI FDs with maturities ranging from 7 to 45 days will yield 2.9 percent. Term deposits with a maturity period of 46 to 179 days will yield 3.9 percent. FDs with maturities ranging from 180 days to less than one year will yield 4.4 percent. Deposits with a maturity period of one year or less than two years can now give you 10 basis points more. The interest rate on these deposits will be 5% after the most recent revision. FDs maturing in two to three years will yield 5.1 percent. FDs with maturities of three to five years will pay 5.3 percent, while term deposits with maturities of five to ten years will pay 5.4 percent. SBI provides senior citizens with an additional 50 basis point interest rate higher than the general public across all the tenors. Senior citizens will get 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years after the most recent adjustment. From January 8, 2021, these rates are in force for below Rs 2 Cr.

Tenure Regular FD Rates Senior Citizen FD Rates
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
Source: SBI

IDFC First Bank Fixed Deposit

IDFC First Bank Fixed Deposit

With effect from May 1, IDFC First Bank has changed its fixed deposit interest rates. IDFC First Bank offers short-term FDs ranging from seven days to one year, as well as long-term FDs ranging from one to ten years. After the most recent revision, IDFC First Bank proposes interest rates ranging from 2.75 percent per annum to 6 percent per annum on deposits with terms ranging from seven days to ten years. On FDs with terms of seven to fourteen days, IDFC First Bank offers 2.75 percent interest. For 15-29 days, the bank provides a 3.50 percent interest rate, and for 30-45 days, the bank proposes a 3 percent interest rate. Deposits maturing in 46-90 days will now give you 4.00 percent, and deposits maturing in 91-180 days will provide 4.50 percent. For term deposits with a one- or two-year maturity period, the bank offers 5.50 percent. IDFC First Bank also provides 5.75 percent over a period of two years, one day, and three years. IDFC First Bank’s long-term deposit interest rates vary from 6% to 5.75 percent for 3 to 5-year deposits and 6% to 5.75 percent for 5 to 10 year deposits. These rates are in force from May 1 2021.

Tenure Regular FD Rates Senior Citizen FD Rates
7 – 14 days 2.75% 3.25%
15 – 29 days 3.00% 3.50%
30 – 45 days 3.50% 4.00%
46 – 90 days 4.00% 4.50%
91 – 180 days 4.50% 5.00%
181 days – less than 1 year 5.25% 5.75%
1 year – 2 years 5.50% 6.00%
2 years 1 day – 3 years 5.75% 6.25%
3 years 1 day – 5 years 6.00% 6.50%
5 years 1 day – 10 years 5.75% 6.25%
Source: IDFC First Bank

Kotak Mahindra Bank Fixed Deposit

Kotak Mahindra Bank Fixed Deposit

After the most recent revision, Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent, and 3.25 percent for FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, respectively. Kotak Mahindra Bank pays 4.40 percent interest on term deposits that mature in 180 days or less than a year. The bank offers 4.50 percent on deposits for a maturity period of one year to 389 days. The bank will offer 4.80 percent on FDs maturing in 390 days to less than 23 months. Kotak Mahindra Bank will now provide a 5% interest rate on deposits maturing in 23 months or less than 3 years. The bank will offer 5.10 percent on term deposits for a maturity period of three years or more but less than four years. Kotak Mahindra Bank offers a 5.25 percent interest rate on deposits with a maturity period of four years or more but less than five years. The bank offers 5.30 percent on FDs with a maturity period of 5 years and above, up to and including 10 years. These rates are in force from April 26, 2021.

Tenure Regular FD Rates Senior Citizen FD Rates
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 3.25% 3.25%
180 Days 4.40% 4.40%
181 Days to 269 Days 4.40% 4.45%
270 Days 4.40% 4.45%
271 Days to 363 Days 4.40% 4.45%
364 Days 4.40% 4.45%
365 Days to 389 Days 4.50% 4.58%
390 Days (12 months 25 days) 4.80% 4.89%
391 Days – Less than 23 Months 4.80% 4.89%
23 Months 5.00% 5.09%
23 months 1 Day- less than 2 years 5.00% 5.09%
2 years- less than 3 years 5.00% 5.09%
3 years and above but less than 4 years 5.10% 5.20%
4 years and above but less than 5 years 5.25% 5.35%
5 years and above up to and inclusive of 10 years 5.30% 5.41%
Source: Kotak Mahindra Bank

Axis Bank Fixed Deposit

Axis Bank Fixed Deposit

Axis Bank, a private sector lender, has revised its fixed deposit interest rates with effect from May 6, 2021. (FDs). Axis Bank offers fixed-deposits with periods ranging from seven to ten years. Axis Bank currently provides 2.50 percent interest on FDs maturing between 7 and 29 days, 3 percent interest on FDs maturing between 30 days and less than 3 months, and 3.5 percent interest on FDs maturing between 3 months and less than 6 months, after the most recent revision. On FDs maturing in six months or less than eleven months and twenty-five days, Axis Bank provides a 4.40 percent interest rate. The bank will now pay 5.20 percent interest on deposits maturing in 15 months or fewer than 18 months. Long-term deposits maturing in two to five years will fetch you 5.40 percent interest at Axis Bank. Whereas 5.75 percent interest is paid on deposits for a maturity period of 5 to 10 years respectively.

Tenure Regular FD Rates in % Senior Citizen FD Rates in %
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 3
3 months 3.5 3.5
4 months 3.5 3.5
5 months 3.5 3.5
6 months 4.4 4.65
7 months 4.4 4.65
8 months 4.4 4.65
9 months 4.4 4.65
10 months 4.4 4.65
11 months 4.4 4.65
11 months 25 days 4.4 4.65
1 year 5.1 5.75
1 year 5 days 5.15 5.8
1 year 11 days 5.1 5.75
1 year 25 days 5.1 5.75
13 months 5.1 5.75
14 months 5.1 5.75
15 months 5.2 5.85
16 months 5.2 5.85
17 months 5.2 5.85
18 Months 5.25 5.9
2 years 5.4 6.05
30 months 5.4 5.9
3 years 5.4 5.9
5 years to 10 years 5.75 6.5
Source: Axis Bank

ICICI Bank Fixed Deposit

ICICI Bank Fixed Deposit

Fixed deposits of ICICI Bank range from seven days to ten years. ICICI Bank now pays 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 one year. Term deposits with a maturity period of one year or less than 18 months will fetch 4.9 percent interest. FDs with a term of 18 months to 2 years will pay you 5% interest. Term deposits maturing in two to three years will yield 5.15 percent, three to five years will yield 5.35 percent, and five to ten years will yield 5.50 percent. These rates are in force from October 21, 2020.

Tenure Regular FD Rates Senior Citizen FD Rates
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 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%
Source: ICICI Bank

HDFC Bank Fixed Deposit

HDFC Bank Fixed Deposit

Following the latest 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, while 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. These rates are effective from 13 November 2020.

Tenure Regular FD Rates Senior Citizen FD Rates
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 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day – 2 year 4.90% 5.40%
2 year 1 day – 3 year 5.15% 5.65%
3 year 1 day- 5 year 5.30% 5.80%
5 year 1 day – 10 year 5.50% 6.25%
Source: HDFC Bank



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ICICI Bank Revised Interest Rates On Fixed Deposit, Check New Rates Here

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Investment

oi-Vipul Das

|

The interest rates on fixed deposits (FDs) have recently been revised by ICICI Bank across all the tenors. Fixed deposits are available from 7 days to 10 years at the bank. ICICI Bank now pays 2.5 percent interest on deposits maturing in 7 to 29 days, 2.75 percent for 30 to 60 days, and 3 percent for FDs maturing in 61 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. Term deposits with a maturity period of one year or less than 18 months will now fetch you 3.75 percent interest. FDs with a term of 18 months to 2 years will now pay you 4% interest. Term deposits maturing in two to ten years will yield 4.40 percent interest respectively. These rates are applicable on deposit of Rs 2 Cr and above up to 5 Cr and are in force from May 5 2021.

ICICI Bank Revised Interest Rates On Fixed Deposit, Check New Rates Here

ICICI Bank FD Rates For General Public & Senior Citizens (For Deposits Rs 2 Cr and above up to 5 Cr)

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 2.50% 2.50%
15 days to 29 days 2.50% 2.50%
30 days to 45 days 2.75% 2.75%
46 days to 60 days 2.75% 2.75%
61 days to 90 days 3.00% 3.00%
91 days to 120 days 3.00% 3.00%
121 days to 184 days 3.00% 3.00%
185 days to 210 days 3.50% 3.50%
211 days to 270 days 3.50% 3.50%
271 days to 289 days 3.65% 3.65%
290 days to less than 1 year 3.65% 3.65%
1 year to 389 days 3.75% 3.75%
390 days to 3.75% 3.75%
18 months days to 2 years 4.00% 4.00%
2 years 1 day to 3 years 4.40% 4.40%
3 years 1 day to 5 years 4.40% 4.40%
5 years 1 day to 10 years 4.40% 4.40%
5 Years (80C FD) NA NA
Source: ICICI Bank

Note: The above-mentioned rates are only applicable on deposits of Rs 2 Cr and above but less than Rs 5 Cr. To know the interest rates applicable on deposits less than Rs 2 Cr, click here.



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3 Large Cap Mutual Fund Schemes With Returns Of 50% In 1-Year

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Tata Largecap Fund

Tata Largecap Fund has generated a returns of 61% in the last 1-year, which is much better compared to some of the other largecap funds. The three year returns is 11.20%, which is more like normal. The equity scheme like most other largecap funds has stocks like ICICI Bank, HDFC Bank, Infosys, Reliance Industries and Axis Bank in its portfolio among others.

A large part of the money is invested in stocks, with only about 2.3% in cash and cash holdings. We are not recommending any equity mutual fund schemes on account of the way the markets have rallied.

It’s unlikely that investors would generate stupendous returns from equity mutual funds in the next 1-3 years, given the sharp rally of the last few quarters. It’s better to stay invested rather than allocating fresh resources.

Edelweiss LargeCap Fund

Edelweiss LargeCap Fund

This is another fund that has done well over the last 1-year. Returns are near 57%, which is not bad at all. The 5-year returns from the fund is more like 15% on an annualized basis. Like other mutual funds, HDFC Bank tops the portfolio when it comes to holdings, while other stocks in the portfolio include names like Infosys, ICICI Bank and Bharti Airtel.

The returns from mutual funds are likely to be in line with how the markets move. At the moment stocks markets across the globe are in a sweet spot. Bond yields are low, inflation is low and central banks have easy money policy, which is fuelling a rally in stocks. Fundamentals at the moment have little or no relevance. Investors may opt for investing money in SIPs and lumpsum investment in stocks is not advisable.

Canara Robeco Bluechip Equity Fund

Canara Robeco Bluechip Equity Fund

This fund has been well-rated by most analysts. It has been a consistent performer over the years. The 1-year returns from the fund has been slightly more than 55%. The three year returns on an annualized basis is significantly less at 15.36%. The cash and cash equivalents at the fund is 4%, while the remaining is held in equity shares.

Like all other equity mutual funds schemes, one can invest through the SIP route. In fact, we advocate very strongly, the Systematic Investment Plan route, as lumpsum is not advisable, especially when the markets are at highs.

Interestingly, the fund has been given a 5-star rating from Crisil, as well as Value Research.

Disclaimer

Disclaimer

Goodreturns.in has taken utmost care in compilation of data for this article. The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell units mentioned in the article. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor.



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Cryptocurrency ethereum is flourishing but risks linger, BFSI News, ET BFSI

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NEW YORK: Ethereum has outperformed major digital currency rivals this year, bolstered by the surge in decentralized finance (DeFi) and the anticipation of a technical adjustment this summer, but it faces hurdles that could stall its rise.

With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival.

In the crypto world, the terms “ethereum” and “ether” have become synonymous. Technically, ethereum is the blockchain network in which decentralized applications are embedded, while ether is the token or currency that enables or drives the use of these applications.

Ethereum’s market cap on Friday was $410 billion, second to bitcoin’s at more than $1 trillion, according to data tracker CoinGecko.com. It hit a record high of $3,610.04 on Thursday and was last up 1% at $3,524.

Bitcoin, meanwhile, has risen a more modest 97% this year. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has actually fallen roughly 18%.

A rise in institutional interest has increased ethereum demand, but supply has been limited. The token’s supply in exchanges in April hit its lowest in nearly 2-1/2 years, according to Kraken Intelligence, a research blog from cryptocurrency exchange Kraken.

“It’s more than just a coin. It’s a whole ecosystem that allows other applications to be built,” said Bradley Kam, chief executive officer of blockchain domain provider, Unstoppable Domains.

At the heart of ethereum’s ascendancy is DeFi, which refers to peer-to-peer cryptocurrency platforms that facilitate lending outside traditional banking institutions. Many sites run on the ethereum network, using an open-source code with algorithms that set rates in real time based on supply and demand. The value locked – the total number of loans on DeFi platforms – was $79 billion as of Friday, DeFi Pulse data showed, up nearly 600% from $11 billion in October.

DeFi, however, has its problems. Dune Analytics research showed 2%-5% of transactions on ethereum-based decentralized exchanges failed due to complications such as slippage or insufficient “gas” prices, which are the fees required to successfully conduct a transaction on the ethereum blockchain.

Between April 15 and April 21, for instance, roughly 1.1 million transactions were made on Uniswap, a DeFi protocol used for exchanging cryptocurrencies. Of those, 241,262 failed, representing the largest number of transaction failures across the entire ethereum network, data from analytics platform Etherscan and Dune Analytics showed.

“DeFi is destined for meteoric growth, but that growth inherently comes with risk,” said Alex Wearn, chief executive officer at crypto exchange IDEX.

“Issues such as failed transactions and front-running are not subtle, costing users millions of dollars every day,” he said, referring to the practice of getting a transaction first in line in the execution queue right before a known future contract. “These major … problems limit the appeal of these products for a wider audience and ultimately hinder the ecosystem’s growth.”

Wearn estimates that more than $285 million were lost in DeFi hacks so far this year.

Proponents say DeFi sites represent the future of financial services, providing a cheaper, more efficient and accessible way for people and companies to access and offer credit.

TECHNOLOGY BUMPS
Ethereum has also been plagued by the network’s inability to scale to meet demand without incurring high transaction fees as well as slow execution of transactions, market participants said.

The first phase of an upgrade called Ethereum 2.0 launched last year is aimed at addressing the network’s tech issues on speed, efficiency, and scalability.

However, John Wu, president of AVA Labs, an open-source platform for financial applications, pointed out that the planned migration to Ethereum 2.0 has been in the works for years.

“The timelines have consistently been delayed, so it’s hard to feel comfortable with that unknown,” he said.

Ethereum also faces stiff competition from networks such as AVA Labs’ Avalanche and Binance Smart Chain, which are also compatible with ethereum’s assets and applications.

Data from AVA Labs showed users have transferred more than $170 million to Avalanche from ethereum since February.

ANOTHER TECHNICAL ENHANCEMENT
Still, hopes of a technical adjustment called EIP (ethereum improvement proposal) 1559, which is expected to go live in July and is seen reducing the supply of ethereum, has provided a lift for the digital currency.

EIP-1559 aims to reduce the volatility of ethereum’s fees by introducing a mechanism to burn some of those transaction fees, which should slow the token’s issuance, analysts said.

The impact on ethereum’s price could be similar to a bitcoin halving event, in which an adjustment cut bitcoin’s supply and propelled its price to record highs, analysts said.

“There’s a lot of numbers going around the market about the potential impact that has like a halving-type magnitude with bitcoin,” said Richard Galvin, co-founder and chief executive officer of crypto fund Digital Asset Capital Management.

“They’re all pretty positive drivers that have, I guess, seen a pretty strong revaluing.”



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Dogecoin crashes as Elon Musk appears on ‘Saturday Night Live’, BFSI News, ET BFSI

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Dogecoin retreated from a record earlier Saturday, declining during Elon Musk’s appearance on “Saturday Night Live,” where the billionaire jokingly called the digital asset “a hustle.”

The fourth-largest cryptocurrency by market value reached a record above 73 cents on Saturday before dropping as low as 51.4 cents during the show. It was down 23% over the past 24 hours to around 55.6 cents as of 12:56 p.m. in Hong Kong, according to pricing from CoinGecko.

Elon Musk, who said he’s the first person with Asperger’s to host the show, was asked repeatedly during the “Weekend Update” segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yea, it’s a hustle.”

Musk, 49, is the world’s second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. He had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show.
There was a reference to Dogecoin during the opening monologue where his mother, Maye Musk, joined him on stage. The author and model said she was excited about her Mother’s Day gift, and she hoped it’s not Dogecoin — to which he said, “it is.”

In the Weekend Update segment, Musk was in character as a financial adviser trying to explain the concept of cryptocurrency. After being asked repeatedly what Dogecoin is, he agreed with one of the anchors that “it’s a hustle.”

Bitcoin, the largest cryptocurrency, retreated more than 1 per cent to around $58,000 as the show continued. Musk’s Tesla Inc. announced in February that it had bought $1.5 billion of Bitcoin, and Musk himself has spoken of the digital asset in favorable terms.

Cryptocurrencies are “promising, but please invest with caution,” Musk tweeted earlier on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That follows months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable.

Musical guest Miley Cyrus wasn’t taking the host’s obsession with the coin too seriously, according to a tweet she posted on Saturday.



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CBDT Made Available Offline Utility Of ITR 1 & 4, Check Steps To File

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Taxes

oi-Vipul Das

|

For the Assessment Year 2021-22, the Income Tax Department has launched the Income Tax Return (ITR) Offline utility for taxpayers. For the time being, the department has allowed this utility service available to ITR-1 and ITR-4. The utility is built on the “JSON” technology, which is a quite new technology and allow taxpayers to file returns with greater accuracy and convenience. It can import and pre-fill data from an electronic filing portal. The balance details can be filled in and other than PAN data, you can update profile information in the utility; though, it is recommended that you modify it in your profile on the e-filing platform and retrieve pre-fill records. The e-filing platform does not allow you to upload your ITR. You can either fill it out and save it within the utility or export it as a json file to your device. You can upload the records to the e-filing platform once the filing is allowed. Pre-fill data relevant to tax payments, Upload of ITR, Questionnaire-based features to help you determine through ITR is relevant to you, Payment of taxes through this utility, and Tool to check and upload ITR through the utility itself are some of the add-ons and other ITRs that will be available in future updates. To file ITR 1 and ITR 4 follow the steps covered below:

CBDT Made Available Offline Utility Of ITR 1 & 4, Check Steps To File

Steps to file ITR 1 and 4

  1. Once you’ve logged in to the e-filing site, go to ‘Downloads’, then ‘Offline Utilities’, and then ‘Income Tax Return Preparation Utilities’ to get the Utility.
  2. A ZIP file will start installing on your device once you press the link for the Utility provided against ITR-1 or ITR-4. From the extracted folder open the Utility by double-clicking on it.
  3. Open the Utility from the extracted folder after extracting the downloaded utility as a ZIP file. Now select “Run Anyway” from the dialogue box.
  4. Once you select “Run Anyway,” your utility will begin to download, and you can then continue to file your ITR.
  5. You will be redirected to the homepage once you download the utility. To complete your Income-tax Return for the AY 2021-22, click “Continue.”
  6. If you’re filling out the return for the first time, go to the “File returns” tab. If you’ve already started filing your return, you can view the draft version in this tab and press “edit” to view all of the pre-filled ITR details you’ve previously imported into the utility.
  7. Choose the radio button for “Import pre-filled data” after clicking “File returns.” This choice allows you to import pre-filled data from your system in.json format to pre-fill the details in the income tax return with a single click.
  8. Select the “Assessment year” and press “Proceed” after entering the “PAN” with which you wish to fill out the return. Only the assessment year 2021-22 is available.
  9. After logging in to the e-Filing site, go to ‘My Account -> ‘Download Pre-Filled for AY 2021-22’ to download the pre-filled JSON which can be imported into the utility to pre-fill personal and other relevant details. Click “proceed” after attaching the pre-filled JSON file from your system.
  10. You will be redirected to the “Income Tax Returns” page upon clicking Proceed in the previous screen, where you can see the Basic pre-filled data from the imported JSON file. To continue, click “File Return.” Finally, select the Status that applies to you and press “Continue.” The status field will be pre-filled with details of the previous year and is customizable.
  11. Choose the ITR form you want to file from the dropdown menu and click “Proceed.” In a future update of the offline utility, a user-friendly questionnaire to determine ITR applicable to you will be available.
  12. To continue filling out your return, click “Let’s get started.”
  13. Fill in all of the ITR form’s applicable and necessary fields, validate all the ITR form’s sections, and the tax will be determined.
  14. You can preview and submit your Return once you’ve confirmed all of the schedules. By pressing the respective buttons, you can either “Download” or “Print” the preview. You can save the Preview to your device. It will be available in PDF format to save on your computer.
  15. To check the Return, click “Proceed to validation.”
  16. Keep in mind that the individual must validate all errors before being allowed to “Download JSON.” Simply click on the error, and you’ll be guided to the appropriate error.



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IDFC First Bank Revises Interest Rates On FD, Check New Rates Here

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Investment

oi-Vipul Das

|

With impact from May 1, private sector lender IDFC First Bank has modified interest rates on fixed deposits (FDs). Short-term FDs are available from seven days to one year, and long-term FDs are available from one to ten years at IDFC First Bank. For deposits with a term of 7 days to ten years, IDFC First Bank offers interest rates ranging from 2.75 percent per annum to 6 percent per annum after the latest revision. IDFC First Bank pays a 2.75 percent interest rate on FDs with terms of seven to fourteen days. The bank offers a 3.50 percent interest rate for 15-29 days and a 3% interest rate for 30-45 days. 4.00 percent on deposits maturing in 46-90 days, and 4.50 percent on deposits maturing in 91-180 days. IDFC First Bank offers 5.25 percent for FDs maturing in 181 days or less than a year. The bank pays 5.50 percent on term deposits for a maturity period of one or two years. IDFC First Bank also offers 5.75 percent for 2 years 1 day – 3 years. Long-term deposit interest rates at IDFC First Bank range from 6% to 5.75 percent for 3 to 5 year deposits and 6% to 5.75 percent for 5 to 10 year deposits.

IDFC First Bank Revises Interest Rates On FD, Check New Rates Here

Jana Small Finance Bank Revises Interest Rates On FD, Check New Rates Here

IDFC First Bank FD Rates

Tenure Regular FD Rates Senior Citizen FD Rates
7 – 14 days 2.75% 3.25%
15 – 29 days 3.00% 3.50%
30 – 45 days 3.50% 4.00%
46 – 90 days 4.00% 4.50%
91 – 180 days 4.50% 5.00%
181 days – less than 1 year 5.25% 5.75%
1 year – 2 years 5.50% 6.00%
2 years 1 day – 3 years 5.75% 6.25%
3 years 1 day – 5 years 6.00% 6.50%
5 years 1 day – 10 years 5.75% 6.25%
Source: Bank Website

Note

The bank has also cut its savings account interest rates as of May 1st. For those with deposits under Rs 1 lakh, IDFC First Bank will pay 4% interest after the most recent adjustment. The interest rate will be 4.5 percent for those who have a balance between Rs 1 lakh and Rs 10 lakh. Those with a balance of between Rs 10 lakh and Rs 2 crore will get the maximum interest rate of 5% respectively.



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