Category: Personal Finance

Top 10 Public & Private Sector Banks Promising Higher Interest Rates On Savings Accounts

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

A savings account is a deposit account that pays interest that is deposited at a bank or other financial institution. Despite the fact that these accounts usually cost a low-interest rate, their stability and serviceability make them an excellent choice for holding capital for short-term purposes. Savings accounts have certain restrictions on how much you can withdraw money, minimum deposit limit, account maintenance charges etc, but they usually allow a lot of manoeuvrability, which makes them suitable for accumulating a nest egg. As a result, we’ve mentioned higher interest rates on savings accounts hare, which are currently provided by top private and public sector banks.

Top 10 Public & Private Sector Banks Giving Higher Returns On Savings Accounts

Public Sector Banks Savings Accounts

IDBI Bank and Punjab National Bank, both public sector banks, currently provide interest rates on savings accounts of up to 3.5 percent, while Bank of Baroda and Canara Bank provide interest rates of up to 3.2 percent. As opposed to what leading private banks have to offer, these interest rates are attractive. HDFC Bank and ICICI Bank, for example, provide 3 percent to 3.5 percent interest, whereas Kotak Mahindra Bank provides 3.5 percent to 4 percent. On the other hand, leading public sector banks such as State Bank of India (SBI) and UCO Bank offer 2.70 percent and 2.50 percent interest on a savings account, respectively. The minimum balance limit in public sector banks’ savings accounts starts from Rs 250 if we take the example of UCO Bank. Whereas the minimum balance limit for Axis Bank and HDFC Bank is Rs 2,500 to Rs 10,000. The minimum balance limit for ICICI Bank is between Rs 1,000 and Rs 10,000.

Sr No. Banks ROI per annum in % Minimum balance limit W.e.f.
1 Punjab National Bank 3 to 3.5 Rs 500 to Rs 2000 1st March 2021
2 IDBI Bank 3 to 3.4 Rs 500 to Rs 5000 May 1, 2021
3 Canara Bank 2.9 to 3.20 Rs 500 to Rs 1000 28.09.2020
4 Bank of Baroda 2.75 to 3.20 Rs 500 to Rs 2000 12.02.2021
5 Punjab & Sind Bank 3.1 Rs 500 to Rs 1000 12. 11. 2020.
6 Indian Overseas Bank 3.05 Rs 500 to Rs 1000 09.11.2020
7 Union Bank 3 Rs 250 to Rs 1000 31.03.2020
8 Central Bank of India 2.75 to 2.9 Rs 500 to Rs 2000 10.4.2021
9 Bank of India 2.9 Rs 500 to Rs 1000 1.10.2020
10 Indian Bank 2.9 Rs 500 to Rs 2500 21.11.2020
Source: Bank Websites

Private Sector Banks Savings Account

Among the leading private sector banks here we have listed the top 10 banks which are currently promising higher interest rates on savings accounts.

Sr No. Banks ROI per annum in % Minimum balance limit W.e.f.
1 RBL Bank 4.75 to 6.50 Rs 5000 March 1, 2021
2 IndusInd Bank 4 to 6 Rs 10,000 01.05.2015
3 Yes Bank 4 to 5.5 Rs 10,000 8 December 2020
4 Federal Bank 4 Rs 5000 1 October 2020
5 Kotak Mahindra Bank 3.5 to 4 Rs 10,000 1 April 2016
6 HDFC Bank 3 to 3.5 Rs 2500 to Rs 10,000 11 June 2020
7 ICICI Bank 3 to 3.5 Rs 2000 to Rs 10,000 4th June 2020
8 Axis Bank 3 to 3.5 Rs 10,000 to Rs 15,000 1 April 2021
9 South Indian Bank 2.35 to 4.5 NIL 21 October 2020
10 J & K Bank 2.9 Rs 1000 11.7.2020
Source: Bank Websites

Taxation rule on savings account

Interest on a savings account is taxable to the holder according to the relevant income tax slab rates. That being said, interest earned on a savings account is deductible under section 80TTA. Individuals under the age of 60 are eligible for a limit of Rs 10,000 per year. Those who are 60 years old or older can seek a maximum Rs 50,000 deduction on interest income under section 80TTB. Your savings account interest is applied under the heading income from other sources and then your net income is taxed according to the applicable tax threshold.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

SBI Cuts Home Loan Interest Rates: Check Details Here

Personal Finance

[ad_1]

Read More/Less


Planning

oi-Sneha Kulkarni

|

State Bank of India (SBI), the country’s largest lender, reported on Saturday that it had lowered its home loan interest rates. With effect from May 1, 2021, home loan interest rates will begin at 6.7 percent.

According to the bank’s press release, home loan interest rates would start at 6.7 percent for loans up to Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh and up to Rs 75 lakh. Home loans of more than Rs 75 lakh would have a 7.05 percent interest rate.

SBI Cuts Home Loan Interest Rates: Check Details Here

A special 5 basis point discount is being made available to women borrowers. Customers may also apply for a loan through the YONO App from the comfort of their own homes, earning a 5 basis point interest reduction, according to SBI.

SBI updated its home loan rates to begin at 6.95 percent on April 1st, with effect from that date. This came after the PSU bank announced a special offer that was valid until March 31 and included home loans starting at 6.7 percent. Visit https://homeloans.sbi/calculators to calculate your SBI home loan EMI.

In terms of assets, deposits, branches, clients, and employees, SBI is the largest commercial bank. It also claims to be the country’s biggest mortgage lender.

The bank’s home loan portfolio has surpassed the Rs. 5 lakh crore mark. As of December 31, 2020, the bank had an auto loan book of Rs. 75,937 crore, a deposit base of over Rs. 35 lakh crore, and advances of more than Rs. 26 lakh crore, with a CASA ratio of around 45 percent.GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

7th Pay Commission: Centre Clarify Issues On Pay Fixation Exercise Option

Personal Finance

[ad_1]

Read More/Less


Planning

oi-Sneha Kulkarni

|

From April 15, 2021, the central government has extended the three-month pay fixation deadline. After receiving a number of requests from different central government employee organizations, the centre released this clarification.

Though central government employees are busy calculating their salary increases following the restoration of Dearness Allowance (DA) from July 1, 2021, the government has announced another piece of good news (CGS).

However, according to the Department of Expenditure, a large number of references were obtained requesting forgiveness for the delay and another opportunity to exercise or pre-exercise the option for pay fixation because the employees had faced time constraints, among other things.

7th Pay Commission: Centre Clarify Issues On Pay Fixation Exercise Option

What is Pay Fixation?

Pay fixation refers to a change in pay made as a result of a raise, MACP, or pay increment or adjustment in accordance with a new pay commission. The fixation technique will be applied in accordance with the most recent amended pay rules provided by the Department of Labor from time to time.

The decision to allow salary fixation extensions would have a direct effect on the 7th pay commission pay matrix for central government employees.

“A large number of references have been received in this department seeking condonation of delay and allowing another opportunity to exercise/re-exercise the option of pay fixation as allowed under OM dated 28.11.2019 as the employees have faced time constraint, etc. in exercising their option of pay fixation thereunder,” The Department of Expenditure at Ministry of Finance issued an Office Memorandum said in this regard.

The OM continued, “The problem has been investigated, and the said OM approves giving central government employees another opportunity to exercise/re-exercise their choice for pay fixation within three months of the date of the OM’s issuance.” On April 15th, 2021, the Om was released.

Employees are entitled to an annual increase on January 1 or July 1 depending on the date of appointment, promotion, or financial upgradation, according to Rule 10 of the CCS(RP) Rules, 2016. The government had previously clarified the date of the next increase for central government employees in 2019 under Rule 10 of the Central Civil Services (Revised Pay) Rules, 2016.

Fitment factor of the 7th Pay Commission

A central government employee’s salary is divided into three sections, according to the rules of the Seventh Pay Commission: basic salary, benefits, and deductibles. A central government employee’s net CTC is calculated by multiplying their basic salary by the 7th CPC fitment factor plus all allowances. Net pay, on the other hand, is the difference between Net CTC and deductibles such as PF contribution, gratuity, and so on.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Australians can now receive wages in Bitcoins as crypto acceptance grows, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Bitcoin‘s dramatic surge from $22,000 in December 2020 to about $60,000 now is prompting many employed by cryptocurrency firms to take part or entire salaries in bitcoins.

After Miami City Council pledged to pay part of wages in Bitcoins, Australians can now receive a portion of their employment wages in Bitcoin using a new service from Living Room of Satoshi, a leading Australian Bitcoin payments company.

The “Wages” service allows a user to nominate a percentage of their regular pay to be converted to Bitcoin and instantly sent to their Wallet of Satoshi Bitcoin Lightning wallet. Wallet of Satoshi is a free application for iOS and Android, also created by the founders of Living Room of Satoshi, that boasts tens of thousands of active users worldwide.

Living Room of Satoshi

Living Room of Satoshi is an Australian company that enables payment of any bill, or transfers to any bank account, using Bitcoin and other crypto-currencies. Established in 2014, Living Room of Satoshi have facilitated hundreds of millions of dollars in payments and are fully regulated, operating under their own Australian Financial Services Licence.

The company is named in honour of Satoshi Nakamoto, the pseudonymous and mysterious creator of the original Bitcoin software.

Its CEO said with the astronomical rise in prices in the last six months, to provide an option for regular folks in Australia to also join this burgeoning ecosystem. The simplest and most pain-free way is to have a small percentage of your wage converted and sent to you when you get paid, he said.

In India

While there is no major trend of payment in Bitcoins in India, engineers and developers at crypto firms in India are being paid in kind.

Many young engineers and freelancers are accepting payments in cryptocurrency due to the ease of transferring it across borders, lower transaction costs.

With the dramatic surge of bitcoin value, those who accept the pay in such unit have reaped a huge windfall.

The risks

There have been times when thousands of dollars in value have been wiped overnight, and there is no guarantee the price will not continue to fluctuate in the future.

After a huge surge post Coin Base listing, bitcoin is down over 14% from record highs.

Still, there are signs that cryptocurrency has arrived on Main Street.

Growing popularity

Recently Mastercard said it expected to directly support some forms of cryptocurrency on its network in 2021, with one executive claiming that “digital assets are becoming a more important part of the payments world”.

Earlier this year, the City Commission of Miami has pledged its support to a proposal that would allow workers in the city to accept cryptocurrency as part of their salaries in the future.

the city’s mayor, Francis Suarez, said on Twitter that after his resolution was supported by local officials, a suitable vendor will be “procured” to “be able to offer our employees to get a percentage of their salary in Bitcoin (BTC).”

“This allows our residents to pay for fees in Bitcoin, and would also allow the city manager to cooperate with Miami county for taxes to be paid in Bitcoin,” Suarez announced. “This allows our residents to pay for fees in Bitcoin, and would also allow the city manager to cooperate with Miami county for taxes to be paid in Bitcoin,” the city’s mayor, Francis Suarez, the city’s mayor was quoted as saying.

The proposal has also been put forward to the state legislature for allowing BTC to be considered “an acceptable currency for us to potentially invest in, in the future.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Muthoottu Mini Financiers eyes 75% AUM growth in FY22

Personal Finance

[ad_1]

Read More/Less


MMFL has currently four lakh active customers, predominately from rural and semi urban areas.

Another NBFC from the Muthoot family is planning big, with the gold loan business doing well because of the pandemic. Kerala-based Muthoottu Mini Financiers (MMFL) has plans to open 100 branches across the country, and is targeting a 75% growth in assets under management (AUM) in the current fiscal, Mathew Muthoottu, managing director of MMFL, said.

MMFL had closed nearly 100 branches in 2019 and was in a consolidation phase after lagging way behind Muthoot Finance and Muthoot Fincorp in book value and AUM.

“Gold loan business is looking very good at this point of time due to the uncertainty as people need money and banks are not willing to lend. After the first lockdown, people wanted money to restart their trade, small shops and business, etc. Going forward, we believe gold loan has an essential part in servicing immediate capital requirement before banks come in,” Mathew Muthoottu said.

The gold loan NBFC achieved a growth of 40-50% in the last fiscal in spite of 2-3 months of complete lockdown.

MMFL has currently four lakh active customers, predominately from rural and semi urban areas.

“Before 2020, we were in a consolidation phase and closing down loss making branches. Now, we are planning to increase our branch network to 900 from 806 in this fiscal and gold loan AUM of Rs 3,500 crore from the present level of Rs 2,000 crore,” he added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

IndusInd Bank Revised Interest Rates On FD, Check New Rates Here

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

Customers can choose between short-term and long-term fixed deposits (FDs) at IndusInd Bank. The bank has recently changed its interest rates on FD which are in force from April 26, 2021. IndusInd Bank now provides 2.75 percent on deposits maturing in 7 to 30 days, 3.00 percent on deposits maturing in 31 to 45 days, 3.50 percent on deposits maturing in 46 to 60 days, and 3.75 percent on deposits maturing in 61 to 90 days. Deposits maturing in 91 days to 120 days will yield 4.00 percent interest, whereas those maturing in 121 days to 180 days will yield 4.5 percent, and those maturing in 181 days to 210 days will reap 5.00 percent. Following the new revision, IndusInd Bank now offers a 5.25 percent interest rate on FDs maturing in 211 days to 269 days, and a 6.00 percent interest rate on FDs maturing in 270 days or less than one year. IndusInd Bank provides higher interest rates to senior citizens (60 years and above). Senior citizens will continue to get an additional 0.50 percent interest rate from the bank. IndusInd Bank’s current senior citizen FD rates vary from 3.25 percent to 7.00 percent respectively.

IndusInd Bank Revised Interest Rates On FD, Check New Rates Here

IndusInd Bank FD Rates (below Rs 2 crore)

Tenure Regular FD Rates in % Senior Citizen FD Rates in %
7 days to 14 days 2.75 3.25
15 days to 30 days 2.75 3.25
31 days to 45 days 3.00 3.50
46 days to 60 days 3.50 4.00
61 days to 90 days 3.75 4.25
91 days to 120 days 4.00 4.50
121 days to 180 days 4.50 5.00
181 days to 210 days 5.00 5.50
211 days to 269 days 5.25 5.75
270 days or 354 days 5.50 6.00
355 days or 364 days 6.00 6.50
1 Year to below 1 Year 6 Months 6.50 7.00
1 Year 6 Months to below 1 Year 7 Months 6.50 7.00
1 Year 7 Months to below 2 Years 6.50 7.00
2 years to below 2 years 6 Months 6.50 7.00
2 years 6 Months to below 2 years 9 Months 6.50 7.00
2 years 9 Months to below 3 years 6.50 7.00
3 years to below 61 months 6.50 7.00
61 months and above 6.25 6.75
Indus Tax Saver Scheme (5 years) 6.50 7.00
Source: Bank Website



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Top 5 Banks Currently Promising Higher Returns On FDs

Personal Finance

[ad_1]

Read More/Less


DCB Bank

DCB Bank has updated its fixed deposit interest rates which are in force from February 5, 2021. For a period of 7-14 days, the revised rate of interest is 4.25 percent; for 15-45 days it is 4.80 percent; for 46-90 days it is 4.75 percent; for 91 days to 6 months it is 5.50 percent; and for 6-12 months it is 5.95 percent. Senior citizens will get an additional 0.50 percent interest rate on their deposits across all the tenure.

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 4.25% 4.75%
15 days to 45 days 4.80% 5.30%
46 days to 90 days 4.75% 5.25%
91 days to less than 6 months 5.50% 6.00%
6 months to less than 12 months 5.95% 6.45%
12 months to less than 15 months 6.05% 6.55%
15 months to less than 18 months 6.35% 6.85%
18 months to less than 700 days 6.50% 7.00%
700 days 6.70% 7.20%
More than 700 days to less than 36 months 6.50% 7.00%
36 months 6.75% 7.25%
More than 36 months to 60 months 6.75% 7.25%
More than 60 months to 120 months 6.75% 7.25%

Yes Bank

Yes Bank

Yes Bank offers fixed deposit schemes with terms ranging from seven days to ten years. On February 8, 2021, the bank adjusted the interest rate on its term deposits. Yes Bank now proposes an interest rate of 3.50 percent on deposits maturing in seven to fourteen days, 4 percent on deposits maturing in 15 to 45 days, and 4.5 percent on FDs maturing in 46 to 90 days, after the most recent adjustment. On term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months, Yes Bank offers 5%, 5.5 percent, and 6%, respectively. The Bank offers a 5.75 percent interest rate on FDs for a maturity period of 9 months or less than one year.

Tenure Regular FD Rates Senior Citizen FD Rates
7 to 14 days 3.50% 4.00%
15 to 45 days 4.00% 4.50%
46 to 90 days 4.50% 5.00%
3 months to 5.00% 5.50%
6 months to 5.50% 6.00%
9 months to 5.75% 6.25%
1 years 6.25% 6.75%
2 years 6.50% 7.00%
3 Years to 6.75% 7.50%

IndusInd Bank

IndusInd Bank

The interest rate on IndusInd bank’s term deposits has been updated as of April 26th, 2021. Following the most recent revision, IndusInd Bank now provides 2.75 percent on deposits maturing in 7-30 days, 3.00 percent on deposits maturing in 30-45 days, 3.50 percent on deposits maturing in 46-60 days, and 3.75 percent on deposits maturing in 61-90 days. Deposits maturing in 91 to 120 days will now yield 4.00 percent interest, 4.5 percent interest between 121 to 180 days, and 5.00 percent in 181 to 210 days. IndusInd Bank offers a 5.25 percent interest rate on FDs with a maturity period of 211 to 269 days, and a 6.00 percent interest rate on FDs with a maturity period of 270 days to less than 1 year.

Tenure Regular FD Rates in % Senior Citizen FD Rates in %
7 days to 14 days 2.75 3.25
15 days to 30 days 2.75 3.25
31 days to 45 days 3 3.5
46 days to 60 days 3.5 4
61 days to 90 days 3.75 4.25
91 days to 120 days 4 4.5
121 days to 180 days 4.5 5
181 days to 210 days 5 5.5
211 days to 269 days 5.25 5.75
270 days or 354 days 5.5 6
355 days or 364 days 6 6.5
1 Year to below 1 Year 6 Months 6.5 7
1 Year 6 Months to below 1 Year 7 Months 6.5 7
1 Year 7 Months to below 2 Years 6.5 7
2 years to below 2 years 6 Months 6.5 7
2 years 6 Months to below 2 years 9 Months 6.5 7
2 years 9 Months to below 3 years 6.5 7
3 years to below 61 months 6.5 7
61 months and above 6.25 6.75
Indus Tax Saver Scheme (5 years) 6.5 7

RBL Bank

RBL Bank

RBL Bank has recently revised fixed deposit interest rates which are in force from April 12, 2021. RBL Bank now provides 3.25 percent on FDs maturing in 7-14 days, 4.00 percent on FDs maturing in 15-45 days, and 4.50 percent on FDs maturing in 46-90 days as a result of the revision. FDs maturing in 91 days to 180 days yield 5.00 percent interest, whereas deposits maturing in 180 days to 240 days yield 5.25 percent interest. RBL Bank pays 5.50 percent interest on deposits for a maturity period of 241 to 364 days. Long-term deposits with a term of two years or less than three years yield 6.25 percent interest rate. RBL Bank offers a 6.40 percent interest rate on three- to five-year FDs. The bank is currently offering a 6.00 interest rate on FDs maturing in 60 months to less than 120 months and 120 months to 240 months. RBL Bank provides 0.50 percent higher rates to senior citizens than the general public. As a result senior citizens will get interest rates ranging from 3.75% to 7.10% respectively. The below listed rates are applicable on deposit amount of less than Rs 3 Cr.

Tenure Regular FD Rates in % Senior Citizen FD Rates
7 days to 14 days 3.25% 3.75%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 4.50% 5.00%
91 days to 180 days 5.00% 5.50%
181 days to 240 days 5.25% 5.75%
241 days to 364 days 5.50% 6.00%
12 months to less than 24 months 6.25% 6.75%
24 months to less than 36 months 6.25% 6.75%
36 months to less than 60 months 6.40% 6.90%
60 months to 60 months 1 day 6.60% 7.10%
60 months 2 days to less than 120 months 6.00% 6.50%
120 months to 240 months 6.00% 6.50%
Tax Savings Fixed Deposit (60 months) 6.60% 7.10%

Axis Bank

Axis Bank

With effect from March 18, 2021, Axis Bank has updated its interest rates on fixed deposits (FDs). Following the most recent revision, Axis Bank now offers 2.50 percent interest on FDs maturing between 7 and 29 days, 3% for FDs maturing between 30 days and less than 3 months, and 3.5 percent for FDs maturing between 3 months and less than 6 months. Axis Bank offers a 4.40 percent interest rate on FDs maturing in six months or less than eleven months and twenty-five days. 5.15 percent for 11 months 25 days to less than 1 year 5 days, and 5.10 percent for 1 year 5 days to less than 18 months Axis Bank pays 5.25 percent interest on term deposits that mature in 18 months or less than two years. On select maturities, Axis Bank provides senior citizens an additional rate of 0.50% higher than the general public. For deposits maturing in 7 days to 10 years, senior citizens will receive interest rates ranging from 2.5 percent to 6.50 percent 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 3.5
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 5.15 4.65
1 year 5.15 5.4
1 year 5 days 5.1 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 5.1 5.75
16 months 5.1 5.75
17 months 5.1 5.75
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



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Now Cashless Approvals For COVID ClaimsWithin 60 Minutes

Personal Finance

[ad_1]

Read More/Less


Insurance

oi-Sneha Kulkarni

|

The Insurance Regulatory and Development Authority of India (IRDAI) advised insurers on Thursday to make decisions on cashless COVID-19 care claims within 60 minutes of receiving the final bill so that the hospital bed can be easily made available to another patient in need.

This action by the regulator comes as a huge relief to policyholders at a time when the number of Covid-19 cases is rapidly increasing. Certain COVID-related lawsuits took a long time to resolve, causing the patient’s discharge to be delayed.

Now Cashless Approvals For COVID Claims Within 60 Minutes


In its 28.4.2021 Order, the High Court of New Delhi ordered IRDAI to advise insurers to communicate their cashless approvals to the concerned hospitals and establishments within a maximum time span of 30 to 60 minutes so that patients are not delayed in being discharged and hospital beds are not left unoccupied.

According to the IRDAI’s circular, insurers are advised to process such requests promptly, regardless of the time limits stated, so that both authorizations for cashless care and discharge of the patient can be expedited to the maximum extent possible.

The insurers have also been asked to give their respective Third Party Administrators (TPAs) the necessary instructions to ensure that the deadlines are met.

The government has set a ceiling on the cost of COVID-19 care in hospitals. However, not all hospitals adhere to these rates, and insurers prefer that the previously agreed-upon terms be followed.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Small Savings Schemes: Know TDS Rules On Withdrawals For IT Return Filers & Non-Filers

Personal Finance

[ad_1]

Read More/Less


Planning

oi-Vipul Das

|

New guidelines for tax deduction at source (TDS) on small savings schemes have been implemented by the government. TDS will be deducted from a withdrawal amount of more than Rs 20 lakh from post office schemes, including the PPF, if income tax returns for the previous three assessment years have not been submitted. TDS will be 2% of the amount withdrawn from Post Office schemes in a financial year that exceeds Rs 20 lakh. If the amount crosses Rs 1 crore, TDS will be applied at a rate of 5% on the excess amount. This rule of the Income Tax Act of 1961, Section 194N, is in force from July 2020. If you file an ITR, though, the rules are different. Where an ITR filer’s cash withdrawal in a financial year crosses Rs 1 crore. The amount above Rs 1 crore will be subject to a 2% income tax. TDS will be deducted only at the depositor’s Post Office, and the account holder will be notified in written of the deduction. Even if you apply Form 15H/G, a declaration that your income is below the exempted cap, you will be subject to TDS. Section 194N does not relate to 15G/15H declarations.

Small Savings Schemes: TDS Rules On Withdrawals For IT Return Filers/Non-Filers

Note

Cash withdrawals from a post office account have been restricted to only four transactions, according to the most recent India Post update. If you make more than four withdrawals, you will be charged 0.05 percent of the total amount on each transaction that exceeds the cap. Withdrawing Rs 25,000 annually from a savings or current account will incur no charges. Following that, each withdrawal will be subject to a minimum charge of Rs 25 or 0.5 percent of the overall amount withdrawn. There is no charge if you make a cash deposit of up to Rs 10,000 in a month. A deposit in every post office savings account of more than that amount, however, will impose a minimum of Rs 25. The withdrawal cap at Post Office GDS (Gramin Dak Seva) Branches are also increased, according to India Post. Now, the cap has been raised from Rs 5000 to Rs 20000 per account holder. The minimum mandatory amount to maintain an India Post savings account is Rs 500, and if the minimum standard is not satisfied, an Account Maintenance Fee of Rs 100 will be charged. The account will also be automatically terminated if there is no balance. On the IPPB platform, there are no limits on the number of free transactions, but non-IPPB (India Post Payment Bank) transactions are limited to three. The law applies to mini statements, cash withdrawals, and cash deposits. Each transaction will be subject to a charge once the free limit in the Aadhaar Enabled Payments System (AEPS) – India Post Payments Bank has been reached. Any deposit made after the threshold has been reached will be charged at Rs 20. You must pay Rs 5 to get a mini statement. A charge of 1% of the transaction amount, with a minimum of Rs 1 and a maximum of Rs 20 including GST and Cess will be charged if funds are transferred to another account after the cap is surpassed.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Rejected Covid 19 Cashless Treatment: Here’s A Step By Step Process To Raise Complaint

Personal Finance

[ad_1]

Read More/Less


Insurance

oi-Roshni Agarwal

|

In India, the coronavirus positivity case is on the rise, though on a good note there has been recovery at the same time. And as the insurance regulator IRDAI has asked the insurers to extend cashless treatment to the patients, in a case you have rejected the same, you can follow up here and raise the grievance:

Rejected Covid 19 Cashless Treatment: Process To Raise Complaint

First and foremost you can approach your insurer, you can also take on the complaint to the Insurance Ombudsman or the Grievance Redressal officer. Notably, the IRDAI has also asked to authorize cashless treatment within 60 minutes time.

How to file complaint in the event of rejection of cashless treatment for Covid19?

At first you need to make a complaint with the grievance redressal cell of the concerned insurance company. Also, in case a satisfactory response is not received within 15 days of raising the complaint then you may approach the Grievance Redressal Cell in the Consumer Affairs Department of the Irdai.

Notably, the complaints from the insured or claimants are attended to. And if the complaint on behalf of the policyholder is being addressed by the advocate or any third party, the complaint redressal cell will not respond.

The complaint has to be specified with all the requisite details in the form which can be downloaded from the IRDAI website -policyholder.gov.in (http://www.policyholder.gov.in/Report.aspx#) have to be submitted by the complainants.

Step by Step to raise complaint for not getting cashless treatment against Covid 19

For making the complaints, policyholders can take to the Integrated Grievance Management System(IGMS). It is an Irdai Portal at https://igms.irda.gov.in for registering as well as monitoring the status of the complaints.
-Complaint can be sent through Email to complaints@irdai.gov.in.
-You can call Toll Free No. 155255 or 1800 4254 732
-If you want to send the complaint in writing, the same can be sent to Irdai official addressed to: General Manager, Insurance Regulatory and Development Authority of India(IRDAI), Consumer Affairs Department – Grievance Redressal Cell, Sy.No.115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad – 500 032.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 284 285 286 287 288 … 387