Category: Personal Finance

This Company Will Be Paying Out Rs. 130/Share Total Dividend Between November-December

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Planning

oi-Roshni Agarwal

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A dividend is the part of the company’s profits which it distributes among its shareholders. While the net profit that is not distributed as dividend forms the free reserves and surplus of the company.

This Company Will Be Paying Out Rs. 130/Share Total Dividend Between Nov-Dec

Investors gain from investing in dividend yield stock in 2 ways:

Stock price appreciation in due course

Possibility of regular pay out as dividend based on the stock’s dividend history

Also, a good dividend history assures an investor and provides confidence that the scrip would do reasonably well in the future course.

Hence as dividend yield stocks tend to be lucrative for investors here is one stock that is soon to offer Rs. 130 per share as dividend (segregated as Rs 90 -special dividend and Rs. 40 final dividend). Procter and Gamble Health in an exchange filing on August 26 notified that the Board of Directors of the Company have recommended a final dividend of Rs. 130 per equity share, for the financial year ended June 30, 2021, which includes a one-time special dividend of Rs. 90 per equity share. Importantly this dividend shall be paid between November 15, 2021 and December 08, 2021, on approval of the Members at the 54th Annual General Meeting.

Meanwhile, the company has also sent a communication to shareholders in respect of TDS deduction on dividend income from P&G Health- final dividend 2020-21.
Note the ex-date for the both the dividend types is November 2, 2021. Ex-dividend date is usually one day prior to the record date and on this day the price of the equity share of the company gets adjusted for the dividend pay-out.

The stock’s dividend yield considering the last traded price of Rs. 5403.6 is 2.41 percent.

Past dividend history

Announcement Date Ex-Date Dividend Type Dividend (%) Dividend (Rs)
15-09-2020 18-11-2020 Final 420 42
16-09-2020 18-11-2020 Special 1880 188
27-02-2019 23-05-2019 Final 240 24
28-02-2019 23-05-2019 Special 4160 416
22-02-2018 21-05-2018 Final 150 15
27-02-2017 25-05-2017 Final 110 11
29-02-2016 22-04-2016 Final 75 7.5
05-02-2015 30-03-2015 Final 60 6

Procter and Gamble Health was established in the country in the year 1967 as one of Merck’s Asian subsidiaries. The company is amongst the country’s largest VMS companies engaged in manufacturing and marketing of over-the-counter products, vitamins, minerals, and supplements products for a healthy lifestyle and improved quality of life.

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6 Currently Active And 1 Upcoming Rights Issue In October 2021

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Reasons why company come up with Rights Issue:

1. Business expansion, acquisition etc: Given the improving business sentiment, investors’ confidence owing to sustained levels of foreign fund flows in the last few months, companies’ across verticals are looking to expand their business and consequently increase value for its shareholders. Hence for meeting up the capital requirement without creating an extra burden on its balance sheet, company goes for a rights issue. Some of the fundamentally strong companies during the pandemic announced rights issue including L&T Finance Holdings Limited, Tata Power, etc.

2. Become Debt-Free:

The most recent example in this case is Reliance Industries which launched the rights issue in 2020 to become debt-free. It remains as the world’s largest rights issue by any non-financial entity in the last 10 years. The company used the proceeds from the issue towards repayment of its debt.

Rights issue: Key dates to know

Rights issue: Key dates to know

Record date/ cut-off date: Rights for issue of rights shares is offered only to those shareholders whose names are there on the company’s shareholders list as on the record date or cut off date for the rights shares issuance.

Ex-rights date: One or 2 days prior to the record date is the ex-rights date. Say if the records date for the rights issue is 25th September then the ex-rights shall be on 23rd September. Any purchase to qualify for exercising the rights in the rights issue will have to be made by 22nd September.

1. Bharti Airtel:

1. Bharti Airtel:

The telecom major Bharti Airtel has announced a Rs. 21,000 crore rights issue that will open on October 5, 2021. In the issue, shareholders of Bharti Airtel as on the record date set as September 28 can buy 1 rights issue share for every 14 shares held by him or her.

The rights issue price is Rs. 535 per fully paid-up equity share and the issue size is 39.22 crore shares. Last the shares of Bharti Airtel traded at a price of Rs. 695 per share. Now to be eligible for the rights issue shares, only shareholders who own the company’s shares before ex-rights date will be eligible i.e. September 27, 2021.

2. RPP Infra Projects:

2. RPP Infra Projects:

RPP Infra Projects is a constructing company engaged mainly in the infra development of highways, roads and bridges. The company is also providing services across SEZ Development, Water Management Projects, Irrigation and Power Projects.The company’s Rs. 48 crore rights issue is currently underway and will run until October 18, 2021. Under the issue, the company will be issuing additional 1.6 crore equity shares.

The rights entitlement is in the ratio of 3:5 i.e. for every five shares held by the shareholder of the company as on the record date he or she can buy 3 more shares. Last the share of RPP Infra Projects traded at a price of Rs. 66.20 i.e. more than double the rights issue price.

3. Aruna Hotels Limited:

3. Aruna Hotels Limited:

Formerly referred as Aruna Sugars & Enterprises Ltd, the company’s business spanned across sugar, hotels and chemicals. Later through restructuring it divested its sugar mill as well as alum unit and thus now into hotel business only.

The company as part of its rights issue worth Rs. 24.9 crore will issue RE or right entitlements to anyone who hold its shares as on July 23, 2021 (record date). Tentative date of allotment of these rights issue shares is October 21, 2021 while the date of listing is October 26, 2021.

4. Kesoram Industries:

4. Kesoram Industries:

Kesoram Industries Limited is one of the pioneer companies under the flagship ‘B K Birla Group Of Companies’. The company’s product line spans tyres to cement to rayon.

The Rs. 399.99 crore rights issue will involve the issuance of up to 7,99,99,665 rights shares. Rights entitlement ratio in the offer will be 133 equity shares for every 274 equity shares held by eligible equity shareholders of the Company as on the record date.

5. Asian Granito India:

5. Asian Granito India:

The company is into manufacturing of ceramic wall and floor tiles, glazed vitrified tiles, polished vitrified tiles, composite marble and quartz in India. The company has global presence in 78 nations.

As part of its rights issue the company will issue 2,24,64,188 fully paid-up Equity Shares of the face value of Rs 10 each for cash at a price of Rs 100 per Equity Share (including a premium of Rs 90 per equity share) aggregating to Rs 224.65 crore on a rights basis to eligible equity shareholders in the ratio of 19:29. The stock in today’s trade closed at a price of Rs. 154.2 per share on the NSE.

6. Praxis Home Retail:

6. Praxis Home Retail:

Incorporated in the year 2011, Praxis Home Retail is a small cap scrip. The company runs an online portal together with retail outlets for selling home furnishing products.

Through the issue the company aims to aggregate Rs. 49.49 crore by issuing 4.35 crore shares.

7. Bannari Amman Spinning Mills Limited:

7. Bannari Amman Spinning Mills Limited:

It is a vertically integrated textile company that is into manufacturing of cotton yarn, woven and knitted fabrics, finished garments, home textiles and wind power generation.

The company will issue Right Entitlements (RE’s) to anyone who the company’s shares as of September 8, 2021 (record date). As part of the issue, the company will issue up to 3,33,33,333 equity shares of face value Rs.5 each (“rights equity shares”) for cash at a price of Rs.30 per equity share (including a share premium of rs.25 per equity share) (the “issue price”), aggregating upto rs.10,000 lakhs on a rights basis.

Rights issue offer current active or upcoming in October

Rights issue offer current active or upcoming in October

Company Rights ratio Rights issue price Issue period Announcement date Record date Ex-rights date
Bharti Airtel 01:14:00 Rs. 535 Oct 5 -Oct 21 29th August 2021 28th September 27th September
RPP Infra Projects 03:05:00 Rs. 30 Sept 27- October 18 17th Feb 20th September 17th September
Aruna Hotels 83:30:00 Rs. 10 Sept 29- October 13 5th August 2020 23rd Jul 22nd July
Kesoram Industries 137:34:00 Rs. 50 Sept 27- October 11 14th May 2021 17th September 16th September
Asian Granito 19:29:00 Rs. 100 Sept 23- October 7 July 14, 2021 9th September 8th September
Praxis Home Retail 11:08:00 Rs. 11.35 Sept 21- October 5 January 29, 2021 8th September 7th September
Bannari Amman Limited 21:20:00 Rs. 30 Sep 20- Oct 4 August 13, 2020 9th September 8th September

Disclaimer:

Disclaimer:

Note the list of currently active and upcoming rights issue is collated just for information only and is not a recommendation to apply for the rights issue of these shares.

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Gold Rates At 3 Months Low, Drops By Rs. 610 On Sept 30, Good Time To Buy

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Personal Finance

oi-Kuntala Sarkar

|

Today on September 30, Indian gold rates dropped significantly by Rs. 610/10 grams gold. The Indian Bullion Jewellers Association (IBJA) failed to keep gold prices up ahead of the festive season in India, as the rates in the international markets are falling. The 22 carat gold is quoted at Rs. 44,490 / 10 grams, while the 24 carat gold is quoted at Rs. 45,490 / 10 grams today. The international gold prices are also struggling hard to even maintain the $1725 level, which is a poor rate for this year. Ahead of the festive season in India, if you are planning to buy gold for marriage or any other auspicious purpose, it is certainly a good time.

Gold Rates At 3 Months Low, Drops By Rs. 610 On Sept 30, Good Time To Buy

The Comex gold future hiked by 0.08% at $1724, while the spot gold market dropped by 0.12% at $1725/oz today till 4.38 PM IST. On the other hand, the US dollar index in the spot market gained by 0.15% same time today, as the US treasury yield is rising now. In India, the Mumbai MCX gold in October future fell by 0.08% at Rs. 45,733/10 grams till today 4.39 PM IST. Indian gold prices now are on the path of falling which is expected to worsen in the future. This year and the upcoming year, both are going to be a tough time for gold rates globally.

Indian gold rates started to fall largely since August, but even in that month, the lowest rate did not slip below Rs. The lowest rate for 22 carat gold was Rs. 45,280 on August 9, and for 24 carat gold, it was Rs. 46,280 on the same date. Overall performance in the last month of 22 carat gold was a fall by 2.11%. This month the data has been worse.

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 44,490/- 45,490/-
Delhi 45,200/- 49,310/-
Bangalore 43,050/- 46,960/-
Hyderabad 43,050/- 46,960/-
Chennai 43,360/- 47,300/-
Kerala 43,050/- 46,960/-
Kolkata 45,550/- 48,250/-

A Kitco report mentioned today, “Starting off in the UK, quarter on quarter GDP rose 5.5% vs economist expectations of 4.8% and a previous reading of -1.6%. Later in the session, the market will get the latest US GDP data which is expected to hit 6.6%, and more comments from Fed Chair Powell.” Already the market is expecting US Fed tapering from December and thus the gold rates are being impacted negatively globally, reflecting the same trend in India.

Story first published: Thursday, September 30, 2021, 18:05 [IST]



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Stocks to Buy: Defense Stock, Auto Stock To Consider As Suggested By ICICI Securities

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Buy Bharat Electronics with upside potential of 22%

ICICI Securities is positive on the scrip of Bharat Electronics and has set a target price of Rs. 250 i.e. an upside of 22 percent from the last traded price of Rs. 205 per share.

According to ICICI Securities, Over the next two to three years, non-defense revenue contribution is predicted to rise from 10% to 20% to 25%, a capex of Rs 1800 crore is planned. Over the next two to three years, focus on maintaining just R&D and IT and outsourcing other requirements to cut human costs from 14% to 12-13%.

What should investors do?

“Overall, expected double digit revenue, order inflow growth, sustained margins and strong order book to ensure a better performance.  We remain long term positive and retain our BUY rating on the stock Target Price and Valuation: We value BEL at Rs 250 i.e. 22x P/E on FY23E EPS,” the brokerage has said.

Bharat Electronics: Key triggers for future price performance

Bharat Electronics: Key triggers for future price performance

  • Diversification into non-defense fields, as well as an emphasis on boosting exports and services share, would aid long-term growth and de-risk the company’s operations.
  • Strong order inflow guidance of Rs 15000-17000 crore for FY22E We estimate revenue and EBITDA to rise at CAGRs of 14.6 percent and 11.9 percent in FY21-23E, respectively, boosted by margins in the region of 21-22 percent.
  • Double-digit returns ratios with a strong balance sheet.

Alternate Stock Idea

The brokerage is also positive on Siemens Ltd in our coverage.  Further penetration of value added automation and digitisation products & suggested a buy with a target price of Rs 2550.

Buy VST Tillers Tractors with upside potential of 20%

Buy VST Tillers Tractors with upside potential of 20%

ICICI Securities is positive on the scrip of VST Tillers Tractors and has set a target price of Rs. 3,180 i.e. an upside of 20 percent from the last traded price of Rs. 2,650 per share.

VST Tillers Tractors (VST) is the biggest agricultural mechanization company in the United States, with a 54 percent market dominance in the power tiller category and a 10% market share in the small tractor segment.

According to brokerage, power tiller sales were 6,729 units, up 30% year over year, while tractor sales totaled 2,048 units, up 16% year over year. Sales for the quarter totaled Rs 194 crore, increasing 32 percent year over year and essentially flat quarter over quarter. EBITDA for the quarter was $ 25 crore, with EBITDA margins of 13.1 percent, up 190 basis points year on year.

What should investors do?

What should investors do?

“VST’s share price has grown at ~7% CAGR from Rs 1,900 levels as of September 2016 to Rs 2,650 levels prevailing now. We retain BUY rating amid healthy growth prospects over FY21-23E.

Target Price and Valuation: We value the company at a revised target price of Rs 3,180 i.e. 25x P/E on FY23E EPS of Rs 127.3,” the brokerage has said.

Key triggers for future price-performance:

  • Volume growth in the power tiller market has been fueled by import restrictions, with VST already onboarding a couple of domestic players for whom it plans to perform contract production. In FY21-23E, we predict power tiller sales to expand at a CAGR of 19.6%, reaching 39,051 units in FY23E.
  • With the introduction of high-horsepower tractors, the tractor segment is predicted to grow at a 12.6 percent CAGR from FY21 to FY23E, reaching 11,195 units in FY23E.
  • VST also plans to diversify its product portfolio and expand meaningfully in other categories like as power reaper and precision components.
  • VST has set a lofty goal of becoming a Rs 3,000 crore worldwide brand in agriculture mechanisation and solutions by 2025.

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only and investors should exercise some discretion, given that the Sensex is near the 60,000 points level.



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Kotak Mahindra Bank Changes Interest Rates On FD & RD: Latest Rates Here

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Kotak Mahindra Bank Recurring Deposit Interest Rates

On recurring deposits, Kotak Mahindra Bank is offering the below-mentioned interest rates to resident individuals and HUF only.

Tenure Interest Rate p.a. (%) Senior Citizen Rates p.a. (%)
6 Months 4.25% 4.75%
9 Months 4.40% 4.90%
12 Months 4.50% 5.00%
15 Months 4.75% 5.25%
18 Months 4.75% 5.25%
21 Months 4.75% 5.25%
24 Months 5.00% 5.50%
27 Months 5.00% 5.50%
30 Months 5.00% 5.50%
33 Months 5.00% 5.50%
3 years – less than 4 years 5.20% 5.70%
4 years – less than 5 years 5.20% 5.70%
5 years – 10years 5.25% 5.75%
Source: Bank Website, Recurring Deposit rates effective from 30th September-2021

Kotak Mahindra Bank Fixed Deposit Interest Rates

Kotak Mahindra Bank Fixed Deposit Interest Rates

For a deposit amount of less than Rs 2 Cr with a premature withdrawal option, Kotak Mahindra Bank is now promising the below-listed interest rates on fixed deposits.

Tenure Interest Rate p.a. (%) Annualised Yield Senior Citizen Rates p.a. (%) Annualised Yield
7 – 14 Days 2.50% 2.50% 3.00% 3.00%
15 – 30 Days 2.50% 2.50% 3.00% 3.00%
31 – 45 Days 2.75% 2.75% 3.25% 3.25%
46 – 90 Days 2.75% 2.75% 3.25% 3.25%
91 – 120 Days 3.00% 3.00% 3.50% 3.50%
121 – 179 days 3.20% 3.20% 3.70% 3.70%
180 Days 4.20% 4.20% 4.70% 4.70%
181 Days to 269 Days 4.25% 4.30% 4.75% 4.81%
270 Days 4.40% 4.45% 4.90% 4.96%
271 Days to 363 Days 4.40% 4.45% 4.90% 4.96%
364 Days 4.40% 4.45% 4.90% 4.96%
365 Days to 389 Days 4.50% 4.58% 5.00% 5.09%
390 Days (12 months 25 days) 4.75% 4.84% 5.25% 5.35%
391 Days – Less than 23 Months 4.75% 4.84% 5.25% 5.35%
23 Months 4.90% 4.99% 5.40% 5.51%
23 months 1 Day- less than 2 years 4.90% 4.99% 5.40% 5.51%
2 years- less than 3 years 5.00% 5.09% 5.50% 5.61%
3 years and above but less than 4 years 5.20% 5.30% 5.70% 5.82%
4 years and above but less than 5 years 5.20% 5.30% 5.70% 5.82%
5 years and above upto and inclusive of 10 years 5.25% 5.35% 5.75% 5.88%
Source: Bank Website, INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 30th September 2021

Kotak Mahindra Bank Interest Rates On Savings Account

Kotak Mahindra Bank Interest Rates On Savings Account

Daily balances in Savings Accounts up to Rs. 1 lakh will fetch 3.50 percent p.a. interest as of September 20, 2021. The interest rate on daily savings account balances above Rs. 1 lakh has been raised to 3.50 percent per annum. Only Resident Accounts are eligible for these interest rates.

Nature Normal Senior Citizen
A. Domestic (W.e.f. Sep 20, 2021) 3.50% p.a. 3.50% p.a.
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Sep 20, 2021) 3.50% p.a. 3.50% p.a.
C. Non Resident (NRE/NRO) 3.50% p.a. 3.50% p.a.
Source: Bank Website, (W.e.f. Sep 20, 2021)



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How is Covid related financial relief granted by employer taxed?

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It is vital to know the tax treatment for money received for treatment, ex-gratia to family in case of death of employees

The pandemic had created significant havoc in the lives of the people. Corporates, charities and well-wishers have shown compassion towards the affected people by contributing in various forms. However, this act of humanity has its uncertainty from an income-tax standpoint. The government was gracious enough to take cognizance of a few uncertainties and issued a press release dated June 25, 2021 to clarify the taxation standpoint on some accounts. These reliefs are subject to an amendment to the Income Tax Act, though. Against this backdrop, we have discussed few nuances concerning Covid relief and the press release of the government. The imaginary conversation between Yaksha and Yudhishthira explains some aspects.

Yaksha – Hi Yudhi, is the money received from an employer/others for medical treatment taxable?

Yudhishthira – Medical reimbursements provided by the employer for a prescribed ailment in an approved hospital will not be treated as a taxable perquisite. However, Covid-19 is not a prescribed ailment/disease to date under Rule 3A(2). Therefore, the reimbursement could be treated as a perquisite. To address this concern, a press release was issued to clarify that any amount received from an employer for medical treatment due to Covid-19 will not be subject to tax in the hands of employees. This relief mentioned in the press release does not differentiate between employees opting for the old or new taxation regimes.

For amounts received from anyone other than employers, Sec. 56(2)(x) (a.k.a “Gift Tax”) taxes the recipient if the aggregate amount exceeds ₹50,000 in a year (excludes receipts from prescribed relatives). Therefore, there was a question about what would happen if a person received money for medical expenses beyond the limit. Would it trigger taxation ? The press release has clarified that receipt for Covid-19 treatment will not be subject to tax.

Yaksha – Does the relief mentioned above include assistance in financial and non-financial forms?

Yudhishthira – The non-financial assistance from the corporates/charities include donating oxygen cylinders, ventilators, ICU Beds, testing kits, medicines, etc. The press release has addressed only financial aid by employers to employees or their family members and is silent on non-financial assistance.

Yaksha – Is the vaccination cost of the employer and their families also covered under medical treatment?

Yudhishthira – Sec.17(2)(iii) r.w. Rule 3A(2) refers only to reimbursement of medical treatment, and there is an apprehension that vaccination is only preventive care. Therefore, vaccination costs could be treated as perquisite. However, one can refer to Section 80D, wherein the deduction for health insurance premium is granted to preventive health check-ups up to a specific limit. We need to see what happens on this front.

Yaksha – Can you explain the taxability of gratuitous payment received by the deceased family from the employer or others?

Yudhishthira –Sec. 56(2)(x) is equally applicable in this situation. To relieve the grieving families, the press release has clarified that the exgratia paid by the employer to the deceased family is fully exempt. If the exgratia is received from a person other than an employer, the amount is exempt up to ₹10 lakh.

Yaksha – For which financial year(s), is the relief proposed for taxpayers?

Yudhishthira – The press release had mentioned relief for the Financial Year 2019-20 and subsequent years. The timeline for filing original/revised/belated return of income for the FY 2019-20 has already expired, and the taxpayers would have filed the return taking a specific position on the taxability of various assistances. For FY 2020-21, the return filing deadline is extended to December 31, therefore the press release could be relied on. Taxpayers are advised to maintain sufficient documentation to support the relief are received towards Covid-19 medical expenses.

Yudhishthira – Yaksha, the agony that the family and the employees felt on Covid-19 is unfathomable. The tax consequences, if any, will only add to such agony. The government somewhat addresses this aspect in the press release, as you say. But one has to wait for the actual amendment to see whether the above aspects are addressed in the law per se, right?

Yaksha – That’s right.

Mukesh Kumar is a partner at M2K Advisors

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Amish Mehta to take charge as Crisil MD & CEO from Oct 1, BFSI News, ET BFSI

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Amish Mehta will take over as the Managing Director and Chief Executive Officer of Crisil Ltd, an S&P Global Company, effective Oct 1.

Mehta will aim to further steer the company’s Indian and global businesses, and boost efforts of delivering analytics, opinions and solutions to corporates, policymakers, governments and financial institutions, the company said.

Mehta has taken over from Ashu Suyash, who decided to move on to set up her own venture.

Mehta joined Crisil in 2014 as the president and chief financial officer, and was later appointed as president and chief operating officer in 2017.

“I feel very excited to lead this outstanding global organisation in its next phase of growth… Our
commitment to sustainability and analytical excellence will remain the core guiding principles as we explore new growth opportunities,” Mehta was quoted as saying in the release.

Mehta is a chartered accountant as a professional, and was previously the CFO of Indus Towers.

(Photo credits: LinkedIn)



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Top 4 Private Sector Banks Offering Up To 6.50% Returns On 3 Year Fixed Deposits

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Investment

oi-Vipul Das

|

Fixed deposit vehicles are a wonderful option for investors who don’t want to take any risks and want to know how much money they’ll earn when they reach maturity. Fixed deposits allow you to invest a fixed amount of money for a certain period of time, ranging from seven days to ten years, and get a fixed interest rate that varies depending on whether you’re a regular customer or a senior citizen. However, owing to the high rate of inflation, we do not encourage investors to put money into FDs for the long term; instead, investing for the short term with a reinvestment option plan is preferable. You have the option of receiving interest payments monthly or quarterly, as well as reinvesting your fixed deposit’s interest. By investing for short-term in the current scenario with a reinvestment strategy is the best way to get higher returns resulting in minimizing interest rate risk, and based on higher returns only, here we have compiled the top 4 private sector banks that are promising up to 6.50% returns on 3 years fixed deposits.

RBL Bank

RBL Bank

From the beginning of the month of September, RBL Bank had revised interest rates on its fixed deposit account on 1st September 2021. On 3 years of fixed deposits of less than Rs 3 Cr this private sector bank is promising an interest rate of 6.00% to the general public and 6.50% to senior citizens.

Period of deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
Source: Bank website, w.e.f. September 01, 2021

Yes Bank

Yes Bank

On resident fixed deposits of less than Rs 2 Cr, Yes Bank is offering the following interest rates on deposits of up to 3 years.

Period Regular Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 to 14 days 3.25% 3.25% 3.75% 3.75%
15 to 45 days 3.50% 3.50% 4.00% 4.00%
46 to 90 days 4.00% 4.00% 4.50% 4.50%
3 months to 4.50% 4.50% 5.00% 5.00%
6 months to 5.00% 5.03% 5.50% 5.54%
9 months to 5.25% 5.32% 5.75% 5.83%
1 year 5.75% 5.88% 6.25% 6.40%
18 Months to 6.00% 6.14% 6.50% 6.66%
Source: Bank Website, w.e.f 5th August, 2021

IndusInd Bank

IndusInd Bank

With effect from 23rd July 2021, IndusInd Bank is promising the below-mentioned interest rates on Domestic /NRO/ NRE/Senior Citizen Fixed Deposits of less than 3 years.

Tenure Regular Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 days to 14 days 2.5 2.5 3 3
15 days to 30 days 2.75 2.75 3.25 3.25
31 days to 45 days 3 3 3.5 3.5
46 days to 60 days 3.25 3.25 3.75 3.75
61 days to 90 days 3.4 3.4 3.9 3.9
91 days to 120 days 3.75 3.75 4.25 4.25
121 days to 180 days 4.25 4.25 4.75 4.75
181 days to 210 days 4.6 4.63 5.1 5.13
211 days to 269 days 4.75 4.81 5.25 5.32
270 days to 354 days 5.5 5.58 6 6.09
355 days to 364 days 5.5 5.58 6 6.09
1 Year to below 1 Year 6 Months 6 6.18 6.5 6.71
1 Year 6 Months to below 1 Year 7 Months 6 6.23 6.5 6.77
1 Year 7 Months to below 2 Years 6 6.23 6.5 6.77
2 years to below 2 years 6 Months 6 6.32 6.5 6.88
2 years 6 Months to below 2 years 9 Months 6 6.47 6.5 7.05
2 years 9 months upto 3 years 6 6.52 6.5 7.11
Source: Bank Website, w.e.f. July 23rd, 2021

Bandhan Bank

Bandhan Bank

With effect from 7th June 2021, Bandhan Bank is offering the following interest rates on retail domestic / Non-Resident Rupee Term Deposits of less than 3 years.

Period Interest Rates for Non-Senior Citizens Interest Rates for Senior Citizens
7 days to 14 days 3.00% 3.75%
15 days to 30 days 3.00% 3.75%
31 days to Less than 2 months 3.50% 4.25%
2 months to less than 3 months 3.50% 4.25%
3 months to less than 6 months 3.50% 4.25%
6 months to less than 1 year 4.50% 5.25%
1 year to 18 months 5.50% 6.25%
Above 18 months to less than 2 years 5.50% 6.25%
2 years to less than 3 years 5.50% 6.25%
Source: Bank Website

Story first published: Thursday, September 30, 2021, 14:41 [IST]



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Housing loan demand from informal sector is back on track, BFSI News, ET BFSI

Personal Finance

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Housing loan demand from the informal, self-employed lower income group is back to pre-covid level as economic activity resumed after the second wave, according to housing finance company who provide housing loan only to such sectors.

Agrim Housing Finance Company (Agrim HFC), and Religare Housing Development Finance Corporation Limited (RHDFCL) have plans to raise more fund, expand to more cities in order to cater to the growing demand from informal sector.

“By March 2021, we had a order book of close to Rs 500 crore. Due to the issues with parent company, we have not been able to disburse loan but we are in talks with bank to raise more fund and by Q4 FY 22 we expect to start disbursing again. In the next three years, we are looking to take our order book to Rs 3,000 crore,” said Rahul Mehrotra, Managing Director and CEO, RHDFCL.

50% of RHDFCL’s customers are salaried while the other 50% are self employed.

“The Covid pandemic did impact our customers and we had given rebate as per RBI’s guideline. Close to 50% it our customers availed moratorium. We have already started receiving queries for fresh loans and we expect to start disbursing from the fourth quarter of the financial year,” said Mehrotra.

The company has plans to expand to more cities of UP and Haryana and enter Uttarakhand as part of its deeper reach to tier 2 and 3 cities.

Agrim HFC that provide home loan only to informal sector, said that it has plans to take its order book from Rs 10 crore to Rs 100 crore this year.

“We plan to add 18 cities in the next 18 months. Covid has accelerated the digitisation and even those working in informal sector, use digital medium to avail loan,” said Malcolm Athaide, co founder and CEO, Agrim Housing Finance Company.

The company has funding commitments from CEOs of global and Indian companies. The company has presence in 4 cities, Mumbai, Pune, Bangalore and in Indore. Agrim HFC plans to expand its network to 18 locations in 7 states and expects a revenue growth of 30%, in the next 12 months.

“Adopting new age technology to provide easy and quick access to home loans Agrim HFC aims to fulfil the home ownership dream of the millions of Indians who have thus far faced difficulties accessing finance. Agrim HFC is able to provide easy housing finance solutions to individuals who are unable to prove their creditworthiness under the formal financial matrix,” he added.

India has more than 400 million households, with more than 160 million households in urban areas. There currently is demand for 3.1 million houses by the informal households of which only 0.7 million manage to obtain finance.

“Favourable demand dynamics driven by need for independent living spaces and growing financial inclusion of consumers in the informal sector have accelerated demand for mass housing. Participation from global developmental financing institutions for development of affordable housing projects and improving infrastructure connectivity with Tier 2 and 3 cities have emerged as strong supply side catalysts in this space,” said Sumeet Abrol, M&A and REI sector leader and Partner, Grant Thornton Bharat.



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How to transfer money using UPI without Internet, BFSI News, ET BFSI

Personal Finance

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UPI stands for Unified Payment Interface (UPI). It allows transfer of money from one bank account to another instantly via one’s mobile phone. Payments can be made via app on mobile device only.

Along with the online mode, UPI is also available for non-Internet based mobile devices (smartphone as well as basic phones) in the form of a dialling option, *99#, and is known as USSD 2.0.

Here is a look at how you can use UPI without the Internet.

What you need to use UPI
Some of the commonly used apps offering payments via UPI method are BHIM, which is developed by NPCI, and there are some private players as well such as Paytm, PhonePe, Google Pay, Amazon Pay etc.

To use UPI, you must have a bank account with a member bank, i.e., your bank should allow you to use the UPI facility. Some of the member banks include State Bank of India (SBI), HDFC Bank and ICICI Bank.

Along with this, your mobile number must be registered with your bank account for purpose of verification.

Key services offered under *99#
According to the National Payments Corporation of India (NPCI), the key services offered under *99# service include, sending and receiving interbank account to account funds, balance enquiry, setting / changing UPI PIN besides host of other services. *99# service is currently offered by 41 leading banks & all GSM service providers and can be accessed in 12 different languages including Hindi & English.

Also read: How does UPI work?

Features of *99# service

  • Supports menu-based applications that is easy to maneuver for the users
  • Does not require data connectivity (works on signaling channel) that makes it high availability service
  • Round the clock availability (works even on holidays)

Do keep in mind that you will be charged a nominal fee for using this service by the telecomm service provider — it is usually Rs 0.5 per transaction for using the *99# service. The maximum charges have been set by TRAI at Rs 1.5 per transaction.How to register for *99#
Step 1: Dial *99# from your registered mobile number
Step 2: Select your bank account
Step 3: Enter the last 6 digits of your debit card number
Step 4: Enter the expiry date; enter and confirm the UPI PIN. After this step you can start using the service.

How to transfer money using *99#
Step 1: Dial *99# from your registered mobile number
Step 2: The screen with options will appear. Dial 1 to select “Send Money” and click on reply

Step 3: To send money, dial the option you want to use to send money: 1 for mobile number, 3 for UPI ID, 4 for saved beneficiary. If you want to transfer money using the person’s UPI ID, dial 3.

How to transfer money using UPI without Internet
Step 4: Next step is to enter the amount you want to transfer. Dial the amount you want to transfer. After entering the amount, you will be asked to enter your UPI PIN (set at the time of registration process mentioned above).

How to transfer money using UPI without Internet
How to transfer money using UPI without Internet
Step 5: Up on successful transfer of money you will get this message on your phone.

How to transfer money using UPI without Internet
You will also get an SMS informing you about the transaction.



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