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HDFC Bank

By total sales for the year, HDFC Bank is India’s largest private bank. As part of the Reserve Bank of India’s (RBI) deregulation of the Indian Banking Industry in 1994, it was one of the first to get ‘in principle’ clearance to open a bank in the private sector. The top Bank Nifty constituent is HDFC Bank.

Over the last three years, net profit per employee has been steadily increasing, with a 15.43 percent increase last year. Stock returned 67.72 percent over three years, compared to 75.82 percent for the Nifty 100 index. Over a three-year period, the stock achieved a 67.72 percent return, compared to 57.53 percent for the Nifty Bank. HDFC Bank Ltd. is a financial firm that was founded in 1994. (having a market cap of Rs 928,243.06 Crore).

ICICI Bank

ICICI Bank is India’s largest private bank. ICICI Bank was established in 1994 as a wholly-owned subsidiary of ICICI Limited, an Indian financial organisation. It is one of India’s best private banks. Through a number of delivery channels and group entities, ICICI Bank provides a wide range of banking products and financial services to corporate and retail customers. In India’s Top 5 Private Banks, ICICI is ranked second.

In comparison to other banks operating in the private banking area, where growth in NPA numbers for Q1 FY22 was higher than predicted, asset quality had been mostly under control, with net NPA numbers showing a small uptick. The company has been able to consistently increase its net interest margin over the last three years, with margins of 2.95 percent last year. The stock returned 130.97 percent over three years, compared to 75.82 percent for the Nifty 100. Over a three-year period, the stock returned 130.97 percent, while the Nifty Bank provided investors a 57.53 percent return.

Kotak Mahindra Bank

The Group’s flagship firm, Kotak Mahindra Financing Ltd. (KMFL), got a banking licence from the Reserve Bank of India (RBI) in February 2003, making it India’s first non-banking finance company to convert into a bank – Kotak Mahindra Bank Ltd. Kotak is India’s fourth-largest private bank. It is one of India’s top five private banks. Over the last three years, net profit per employee has been steadily increasing, with a 13.34 percent increase last year. Stock returned 84.17 percent over three years, compared to 75.82 percent for the Nifty 100 index. Over a three-year period, the stock returned 84.17 percent, while the Nifty Bank provided investors a 57.53 percent return.

Axis Bank

Axis Bank is India’s third-largest private bank as well as the best private bank. In 1994, Axis Bank became one of the first new-generation private sector banks to open its doors. Axis stands in the third position in terms of net sales and the fourth position in terms of market cap. The company has been able to consistently increase its net interest margin over the last three years, with margins of 2.94 percent last year. The stock returned 43.72 percent over three years, compared to 75.82 percent for the Nifty 100 index. Over a three-year period, the stock returned 43.72 percent, while the Nifty Bank provided investors a 57.53 percent return.

IndusInd Bank

IndusInd Bank Limited is a Pune-based new-generation Indian bank. Commercial, transactional, and electronic banking goods and services are available from the bank. Manmohan Singh, the then-Union Finance Minister, launched IndusInd Bank in April 1994. It stands in the fourth position in terms of net sales. In comparison to the Nifty 100, which returned 75.82 percent over three years, the stock returned -18.29 percent. Over a three-year period, the stock returned -18.29 percent, while the Nifty Bank provided investors a 57.53 percent return. IndusInd Bank Ltd. is a financial firm that was founded in 1994, having a market cap of Rs 91,686.68 Crore.

IDBI Bank

An act established the Industrial Growth Bank of India in 1964 to provide financing and other financial services for the development of India’s young industries. It is a development finance institution and a publicly traded subsidiary of the Life Insurance Corporation of India. Sales fell by 23.29 percent in the third quarter, the lowest in the previous three years. Over the last three years, the company has steadily increased its net interest margin, with margins of 2.86 percent last year.

Bandhan Bank

Bandhan Bank Ltd., headquartered in Kolkata, West Bengal, is an Indian banking and financial services firm. With 5,596 banking outlets and over 2.35 crore customers, Bandhan Bank is present in 34 of India’s 36 states and union territories. Only 4.98 percent of trading sessions in the last three years had intraday drops of more than 5%. The stock returned -22.61 percent over three years, compared to 75.82 percent for the Nifty 100.

Over a three-year period, the stock returned -22.61 percent, while the Nifty Bank delivered investors a 57.53 percent return.

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Disclaimer

This article is only for information purposes. Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. Neither the author nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision made.

According to Section 80D of the Income Tax Act, an assessee can claim a tax benefit for medical insurance premiums paid for self, spouse, dependent parents or children, with an additional deduction of Rs 25000 obtainable for insurance paid for parents under the age of 60, and a deduction of Rs 50,000 for parents over the age of 60. However, the country’s largest lender, State Bank of India, has recently said that taxpayers can now claim the 80D deduction without paying for their parent’s health insurance premiums. “Now save more! Avail 80D Deduction without paying Health Insurance premium for your parents. Simply log in to YONO & file your ITR with Tax2win for FREE,” said SBI in a Tweet.

Documents required to file an income tax return with SBI YONO

According to a Tweet by SBI, taxpayers are only required to keep 5 documents handy while filing their income tax return using SBI YONO. “Do you want to file an ITR? You can do it FREE with Tax2win on YONO. All you need is 5 documents,” SBI said in a Tweet. The 5 necessary documents are as follows:

1. PAN Card
2. Aadhaar Card
3. Form-16
4. Tax deduction details
5. Interest Income Certificates
6. Investment proof for tax savings

Benefits of filing income tax returns early

By filing your income tax return early, you can get exciting benefits. “You get exciting benefits on filing your ITR early with Tax2win on YONO. Besides FREE filing, you also get early refunds, enough time to reconcile, and more,” said SBI in a tweet. Here is the list of benefits that you can avail of by filling your IT returns as early as possible.

• Get the lowest price for early birds.
• Early filing, early refunds
• Avoid the last-minute hassle
• Get enough time to rectify errors if any

How to file claim deductions under 80D using YONO SBI?

According to SBI, you can claim an 80D deduction without having to pay health insurance premiums for your parents. All you have to do is file your ITR on YONO SBI with Tax2win and get all relevant tax deductions. Not only this you can also get eCA assistance at just Rs 199 and the offer is valid 31st October 2021. To file your income tax return using YONO SBI follow the steps listed below:

• Login to YONO SBI using the required credentials such as Username and Password.
• Go to the ‘Shop & Order’ section and tap on ‘Tax & Investment’
• Now tap on ‘Tax2win’ and proceed further to file your income tax return in order to claim all eligible deductions.

Now save more! Avail 80D Deduction without paying Health Insurance premium for your parents. Simply log in to YONO & file your ITR with Tax2win for FREE. Download now: https://t.co/BwaxSb3HYQ#YONO #Tax2Win #ITR #Offer pic.twitter.com/H5YuwPBDLP

— State Bank of India (@TheOfficialSBI) October 19, 2021