Good news for the SBI customers, particularly those looking to invest in bank fixed deposits (FDs) for a short to medium term. The State Bank of India, the nation’s largest bank, has again hiked the interest rates on retail term deposits below Rs 1 crore with effect from May 28, 2018, by up to 25 bps. However, the interest rates have been revised only on the FDs of a few select terms. For example, term deposits of 1 year to less than 2 years will now fetch 6.65 per cent interest as against 6.40 per cent earlier, while term deposits of 2 years to less than 3 years will earn 6.65 per cent interest as against 6.60 per cent earlier. Similarly, for senior citizens, while term deposits of 1 year to less than 2 years will earn 7.15 per cent interest as against 6.90 per cent earlier, term depos
New Delhi: A fresh plea was moved in the Delhi High Court raising concerns about Aadhaar data security and privacy of individuals, in the wake of several reported leaks of personal information of people from the Unique Identification Authority of India's (UIDAI) database. The matter, seeking directions to the Centre to either allow people to opt out of the system or deletion of the entire existing UIDAI data in view of the security breaches, came up before a bench of Justices Sanjiv Khanna and Chander Shekhar which declined to hear it now as the Supreme Court was dealing with the Aadhaar issue. The high court listed it for hearing in August. The petitioner, Kerala-based lawyer Shamnad Basheer, has alleged in his plea that there were several breaches of the Aadhaar system leading to
Chinese smartphone manufacturer Xiaomi has launched Mi Credit, an instant personal loan feature exclusively for MIUI users. Loan providers are listed on the Mi Credit platform, and users can log in and apply for personal loans which come with a gamut of repayment options. With the launch, Mi Credit becomes the third value-added internet service for Indian users, after Mi Video and Mi Music. Mi Credit offers a hassle-free application process The Mi Credit platform allows users to apply for a loan from anywhere at any time. Loans offered range from Rs. 1,000 to Rs. 1 lakh. Notably, Mi Credit offers a hassle-free approach to apply for instant loans wherein the application process is entirely online and can be completed using Aadhaar and PAN cards. Loans are re
EPF or employee provident fund withdrawal claims above Rs. 10 lakh don’t have to be filed online. Retirement fund body EPFO or Employees’ Provident Fund Organisation has recently revised some of its rules related to provident fund claims. The EPFO has nearly six crore subscribers and manages a corpus of about Rs. 10 lakh crore. In a circular dated April 13, EPFO said offline claims will also be accepted in all cases. EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawals. EPF Withdrawal – New Rules “In case the amount of claim settlement is above Rs. 10 lacs for PF claims and Rs. 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only,” the retirement fund body said in a circular in F
Higher penalty The last date to file your income-tax returns (ITR) is usually 31 July, unless it is extended by the income tax department. From the assessment year 2018-19, if you don’t pay your tax on or before the deadline, you will have to pay a penalty of up to Rs 10,000 for late payment. If you file returns after 31 July and on or before 31 December, you will have to pay Rs 5,000 as penalty. However, if you file returns after 31 December, you will have to pay a fine of Rs 10,000. This penalty is applicable for those who have a taxable income of more than Rs 5 lakh. If your taxable income is up to Rs 5 lakh and you have delayed your ITR, you will have to pay Rs 1,000 penalty. 1% interest a month © LiveMint if you don't file your ITR your tax on or before the deadline, you will h
Retirements and digitisation has led to a reduction of around 15,762 employees at the country’s largest lender State Bank of India (SBI). But here's some good news for those seeking bank jobs. The public sector bank (PSB) is set to hire 10,300 employees before the end of March 2019. “Basically, we are replacing only about 75 percent of the retirements that are taking place given the cost and operational efficiency helped by digitisation and the merger process. This year, we plan to recruit 2,000 probationary officers (POs) and 8,300 clerical staff, of which 1,100 are from the reserved category which we have to mandatorily recruit,” Prashant Kumar, Corporate Development Officer at SBI told Moneycontrol. SBI reported a massive Rs 7,718 crore loss for the January to March quarter in FY18
Regular fixed deposits (FDs), which are popular among investors, are different from their tax-saving counterparts. Tax-saving fixed deposits (FDs) require customers to lock-in their investment for a minimum period of five years. Interest rates on tax-saving fixed deposits (FDs) are no doubt attractive but a premature withdrawal is not allowed. So while you can redeem regular fixed deposits before their maturity period, tax-saving fixed deposits cannot be redeemed before maturity. Interest income earned on fixed deposits is taxable. Key banks like State Bank of India (SBI), ICICI Bank, HDFC Bank and post offices offer the option of tax-saving fixed deposits. Given below is a comparison of interest rates on tax-saving fixed deposits (FDs) of SBI, ICICI Bank, HDFC Bank and post offices ...
Evolution of Internet is being used for the betterment of the lives. DigiLocker is a “digital locker” service operated by the Government of India which enables the Indian citizens to store certain official documents in the cloud. The service is aimed to reduce the need to carry physical documents. It is a part of the Government’s Digital India Initiative. Documents can be stored in DigiLocker :- Educational certificates, PAN Card, driving license, vehicle ownership documents, identification card issued by government agencies like Aadhaar Card and so on can be stored in DigiLocker. Storage Space in DigiLocker :- 1 GB of storage Space is offered to the users to store documents in DigiLocker. Requirements to use DigiLocker :- The users need to possess an Aadhaar Card
The world was shocked when legendary actress Sridevi was found unresponsive in a bathtub of a hotel in Dubai in February and consequently declared dead. After the investigation concluded, authorities claimed that the actress had died due to accidental drowning on 24 February 2018. However, there were also speculations and conspiracy theories that the English Vinglishactress’s death was a planned murder and not an accident. Most of those theories were put to rest as time passed. However, after three months, a retired Assistant Commissioner of Police, Ved Bhushan, who runs a private investigation agency (PI) in Delhi has claimed that Sridevi’s death looks more like a planned murder than an accident. “It’s very easy to put someone in bathtub forcefully until victims breathing stops withou
The revenue department has made unique identity number Aadhaar and PAN mandatory for persons seeking a customs broker licence, according to a notification. 'Customs broker' is a person licensed to act as an agent on behalf of importer/exporter for transaction of business relating to entry or departure of conveyances or goods at any customs station, including audit. According to the Customs Brokers Licensing Regulations, 2018, notified by the Central Board of Excise and Customs (CBEC) recently, an applicant seeking to get a licence for customs broker should hold Aadhaar as well as PAN card. The Directorate General of Performance Management, as per the regulations, in the month of April of every year invites applications for conducting examination and subsequent grant of licence to act a...