RBI allows NRIs transfers from NRO to NRE a/c
According to an Agencies report, on Monday, the Reserve Bank of India (RBI) ruled that non-resident Indians (NRIs) would be allowed to transfer funds from Non-Resident Ordinary (NRO) accounts to Non-Resident External (NRE) accounts where the amount cannot be in excess of $1 million per financial year.
NRE deposits rise at cost of dollar deposits
While inflows in Non-resident (External) Rupee accounts (NRE) have increased on the back of higher interest rates, the funds in foreign currency non resident (FCNR) and Non-Resident Ordinary Rupee (NRO) accounts have been falling because of the interest rate differential.
SBT hikes FCNR deposit rates
State Bank of Travancore has announced an upward revision in interest rates for FCNR deposits with effect from May 8.
ICICI hikes FCNR (B) rates
ICICI Bank Ltd today announced increased interest rates on FCNR (B) deposits. The rates for 1 to 2 year tenure have been increased by 75 basis points and rates for 3 to 5 year tenure have been increased by 175 basis points.
SBI hikes FCNR (B) rates
State Bank of India has hiked FCNR (B) deposit rates. The interest rates for deposits of one-to-three years are up by 75 basis points, while for deposits of longer maturity the rates have been hiked by 175 basis points.
Gujarat NRE Coke approves issuance of 5 crore warrants
Kolkata, May 14 (IANS) Gujarat NRE Coke ltd, the largest independent coke producer in India, Monday said its board has approved the plan to issue five crore warrants to promoters on preferential basis and raising capital of up to $150 million by issuing securities.
State Bank of India hikes FCNR (B) rates
State Bank of India has hiked FCNR (B) deposit rates. The interest rates for deposits of 1 to 3 years are up by 75 basis points while for deposits of longer maturity these rates have been hiked by 175 basis points.
Gujarat NRE Coke to hold postal ballot
Gujarat NRE Coke Ltd will hold a postal ballot for a fresh issue of 5 crore convertible warrants to promoters on preferential basis, securities (including FCCBs) not exceeding $150 million or Rs 750 crore and provide securities, not exceeding A$100 million or Rs 500 crore, relating to the borrowings to be availed by Gujarat NRE Coking Coal Ltd, an Australian subsidiary for working capital ...
NRE deposit flows swell
Higher deposit rates offered to NRIs have helped the Reserve Bank of India preserve its forex kitty. Indians abroad pumped in $1.6 billion (Rs 8,000 crore) into Non-Resident External (NRE) deposits in January, following the central bank's move in December to deregulate NRE deposit rates.
IOB to hike foreign currency non-resident deposit rates
Indian Overseas Bank will take a formal decision on increasing interest rates on its FCNR(B) and NRE deposits early next week. Though a decision on that will be formally taken by the bank's asset-liability committee, it is quite clear that the bank will raise the rates on both the types of deposits.
De-jargoned | Employees? Pension Scheme
The part of your employer?s contribution to the EPF, goes into a defined pension product called the Employees? Pension Scheme (EPS)
Ask Mint Money | Before putting a plan in place, ensure you have enough cover
It is recommended that you increase your savings every year along with increase in salary
Slowing credit growth
It is yet another indication of the slowdown in the economy
Did You Know | Irda has launched a special consumer education website
If you need to file a complaint about an issue regarding your insurance policy or insurance company or even your agent or broker, this website could be of great help
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Ask Mint Money | Proper documentation of loan transactions is important
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Employees? Provident Fund Organization, EPFO, plans to withdraw its current system of linking your EPF number to your employer?s
My financial planner
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Product Crack | SBI virtual debit card
The card is issued for free and there is no maintenance charges attached to it. All Internet banking customers with transaction rights can avail this facility
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When you get married, you can increase your cover by purchasing a new term policy for the incremental cover. If term rates continue to fall, then you can purchase a new policy for the entire amount
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A great job can be an important contributor to your overall well-being
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If the employee has been in continuous employment for five years or more, then the withdrawal from such PF shall not be taxable, else it shall attract tax
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Different acquirers acquire different kinds of stakes in mutual funds. If your fund is acquired by another fund house, your investments will get affected depending on how much stake has been acquired
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However, there are only a few banks, including nationalized banks, offering educational loans specifically for school students
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Ask Mint Money | You can claim only one property as self-occupied for tax purposes
Under section 24 of the Income-tax Act, 1961, the interest paid on housing loan availed against a self-occupied property shall be allowed as deduction up to Rs1.5 lakh per financial year (FY)
Did you Know | The latest section 54 EC capital gains bonds for 2012-13 are open
Keep in mind that the issuer has the right to close the bonds before the official close date
Life insurance | Why you should worry about policies that die
The insurance business runs on hitting customers with a high-cost product and allowing the policy to lapse in the first three years
Ask Mint Money | If you already have debt exposure, consider equity and hybrid funds
Review your investments regularly and change schemes in case of underperformance. Also, try to increase your savings over a period of time