“No Cheer This Quarter: DA Rate Slashed for Bank Employees”,DA reduced to 1.23% Labour Bureau announces CPI (IW) index numbers for January, February and March 2025 are 143.20, 142.80 and 143 respectively. Average index numbers for the above quarter is =143. Therefore DA payable to Officers, of banks for the quarter is 19.97 % (the…
“No Cheer This Quarter: DA Rate Slashed for Bank Employees”,DA reduced to 1.23% Labour Bureau announces CPI (IW) index numbers for January, February and March 2025 are 143.20, 142.80 and 143 respectively. Average index numbers for the above quarter is =143. Therefore DA payable to Officers, of banks for the quarter is 19.97 % (the…
Premature withdrawal refers to the closure of a Fixed Deposit (FD) before its maturity date. While depositors may opt for early withdrawal due to unforeseen financial needs, such actions typically attract a penalty, which is generally a deduction from the interest earned on the deposit. General Penalty Structure Most banks impose a penal interest—usually ranging…
Revised ATM Fee Structure and RBI Mandate on Dispensation of ₹100 and ₹200 Banknotes ATM Transaction Charges: The Reserve Bank of India (RBI) has introduced a revised framework governing ATM transaction charges, effective from May 1, 2025. This initiative is aimed at enhancing transparency in customer service fees while providing greater operational flexibility to ATM…
A time deposit is a type of bank account that earns interest on the condition that the funds remain deposited for a predetermined period. The term “periodicity” in the context of time deposits refers to the specific duration for which the funds are committed. This term can range from as short as 7 days to…
[This article elucidates details of three categories of stamp duties in relation to transaction type, on adjudication, impounding of documents and also refund of unused stamp papers. The idea of Government raising revenue by way of stamp duty from the transactions of its citizen said to be originated in Holland in the early sixteenth century.…
This post elucidates how interest rates offered by banks may vary based on the tenor of deposits, the Periodicity of interest payable on SB accounts, accounts frozen by enforcement authorities, and floating deposits. Additional rate of interest paid by banks in certain cases, interest payable on NRE and FCNR (B) deposits, rules regarding interest payable…
A loan against a term deposit, also known as a loan against a fixed deposit (FD), is a secured loan that allows bank depositors to borrow against the security of the deposits. Loans or cash credit limits can be availed against Fixed Deposits, or Cash Certificate and Recurring deposits. Loans can be availed against domestic…
An individual or HUF who has opted for the old income tax rule can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in a single name or joint names…
A deposit is considered overdue when the maturity date has passed, and the deposit holder has not withdrawn or renewed it. This means the deposit has reached the end of its term, but no action has been taken to either take the principal amount back or extend the deposit period. Each bank has its own…