Small savings schemes: Revision of Interest rate for July-September 2023 Quarter
The latest chart of interest for small savings instruments for the Q2 (July 1 to September 30) of 2023 are as under. Scheme Rate of interest for July-September 2023 Rate of interest from April -June 2023 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.80% Quarterly rest 2-years’ time deposit 7.00%…
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Govt. proposes Motor Third Party Insurance Premium and Liability Rules for the Financial Year 2023-24
The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of…
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The issue of Sovereign Gold Bond Scheme 2023-24 – Series I opens today
The Sovereign Gold Bond Scheme 2023-24 – Series I will be open for subscription during June 19–23, 2023. The Subscription of the Gold Bonds under this Scheme shall be open between June 19, 2023(Monday) and June 23, 2023 (Friday). The Central Government may, with prior notice, close the Scheme at any time before the period…
Read article Due date for premature redemption of Gold Bond SGB 2017-18, Series IX -is May 26
RBI today announced the next due date of premature redemption of the Sovereign Gold Bond Scheme (SGB 2017-18, Series IX – Issue date November 27, 2017) tranche shall be May 26, 2023 (May 27, 2023, being a non-working Saturday). As per Sovereign Gold Bond Scheme, premature redemption of a Gold Bond may be permitted after…
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IRDAI norms for surety bonds
The Insurance Regulatory and Development Authority of India (Irdai) made significant changes to the norms governing ‘surety bonds, a type of insurance policy that protects parties involved in a transaction or contract from potential financial losses. As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now been reduced…
Why your bank insists on insurance cover for 120% value of inventories?
The working capital limit (generally known as cash credit limit) is sanctioned by banks and financial institutions to industrial and trading establishments for their investment in various types of current assets typically including raw materials, work in progress, finished goods, and office supplies, used in the operating cycle. This facility offers the borrowers flexibility and…
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