The interest rate on small savings schemes for October-December 2023 Quarter
As per a notification by the finance ministry on September 29, the rate of interest on the five-year recurring deposit has been increased to 6.7 percent from 6.5 percent. All other small savings schemes will continue to offer the same rate of interest as they did in July-September. The latest chart of interest for small…
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Government sets up a committee to address the demand for a guaranteed pension under the NPS
NPS returns are market-linked. This means that returns are not guaranteed but depend on market performance and the fund manager. Currently, the government contributes 14% of pay and employee contributes 10% to the NPS corpus. Compared to the old pension scheme (OPS), the pension received by some retirees under NPS was paltry under NPS. Hence,…
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Lenders must release property Documents within 30days of loan repayment: RBI
RBI on Wednesday directed all the regulated entities such as Commercial Banks, cooperative banks, small banks, RRBs, Local Area Banks, NBFCs, Asset Reconstruction Companies, etc. to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account. The…
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Sovereign Gold Bond scheme series II opens for subscription on Monday
The Sovereign Gold Bond Scheme 2023-24 – Series II will be open for subscription from September 11–15, 2023. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the…
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Thomas Cook launches India’s first Rupay prepaid forex card
The Worldwide travel agency cum Forex Services Company Thomas Cook (India) Ltd (TCIL) and the National Payments Corporation of India (NPCI) have launched India’s first RuPay prepaid forex card for Indians travelling to the United Arab Emirates (UAE). The omnichannel travel company TCIL is offering a broad spectrum of services including foreign exchange, corporate travel,…
RBI decides to discontinue incremental CRR cash reserve ratio
The Reserve Bank of India on Friday announced that it will discontinue incremental cash reserve ratio (I-CRR) in a phased manner. The central bank had announced the measure in its August 10 monetary policy meeting wherein scheduled banks were required to maintain an I-CRR of 10 per cent on the increase in their net demand…
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