What is Equity-Linked Savings Scheme (ELSS)?
Equity-Linked Savings Scheme (ELSS) funds are the most preferred tax saving instruments in the current year. The investment in the scheme offers you income tax rebate u/s 80 (C ) of IT act to the maximum limit of Rs. 150000.00 in a financial year with the shortest lock-in period of 3 years. TAX rule (EEE): Investment…
Read articleRBI instructs to Chests to allocate 40% cash supply for rural areas
In view of cash supply to rural areas at present are not commensurate with the requirements of rural populations, RBI advised banks to take steps to ensure that at least 40% banknotes are supplied to rural areas. In terms of RBI notifications the Banks, that all Chests operating in a district level should augment the…
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Bank Account operations by Old/Sick/Incapacitated Customers
The operation procedure for old/sick/incapacitated bank customers is laid down in para 5.6.2 of RBI Master circular. According to the circular, the cases of sick/old/incapacitated account holders fall into the following categories: an account holder who is too ill to sign a cheque/can not be physically present in the bank to withdraw money from his…
Read articleGrace period for exchange of defunct Rs.500/-& Rs.1000/- notes
The Reserve Bank of India has introduced a facility of exchange now defunct Rs.500/-& Rs.1000/- notes to those who were abroad during November 9, 2016, to December 30, 2016. In terms of RBI circular dated December 31, 2016; the following categories of individuals can exchange defunct Rs.500/-& Rs.1000/- notes with effect from January 2, 2017.…
Read articleRelaxation in daily Cash withdrawal limits from ATMs
RBI vide its circular no.DCM (Plg) No. 2142/10.27.00/2016-17 dated 30.12.2016 reviewed daily Cash withdrawal limits from ATMs with effect from January 01, 2017. The new limit for cash withdrawal is enhanced from the existing ₹ 2500/- to ₹ 4500/- per day per card.There is no change in weekly withdrawal limits.Such disbursals should predominantly be in…
All India Bank Holidays 2017
(The list of holidays and festivals in Indian for all states/UTs of India during 2017) Indian bank holidays are declared under explanation to section 25 of the Negotiable Instrument Act 1881. These holidays are declared separately by each administration of various Union Territories and State Governments. Bank holidays declared by a state/UT is observed only…
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