Archives for

Reserve Bank of India

How safe is your Bank Fixed Deposit?

Most people consider their bank fixed deposits extremely safe but some recent events in Cyprus (an euro zone country) bust this myth of safety of bank deposits. The Cyprus government has decided to use the depositors’ money in bank account to pay off its debts. Deposits greater than €100,000 were frozen by the government but [...]

16 Personal Finance Changes in Budget 2013

Every budget changes lots of things in the personal finance space. Here is a list of 16 things that has changed for you. 1. Income Tax Slabs for FY 2013-14 The income tax slabs have largely remained unchanged for individuals. There are two major changes. People with income less than Rs. 5 Lakhs have to [...]

Lowest Home Loan Rates from SBI

With the recent policy rate cuts from Reserve Bank of India (RBI), State bank of India (SBI) has cut its home loan rates by 0.05%. This has made SBI home loan cheapest in the market. The new Home Loan rates from SBI are 9.95% for Loans below 30 lakh and 10.10% for loans of more [...]

RBI Rate Cut Impact: Rush for Fixed Deposit and wait for your Loan

Reserve Bank of India (RBI) in its monetary policy presented on January 29, 2013 cut repo rate and cash reserve ratio by 25 basis points each. Repo rate, the rate at which banks borrow from the central bank, has been slashed to 7.75%; and the cash reserve ratio, the portion of bank deposits the banks [...]

Personal Finance: Changes from April 2012

With start of new financial year 2012-13, a lot would change from today in personal finance space. Here is the list. Good News: Increased Interest on Small Savings Scheme like PPF, NSC, etc: The government has increased interest rates on post office deposits like PPF, NSC, Fixed Deposit, Recurring Deposit, and Senior citizen Scheme in [...]

Gold Loan: Banks or NBFCs?

With the recent notification of RBI (Reserve Bank of India) about limiting Non Banking Financial Companies (NBFC) to provide Gold Loan up to 60% of value of Gold Jewellary, it seems now rules of the game would be rewritten. Now, banks might turn out to be better option for Gold Loan borrowers due to following reasons: NBFCs [...]

Gold Loan: Your Eligibility Got Reduced

Gold loan has become popular form of borrowing in recent years. This is proved by the fact that Banks and non-banks are currently dishing it out at the rate of 1,20,000 new loans a day! At last count, the business was reckoned to be worth Rs 80,000 crore and growing at the rate of over [...]

Savings Bank Account becomes Tax Efficient: Budget 2012

There is some good news in terms of Interest you earn on Savings bank account. Till now all the interest income earned from your saving bank was taxable. However Budget 2012 proposes that saving bank interest income up to Rs 10,000 will not be taxed under a new section, 80TTA. This benefit would be available [...]

Recurring deposits – Start now to Gain from High Interest Rates?

If you are looking for investing your money in debt instruments, it’s the right time to do so. RBI (Reserve Bank of India) on March 9, 2012 has reduced CRR rates by 0.75%. This means banks would have more money to lend and so loan rates are expected to go down and so are fixed [...]

Buying your house got a bit more expensive

In a recent notification by RBI has called all banks to follow a common method of calculating what constitutes the Home Value. Till now banks used to add stamp duty, registration and other documentation charges to arrive to the final value of your home and then used to sanction 80% – 90% of the same as [...]

Earn 35% more interest on your Savings accounts from April 1, 2010

In a measure that would bring cheers to savings accounts holders, RBI has asked banks to start calculating interest rates on these accounts on daily basis from April 1, 2010. What does this mean for savings accounts holders? Well it means we would be paid more interest on our money in savings account. What is [...]