Top Banks Providing EMI Calculators

News About Top Banks Providing EMI Calculators

• Retail loans might help revive Indian economy

  NPA hit banks may have just found a way to recover the Indian economy. Since the liberalisation in 1991, India has ended up becoming more consumption driven in the past 25 years. The time has come where Indians now do not think twice before availing a loan to satisfy their consumption aspirations. This is a trend that is a very big opportunity for banks to lend money to people other than large corporates and businesses to whom they generally offer loans. With the increase in the number of defaults and losses when it comes to corporate lending, the focus on retail lending has increased by a large extent. The financial savings of an average Indian has increased by more than double the amount since the global crisis. Since the financial liabilities have also increased with the same pace, India will have to depend on overseas money to help with the growth. With the improvement in technology the number of people having access to banking facilities and the amount of people reaching out to banks for loans have greatly increased. Big banks like State Bank of India believe that at least 60 percent of the loans will be contributed by the retail portfolio of the bank.

  

  16 January 2019

• Interest Rates for Post Office Deposit Scheme

  A number of deposit schemes are offered by a post office. These schemes are also called small savings schemes. The sovereign guarantee of these schemes is their USP. They are backed by the Government of India, and some of them even provide tax benefits under Section 80C of the Income Tax Act. The Government of India reviews and fixed the interest rates for these schemes. One of the most popular deposit scheme offered by a post office is the Senior Citizen Savings Scheme. SCSS as it is also called, is a great investment option for those who are 60 years of age and above. The interest on this scheme is paid every quarter, and it has a lock-in period of five years. The maximum amount you can invest in the Senior Citizen Savings Scheme is Rs.15 lakh. You can open this account either singly or along with your spouse. It enjoys the EEE (Exempt-exempt-exempt) status because of which a large number of individuals are investing in it, and the interest rate it offers is 8.70%.

  

  15 January 2019

• Rupee inches up by 8 paise against dollar

  Due to selling in American currency by exporters and bankers, the rupee inched up to 70.39 early Thursday. However, local currency opened at 70.53, down by 6 paise.

  The continuous rise in global crude oil prices led to the rupee to close at 70.47 on Wednesday, extending its loss by 25 paise. Speculation that talks between China and the United States ahead of the FOMC could resolve their stand-off led to the US paper dollar to rise yesterday against its major crosses.

  

  14 January 2019

• Commercial Banks Offering Best Interest Rates for Recurring Deposits

  If you want to save up for your short-term goals, a recurring deposit is an effective banking solution. In these recurring accounts, you typically deposit a fixed sum of money on a monthly basis for a specified length of time – ranging from a period of six months to a period of up to 10 years. This period, however, varies from one bank to another.

  There are multiple commercial banks that offer attractive rates of interest on their recurring deposits. For example, the minimum deposit amount of State Bank of India (SBI) is Rs.100 or more, in multiples of Rs.10. Similarly, the minimum investment amount at HDFC bank is Rs.1000 on a monthly basis or in multiples of Rs.100.

  

  10 January 2019

• Latest FD rates of some of the top banks in India

  Punjab National Bank has now increased the fixed deposit rates for some of the maturity periods. The new rates have been in effect from 1 January 2019. This move comes after the rates were hiked by some of the other major banks such as ICICI Bank, State Bank of India, and HDFC Bank. Punjab National Bank is now offering an interest rate of 5.75% on fixed deposits of up to Rs.1 crore having a maturity period ranging between seven and 45 days, according to the Punjab National Bank website. The interest rates on fixed deposits of three different tenors has been increased by 5 basis points. For fixed deposits with maturity ranging between 7 and 14 days, the interest rate has been increased from 5.70% to 5.75%. deposits of 15 to 29 days and 30 to 45 days have also been increased to 5.75% now. For these fixed deposits, the interest rate offered by the bank has increased from 6.20% to 6.25%. Revision of rates was earlier done PNB in November 2018. For policies with maturity between five years and 10 years, State Bank of India offers an interest rate of 6.85%. For fixed deposits with maturity between five and ten years, ICICI Bank offers an interest of 7%. HDFC Bank offers an interest rate of 6.5% on all fixed deposits with maturity ranging between five years and ten years. Axis Bank offers an interest rate of 7% for fixed deposits that have a maturity ranging between five years and 10 years.

  

  7 January 2019

• The Recent RBI Move - What it Means for the Common People

  The Reserve Bank of India has recently proposed a major change in the banks operate. The official statement from RBI read that moving forward, the banks will be required to link their rates of interests that they are charging on multiple classifications of loans to the benchmarks that are external instead of the old existing internal benchmarks. Making use of the existing internal benchmarks has been the standard and norm up until now, till the RBI changed this rule.

  What lacks in substance with the current MCLR system is that there is a significant lack of required transmission of policy rates. If and when the Reserve Bank of India cuts the existing repo rate, there will exist no guarantee that the borrower will in fact receive the benefit of the rate cut or that it will transmitted back onto him. Due to the internal benchmarking of loan pricing, the rate cuts introduced in the policies do not make their way back to the borrowers.

  

  12 December 2018

• Interest Rates Remain to be Unchanged by RBI

  The Reserve Bank of India has planned to retain its existing interest rates as it has increased the rates twice already, and had even undertaken a cash squeeze. The economic condition in the country has finally been stabled as growth continues to happen at a nominal pace.

  The Central Bank will henceforth be more focused on liquidity, or the availability of cash in the system. Because of the major instability that was eating the Indian economy away, interest rates have remained at an all-time high. The RBI therefore has planned to infuse more liquidity in the existing system in the months that are going to follow. This in turn might help in increasing the cash flows significantly.

  

  5 December 2018

• New fixed deposit interest rates of top banks

  Several leading banks hiked the interest rates on their fixed deposits (FD). These banks include Axis Bank, ICICI Bank, and State Bank of India (SBI). These rates are effective starting 1 December and are for fixed deposits that are domestic and across different tenors. SBI increased its rates of fixed deposits from 5 to 10 basis points (bps). These interest rates have been increasing from 2017 and may increase even more so that banks can get more funds their lending requirements. For deposits below Rs.1 crore, for a tenor of 1 year, Axis Bank offers an interest rate of 7.30%, SBI offers 6.80%, HDFC Bank offers 7.30%, ICICI Bank offers 6.90%, and Kotak Mahindra Bank offers 7.30%.

  Another reason that FD interest rates are increasing is that there has been an improvement in credit growth. The increase in market volatility is also a reason FDs have become more attractive to investors. For FDs that have a 5 to 10 year lock-in period, the Income Tax Act Section 80C offers tax benefits that are attractive.

  

  4 December 2018

• All About SBI Fixed Deposit Account Types and More

  When investments (safe investments) are concerned, Indians are strong believers of fixed deposits, also known as term deposits. This is because investment in fixed deposits offer guaranteed returns, which is a huge factor especially for the Indian citizens. Indians are typically risk averse and fixed deposits are most popular for providing returns that are fixed (as the name suggests).

  Fixed deposits offered by banks are the most common kind of investment options in India as they are typically unaffected by the uncertainties of the market. What FDs require is for the applicant to deposit a lump-sum amount of money for an interest rate that is higher than that offered in savings accounts. The typical tenure of a fixed deposit ranges from about seven days to approximately ten years. This means that you can let the money accumulate over the period of time and then take it out when it has acquired some value.

  The interest rates offered on fixed deposits typically vary from one Bank to another and this is the only constant applicable in this scenario. SBI Multi Option Deposit Scheme (MODS) are essentially term deposits that are basically linked to savings accounts or individual current accounts. MODS is a little different from a typical fixed deposit or term deposit account. Where you can withdraw funds from a normal term deposit account anytime, you can do so in MODS only in the multiples of 1000. Whatever balance is remaining in your MODS account will continue to attract the term deposit rates as and when required.

  

  29 November 2018

• Penal interest on delayed EMI payments to be GST payable

  Bajaj Finserve had recently collected penal interest on EMIs that were delayed. Maharashtra’s Authority for Advance Rulings (AAR) has ruled that this is subject to GST. The reasoning for such a ruling, given by the AAR, is that this comes under the GST Act’s ‘supply’ description because it is a receipt of the amount for their customers not paying the EMI within the due date. The authority noted that there is an understanding between the two parties to tolerate or foresee a situation of default by the loanees for a consideration that is monetary and which is received by the applicant. It further stated that under the laws of GST, exemptions for financial transactions is only for the interest or discount that is earned for loans, advances, or deposits. A penal interest for delayed EMI deviates from this so an exception is not admissible.

  

  28 November 2018