Indian money deposited in Swiss banks more than tripled in 2024, reaching nearly Rs 37,600 crore or 3.5 billion Swiss francs, according to data released by Switzerland’s central bank. The 2024 figure is the highest since 2021, when Indian money in Swiss banks had reached a 14-year peak of CHF 3.83 billion.This sharp jump, however,…
The central government has approved an interest rate of 8.25 per cent on Employees’ Provident Fund (EPF) deposits for the fiscal year 2024–25, an official confirmed to PTI on Saturday.This rate was recommended earlier this year by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO). The decision is expected to benefit…
Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April 1. (AI image) Banks across India will introduce a new format to help account holders or nominees recover unclaimed deposits exceeding ₹78,213 crore, according to informed sources.Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April 1….
Small depositors have protection through the DICGC’s (Deposit Insurance and Credit Guarantee Corporation) deposit insurance programme. Are your bank deposits insured if your bank fails? The recent news around IndusInd Bank has raised concerns about the safety of deposits. The Reserve Bank of India (RBI) has been quick to reassure bank customers that their deposits…
NSC and tax-saving FDs both qualify for Section 80C deductions up to Rs 1.5 lakh, but differ in interest taxation. (AI image) National Savings Certificate vs Bank Fixed Deposits: For tax-saving investments, National Savings Certificate (NSC) and bank tax-saving Fixed Deposits (FDs) stand out as preferred choices. These instruments guarantee returns, offer tax advantages under…
Fixed deposits are seen as reliable savings products where money is invested for a specific period with assured returns. (AI image) Top Bank Fixed Deposits: Bank Fixed Deposits (FDs) continue to be a favoured investment option for risk-averse investors looking for consistent returns. The present elevated interest rates offer a favourable investment window, particularly with…
For 2023-24, EPFO offered 8.25% interest on earnings of ₹1,07,000 crore. Latest EPFO interest rate: The EPFO might maintain the provident fund deposits interest rate for 2024-25 near the previous year’s 8.25% when its central board of trustees (CBT) gathers on February 28, according to informed sources.For 2023-24, EPFO provided 8.25% interest on ₹1,07,000 crore…
NEW DELHI: The tax relief measures unveiled in the 2025-26 Budget are likely to increase deposit inflow in banks and several scenarios worked out by the department of financial services (DFS) estimated it to be in the range of Rs 42,000-45,000 crore, a top official said on Monday.M Nagaraju, secretary DFS, told reporters that the…
MUMBAI: HDFC Bank‘s deposit base surpassed its advances for the first time after the merger of its parent housing finance company with the bank in July 2023. The country’s largest private bank disclosed its business figures for Q3 FY25 in a filing with the stock exchanges.The bank’s advances growth has slowed as part of its…
Individuals seeking high-yield investments can participate before the specified end date. (AI image) Special Bank FD schemes: Punjab and Sind Bank alongside IDBI Bank have introduced special fixed deposits with higher interest rates available until December 31, 2024. Individuals seeking high-yield investments can participate before the specified end date. IDBI Bank special FD IDBI Bank’s…