Fixed deposit
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Fixed Deposit is available with various tenures which the members can choose as per their requirement.
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Fixed Deposit Accounts
Fixed Deposit AccountsWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
Fixed deposit (FD) is a type of deposit which can be withdrawn only after a pre-defined tenure and attracts a higher interest rate when compared to savings account. The minimum period for placing these deposit is 7 days while the maximum period is 120 months. A recent study indicates that banks are now free to determine the rate of interest to be offered on FDs. Banks may offer deposits on a floating rate, interest shall be paid on quarterly or longer rests and interest is calculated on daily balance. Further, scheduled banks with a total deposit of less than Rs 25 crores are permitted to give an additional ½% interest. When the amount paid to the individual is in excess of Rs 10,000 bank has to deduct tax at source if the depositor has not submitted Form 15H or 15G or certificate u/s197(1) of the Income Tax Act 1961. Banks have the discretion to disallow premature withdrawal of large deposits other than individuals and Hindu Undivided Family (HUF). On maturity if the bank does not receive any intimation from the depositor then such deposits are recorded as overdue deposits in the books of the bank. Banks can grant loans by taking FD as a security. However, there are certain prohibitions to raising Fixed Deposits: banks cannot launch deposits with freebies such as free lunch and trips, for example. Savings Bank Account
A bank is defined as a financial institution that accepts deposits from customers and lends and invests those deposits to earn a profit. There are several major types of accounts individuals can open including savings accounts, current accounts, fixed deposits, and recurring deposit accounts. Savings accounts are for individual savings and cannot be opened for business purposes. To open a savings account, individuals must choose a bank, provide know-your-customer documents like ID proof, submit an application form, and maintain a minimum balance. Banks offer varying interest rates on savings accounts depending on the amount deposited. A nominee is a person nominated by the account holder to receive the funds in the event of the holder's death.
Fixed Deposits
Fixed deposits allow investors to deposit money in a bank for a fixed duration and earn interest. FD terms can range from a few weeks to over 5 years. Interest rates vary depending on deposit amount and term. To open an FD, one needs valid ID/address proofs and can deposit cash or transfer funds from their bank account. FD offers higher interest than savings accounts with lower risk than stocks. However, funds cannot be withdrawn before maturity and interest rates may not keep pace with inflation. Premature withdrawals are allowed but penalized with lower interest rates. FD interest is taxed according to the deposit holder's tax bracket. Senior citizens and those with lump sums are common FD investors.
Fixed deposit and it's pros & cons
Fixed deposit is a financial instrument where a sum of money is deposited with a bank or financial institution for a fixed period of time. In return, the depositor is paid a specified interest rate. Some pros of fixed deposits include high interest rates compared to savings accounts, safety of deposited funds if choosing a reputable institution, and lower risk than investing in stocks. However, fixed deposits also have cons like no protection against inflation, inability to withdraw funds before maturity, taxability of interest income, and risk of not being paid back in case of a financial crisis of the institution. Overall, both pros and cons must be considered based on personal factors and requirements when making savings and investment choices.
Current account
The document provides information about current bank accounts in India. It discusses that current accounts are deposit accounts that allow for convenient withdrawing and depositing of funds and are commonly used by businesses. Key features of current accounts mentioned include no interest earned, ability to make instant fund transfers, use of debit cards, and access to services like RTGS and NEFT. The document also outlines eligibility requirements, required documents, available facilities like overdraft, and responsibilities and advantages of holding a current account.
E banking
This document discusses e-banking and the new era of digital banking. It defines e-banking and online banking as conducting financial transactions through a bank's website. It describes the features of e-banking like online bill pay, transferring funds, and using mobile apps. It outlines the forms of e-banking like internet banking, ATMs, debit cards, and e-billing. It discusses the advantages of convenience and 24/7 access but also the disadvantages of security risks, technical difficulties, and some customers preferring human interaction.
Banking industry in india introduction
The document provides an overview of the banking industry in India. It discusses key points:
- The Reserve Bank of India (RBI) acts as the central bank and regulates monetary policy, banking supervision, foreign exchange and more.
- India has a multi-tiered banking structure including retail banking for consumers, international banking, and wholesale banking for large corporations.
- Banks in India must follow regulations around capital requirements, priority sector lending targets, and controlling non-performing assets.
- Performance is measured using metrics like capital adequacy, asset quality, management efficiency, earnings quality, and more.
Introduction to banking
The document provides a history of banking in India from the 1800s onwards in three phases. It discusses the key events like the establishment of presidency banks, creation of the Imperial Bank of India, nationalization of SBI and other banks. It also explains the basic functions of a bank like accepting deposits, lending money through various loan products, and services like letters of credit. The functions of current, savings and term deposits are described.
Recommended
Fixed Deposit Accounts
Fixed Deposit AccountsWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
Fixed deposit (FD) is a type of deposit which can be withdrawn only after a pre-defined tenure and attracts a higher interest rate when compared to savings account. The minimum period for placing these deposit is 7 days while the maximum period is 120 months. A recent study indicates that banks are now free to determine the rate of interest to be offered on FDs. Banks may offer deposits on a floating rate, interest shall be paid on quarterly or longer rests and interest is calculated on daily balance. Further, scheduled banks with a total deposit of less than Rs 25 crores are permitted to give an additional ½% interest. When the amount paid to the individual is in excess of Rs 10,000 bank has to deduct tax at source if the depositor has not submitted Form 15H or 15G or certificate u/s197(1) of the Income Tax Act 1961. Banks have the discretion to disallow premature withdrawal of large deposits other than individuals and Hindu Undivided Family (HUF). On maturity if the bank does not receive any intimation from the depositor then such deposits are recorded as overdue deposits in the books of the bank. Banks can grant loans by taking FD as a security. However, there are certain prohibitions to raising Fixed Deposits: banks cannot launch deposits with freebies such as free lunch and trips, for example. Savings Bank Account
A bank is defined as a financial institution that accepts deposits from customers and lends and invests those deposits to earn a profit. There are several major types of accounts individuals can open including savings accounts, current accounts, fixed deposits, and recurring deposit accounts. Savings accounts are for individual savings and cannot be opened for business purposes. To open a savings account, individuals must choose a bank, provide know-your-customer documents like ID proof, submit an application form, and maintain a minimum balance. Banks offer varying interest rates on savings accounts depending on the amount deposited. A nominee is a person nominated by the account holder to receive the funds in the event of the holder's death.
Fixed Deposits
Fixed deposits allow investors to deposit money in a bank for a fixed duration and earn interest. FD terms can range from a few weeks to over 5 years. Interest rates vary depending on deposit amount and term. To open an FD, one needs valid ID/address proofs and can deposit cash or transfer funds from their bank account. FD offers higher interest than savings accounts with lower risk than stocks. However, funds cannot be withdrawn before maturity and interest rates may not keep pace with inflation. Premature withdrawals are allowed but penalized with lower interest rates. FD interest is taxed according to the deposit holder's tax bracket. Senior citizens and those with lump sums are common FD investors.
Fixed deposit and it's pros & cons
Fixed deposit is a financial instrument where a sum of money is deposited with a bank or financial institution for a fixed period of time. In return, the depositor is paid a specified interest rate. Some pros of fixed deposits include high interest rates compared to savings accounts, safety of deposited funds if choosing a reputable institution, and lower risk than investing in stocks. However, fixed deposits also have cons like no protection against inflation, inability to withdraw funds before maturity, taxability of interest income, and risk of not being paid back in case of a financial crisis of the institution. Overall, both pros and cons must be considered based on personal factors and requirements when making savings and investment choices.
Current account
The document provides information about current bank accounts in India. It discusses that current accounts are deposit accounts that allow for convenient withdrawing and depositing of funds and are commonly used by businesses. Key features of current accounts mentioned include no interest earned, ability to make instant fund transfers, use of debit cards, and access to services like RTGS and NEFT. The document also outlines eligibility requirements, required documents, available facilities like overdraft, and responsibilities and advantages of holding a current account.
E banking
This document discusses e-banking and the new era of digital banking. It defines e-banking and online banking as conducting financial transactions through a bank's website. It describes the features of e-banking like online bill pay, transferring funds, and using mobile apps. It outlines the forms of e-banking like internet banking, ATMs, debit cards, and e-billing. It discusses the advantages of convenience and 24/7 access but also the disadvantages of security risks, technical difficulties, and some customers preferring human interaction.
Banking industry in india introduction
The document provides an overview of the banking industry in India. It discusses key points:
- The Reserve Bank of India (RBI) acts as the central bank and regulates monetary policy, banking supervision, foreign exchange and more.
- India has a multi-tiered banking structure including retail banking for consumers, international banking, and wholesale banking for large corporations.
- Banks in India must follow regulations around capital requirements, priority sector lending targets, and controlling non-performing assets.
- Performance is measured using metrics like capital adequacy, asset quality, management efficiency, earnings quality, and more.
Introduction to banking
The document provides a history of banking in India from the 1800s onwards in three phases. It discusses the key events like the establishment of presidency banks, creation of the Imperial Bank of India, nationalization of SBI and other banks. It also explains the basic functions of a bank like accepting deposits, lending money through various loan products, and services like letters of credit. The functions of current, savings and term deposits are described.
Social banking
This document discusses social banking and microfinance in India. It outlines the objectives of social banking as providing credit to small farmers, traders, and cottage industries. Major social banking schemes discussed include the Lead Bank Scheme, Service Area Approach, Village Adoption Scheme, and Differential Rate of Interest Scheme. The document also describes priority sector lending and microfinance through self-help group bank linkage programs. The Lead Bank Scheme designates a bank in each district to coordinate banking institutions. Under the Service Area Approach, banks are allocated specific rural or semi-urban villages.
12. npa & recovery management
This document discusses non-performing assets (NPAs) in banks. It notes that NPAs are loan accounts that do not generate income for the bank. Common causes of NPAs include poor selection of borrowers, lack of timely support, and failure to monitor loans. The document outlines the classification standards for NPAs as standard, sub-standard, doubtful, and loss. It also discusses various legal recovery mechanisms available to banks for recovering NPAs, including Debt Recovery Tribunals, SARFAESI Act, and sale of NPAs to asset reconstruction companies.
Financial inclusion
This document provides an overview of promoting financial inclusion in India. It discusses the need for financial inclusion, approaches taken by the Reserve Bank of India and other organizations to expand access to financial services, key dimensions of financial inclusion related to what services are provided, how they are delivered, who receives them, and who provides them. The document outlines India's history with financial inclusion strategies dating back to the early 1900s and highlights some of the major policies and programs implemented over time to promote inclusion, including the recent Jan Dhan Yojana program launched in 2014 with a goal of providing bank accounts to all Indians.
Types of deposits
This document discusses the major types of bank deposits in India including savings accounts, recurring deposits, fixed deposits, and current accounts. It provides details on the key features of each type of account such as interest rates, minimum balance requirements, withdrawal limits, and purposes. Additionally, it mentions some newer deposit products introduced by banks that combine elements of different traditional accounts.
Financial inclusion
This presentation is based on Financial Inclusion, Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.
Types of deposits
A savings account is meant for individuals to encourage savings and has restrictions on withdrawals. An individual can open a savings account by providing their photograph, address, and introduction from another account holder subject to KYC procedures. Exceptions allow opening an account against an electricity bill or with neighbor introductions in times of calamities. A current account is for commercial or business use and allows unlimited withdrawals depending on the account balance. Fixed deposits are deposits placed for a fixed period from 7 days to 120 months at a higher interest rate than savings accounts. Interest rates are now determined by banks and paid quarterly or longer on the daily balance.
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Computers are widely used in banks to help staff operate more efficiently and effectively. They track transactions, process customer information, and allow banks to offer good customer service daily. Key computer applications used in banks include automated teller machines (ATMs), cash deposit machines, mobile banking, internet banking, and core banking systems. These applications provide customers with convenient access to their accounts and allow banks to save time and costs.
Cooperativecredit
Cooperative banks are financial institutions that are owned and operated by their members. They are owned by local communities who share a common interest. Cooperative banks provide banking services like loans and deposits to their members. They operate under the Cooperative Societies Act and are registered as cooperatives. The earliest known cooperative credit union in India was established in 1889 in Baroda. Cooperative banks primarily serve rural and agricultural communities.
Credit card
A credit card allows cardholders to pay for goods and services with the promise to pay for them later. It provides convenience over other payment methods like debit cards or checks. For merchants, credit cards are more secure than cash and reduce processing costs. There is typically a grace period of 20-55 days before interest is charged on purchases, allowing customers to pay their balance in full each month without interest. Different credit cards have varying interest rates, annual fees, rewards programs, minimum payments, and grace periods. While credit cards provide benefits like rewards, their disadvantages include potential interest charges and fraudulent activity risks.
Presentation on personal loan
This presentation discusses personal loans, which are unsecured loans that can be used for personal needs. Personal loans can be used for purposes like weddings, travel, home renovations, and debt consolidation. They offer benefits like flexible repayment terms of 1-5 years and loan amounts between 20,000-20 lakhs rupees. To qualify, salaried individuals need over 17,500 monthly income and 1 year work experience, while self-employed need 3 years in business and profits over 1-2 lakhs. The process involves applying online or with documents at CreditNation for fast, transparent personal loans in India.
Basic saving deposit account
BSBDA is a basic bank account for low-income individuals that has no monthly fees and limited transactions. It can be opened at any public sector bank branch in India for anyone regardless of age or income. The account has restrictions on deposits, balance amounts, and withdrawals, and foreign remittances require normal KYC procedures. The account is initially valid for 12 months and can be extended if identification documents are provided.
Savings account
Check out variety of savings account like prime saving account,future stars saving account and many more with a very attractive interest rates.
comparison of Banking systems
The document discusses the history and development of banking in India. It provides information about several major banks including HDFC Bank, Axis Bank, and ICICI Bank. Some key points discussed include:
1) HDFC Bank was founded in 1977 and incorporated in 1994, becoming one of India's largest private sector banks with over 5,000 branches across the country.
2) Axis Bank is the third largest private sector bank in India with over 1,000 branches and the largest ATM network.
3) ICICI Bank is the second largest bank overall in India and provides a wide range of banking products and services both within India and internationally through its subsidiaries.
Saving account
Savings bank accounts can be opened by individuals and certain organizations for saving purposes rather than business activities. Eligible account holders include individuals, HUFs, minors, trusts and associations. Accounts can be single, joint, or held jointly with survivorship rights. Interest rates are set by individual banks within RBI guidelines. Minimum balance requirements and penalties for non-maintenance are specified. Premium accounts offer higher withdrawal limits and services for maintaining higher balances. Documentation required includes proof of identity and address.
Current Account
Usually, a current account is opened for commercial or business purposes and is a form of demand deposit from which the holder can withdraw money any number of times or upto an agreed amount. Opening a current account is a risky proposition for the banks. For instance, if the bank makes an overdraft by mistake, then the bank has to bear the loss if it is unpaid. There is no restriction to the amount deposited in the current account. This form of account is liable for transaction tax especially if the individual or a Hindu Undivided Family (HUF) withdraws Rs 50,000 in cash on any single day. Similar tax is also levied on a corporate entity if the withdrawal is Rs 1,00,000 and above. Although no interest or countervailing interest is payable on a current account however banks are entitled to pay interest to the account of a regional rural bank or the account of a deceased individual. As far as nomination is concerned a single depositor can make nominations while nominations cannot be made by incorporated entities or other trade bodies. With respect to current accounts there are several prohibitions placed on the banks. For example, the bank cannot lure the depositors by announcing prizes or attractive lottery schemes. Similarly, banks also cannot pay brokerage or gifts to agents for deposits placed at the bank.
Crr, slr, repo rate
Repo rate is the rate at which banks borrow from the RBI to meet loan demand, currently at 7.75%. If RBI raises repo rate, it becomes more expensive for banks to borrow; lowering repo rate makes it cheaper. Reverse repo rate is the rate at which RBI borrows from banks, currently at 6.75%. RBI uses reverse repo to control excess money in banks. SLR requires banks invest a portion of deposits in government securities to restrict lending. CRR requires banks keep a portion of deposits as cash with RBI to ensure risk-free funds and allow RBI to control liquidity and inflation. Current CRR is 4%.
Deposits
Savings bank deposits are meant for small savers and have restrictions on withdrawals and minimum balance requirements. Current deposits are for business people and allow withdrawals by cheque but no interest. Recurring deposits encourage regular monthly savings over a fixed period by automatically depositing a set amount each month to earn interest. Fixed deposits are repaid after a specific time period but penalties apply for early closure. Proper documentation and verification is required to open any type of bank deposit.
Financial inclusion ppt(1)
The document discusses financial inclusion in India, which refers to ensuring access to financial services like bank accounts, credit, insurance, and payments at affordable costs for vulnerable groups. It outlines the scope of financial inclusion and who it aims to serve. While steps were initially taken through cooperatives and nationalizing banks, financial inclusion efforts failed due to lack of technology, reach, and a viable business model. Now, with a focus on inclusive growth and new banking technology, financial inclusion has become a priority. The Reserve Bank of India has contributed through no-frills accounts, business correspondent models, and financial literacy programs. Achievements include the opening of millions of accounts and issuing of loans and cards, though challenges remain around scaling up and appropriate
Financial inclusion
Financial inclusion is ensuring access to appropriate financial products and services for all sections of society, especially vulnerable groups, at an affordable cost through mainstream institutions. It includes underprivileged groups in rural and urban areas like farmers, laborers, unemployed, women, children, and the elderly. The Reserve Bank of India defines financial inclusion as the process of ensuring access to financial services and credit needed by vulnerable groups at reasonable costs. Initiatives by the RBI and Government of India to promote financial inclusion include no-frills bank accounts, business correspondents, simplified KYC norms, and the National Rural Financial Inclusion Plan to provide access to 50% of financially excluded rural households. Financial inclusion and financial literacy are mutually reinforcing in providing access
Cash reserve ratio
Cash Reserve Ratio (CRR) is a bank regulation that requires banks to hold a minimum amount of reserves, in the form of cash stored in vaults or deposited with the central bank, as a percentage of customer deposits. Higher CRR requirements mean banks can lend out less money, which limits the money supply and economic activity in the country. For example, with a 10% CRR, a Rs. 100 deposit allows Rs. 90 in loans creating Rs. 1000 in money supply. But with a 20% CRR, the same Rs. 100 deposit only allows Rs. 80 in loans, creating Rs. 500 in money supply. Central banks raise CRR to reduce inflation from excessive spending, and lower it to stimulate more
Monthly income
The Monthly Income (MI) is a unique scheme where members can invest lump sum amount and get returns every month till the end of the tenure after adding a special interest rate.
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This document discusses various financial options and benefits available for senior citizens in India. It outlines investment avenues like the Senior Citizen Savings Scheme (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), bank fixed deposits, debt and hybrid mutual funds that provide returns and regular income. Reverse mortgage is also described as an option to receive regular payouts without losing ownership of one's home. General benefits for senior citizens include tax exemptions, discounts on travel and utilities. The document encourages celebrating Senior Citizen Day and managing finances well for a joyful retirement.More Related Content
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This document discusses social banking and microfinance in India. It outlines the objectives of social banking as providing credit to small farmers, traders, and cottage industries. Major social banking schemes discussed include the Lead Bank Scheme, Service Area Approach, Village Adoption Scheme, and Differential Rate of Interest Scheme. The document also describes priority sector lending and microfinance through self-help group bank linkage programs. The Lead Bank Scheme designates a bank in each district to coordinate banking institutions. Under the Service Area Approach, banks are allocated specific rural or semi-urban villages.
12. npa & recovery management
This document discusses non-performing assets (NPAs) in banks. It notes that NPAs are loan accounts that do not generate income for the bank. Common causes of NPAs include poor selection of borrowers, lack of timely support, and failure to monitor loans. The document outlines the classification standards for NPAs as standard, sub-standard, doubtful, and loss. It also discusses various legal recovery mechanisms available to banks for recovering NPAs, including Debt Recovery Tribunals, SARFAESI Act, and sale of NPAs to asset reconstruction companies.
Financial inclusion
This document provides an overview of promoting financial inclusion in India. It discusses the need for financial inclusion, approaches taken by the Reserve Bank of India and other organizations to expand access to financial services, key dimensions of financial inclusion related to what services are provided, how they are delivered, who receives them, and who provides them. The document outlines India's history with financial inclusion strategies dating back to the early 1900s and highlights some of the major policies and programs implemented over time to promote inclusion, including the recent Jan Dhan Yojana program launched in 2014 with a goal of providing bank accounts to all Indians.
Types of deposits
This document discusses the major types of bank deposits in India including savings accounts, recurring deposits, fixed deposits, and current accounts. It provides details on the key features of each type of account such as interest rates, minimum balance requirements, withdrawal limits, and purposes. Additionally, it mentions some newer deposit products introduced by banks that combine elements of different traditional accounts.
Financial inclusion
This presentation is based on Financial Inclusion, Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.
Types of deposits
A savings account is meant for individuals to encourage savings and has restrictions on withdrawals. An individual can open a savings account by providing their photograph, address, and introduction from another account holder subject to KYC procedures. Exceptions allow opening an account against an electricity bill or with neighbor introductions in times of calamities. A current account is for commercial or business use and allows unlimited withdrawals depending on the account balance. Fixed deposits are deposits placed for a fixed period from 7 days to 120 months at a higher interest rate than savings accounts. Interest rates are now determined by banks and paid quarterly or longer on the daily balance.
E banking, internet banking and all services
Computers are widely used in banks to help staff operate more efficiently and effectively. They track transactions, process customer information, and allow banks to offer good customer service daily. Key computer applications used in banks include automated teller machines (ATMs), cash deposit machines, mobile banking, internet banking, and core banking systems. These applications provide customers with convenient access to their accounts and allow banks to save time and costs.
Cooperativecredit
Cooperative banks are financial institutions that are owned and operated by their members. They are owned by local communities who share a common interest. Cooperative banks provide banking services like loans and deposits to their members. They operate under the Cooperative Societies Act and are registered as cooperatives. The earliest known cooperative credit union in India was established in 1889 in Baroda. Cooperative banks primarily serve rural and agricultural communities.
Credit card
A credit card allows cardholders to pay for goods and services with the promise to pay for them later. It provides convenience over other payment methods like debit cards or checks. For merchants, credit cards are more secure than cash and reduce processing costs. There is typically a grace period of 20-55 days before interest is charged on purchases, allowing customers to pay their balance in full each month without interest. Different credit cards have varying interest rates, annual fees, rewards programs, minimum payments, and grace periods. While credit cards provide benefits like rewards, their disadvantages include potential interest charges and fraudulent activity risks.
Presentation on personal loan
This presentation discusses personal loans, which are unsecured loans that can be used for personal needs. Personal loans can be used for purposes like weddings, travel, home renovations, and debt consolidation. They offer benefits like flexible repayment terms of 1-5 years and loan amounts between 20,000-20 lakhs rupees. To qualify, salaried individuals need over 17,500 monthly income and 1 year work experience, while self-employed need 3 years in business and profits over 1-2 lakhs. The process involves applying online or with documents at CreditNation for fast, transparent personal loans in India.
Basic saving deposit account
BSBDA is a basic bank account for low-income individuals that has no monthly fees and limited transactions. It can be opened at any public sector bank branch in India for anyone regardless of age or income. The account has restrictions on deposits, balance amounts, and withdrawals, and foreign remittances require normal KYC procedures. The account is initially valid for 12 months and can be extended if identification documents are provided.
Savings account
Check out variety of savings account like prime saving account,future stars saving account and many more with a very attractive interest rates.
comparison of Banking systems
The document discusses the history and development of banking in India. It provides information about several major banks including HDFC Bank, Axis Bank, and ICICI Bank. Some key points discussed include:
1) HDFC Bank was founded in 1977 and incorporated in 1994, becoming one of India's largest private sector banks with over 5,000 branches across the country.
2) Axis Bank is the third largest private sector bank in India with over 1,000 branches and the largest ATM network.
3) ICICI Bank is the second largest bank overall in India and provides a wide range of banking products and services both within India and internationally through its subsidiaries.
Saving account
Savings bank accounts can be opened by individuals and certain organizations for saving purposes rather than business activities. Eligible account holders include individuals, HUFs, minors, trusts and associations. Accounts can be single, joint, or held jointly with survivorship rights. Interest rates are set by individual banks within RBI guidelines. Minimum balance requirements and penalties for non-maintenance are specified. Premium accounts offer higher withdrawal limits and services for maintaining higher balances. Documentation required includes proof of identity and address.
Current Account
Usually, a current account is opened for commercial or business purposes and is a form of demand deposit from which the holder can withdraw money any number of times or upto an agreed amount. Opening a current account is a risky proposition for the banks. For instance, if the bank makes an overdraft by mistake, then the bank has to bear the loss if it is unpaid. There is no restriction to the amount deposited in the current account. This form of account is liable for transaction tax especially if the individual or a Hindu Undivided Family (HUF) withdraws Rs 50,000 in cash on any single day. Similar tax is also levied on a corporate entity if the withdrawal is Rs 1,00,000 and above. Although no interest or countervailing interest is payable on a current account however banks are entitled to pay interest to the account of a regional rural bank or the account of a deceased individual. As far as nomination is concerned a single depositor can make nominations while nominations cannot be made by incorporated entities or other trade bodies. With respect to current accounts there are several prohibitions placed on the banks. For example, the bank cannot lure the depositors by announcing prizes or attractive lottery schemes. Similarly, banks also cannot pay brokerage or gifts to agents for deposits placed at the bank.
Crr, slr, repo rate
Repo rate is the rate at which banks borrow from the RBI to meet loan demand, currently at 7.75%. If RBI raises repo rate, it becomes more expensive for banks to borrow; lowering repo rate makes it cheaper. Reverse repo rate is the rate at which RBI borrows from banks, currently at 6.75%. RBI uses reverse repo to control excess money in banks. SLR requires banks invest a portion of deposits in government securities to restrict lending. CRR requires banks keep a portion of deposits as cash with RBI to ensure risk-free funds and allow RBI to control liquidity and inflation. Current CRR is 4%.
Deposits
Savings bank deposits are meant for small savers and have restrictions on withdrawals and minimum balance requirements. Current deposits are for business people and allow withdrawals by cheque but no interest. Recurring deposits encourage regular monthly savings over a fixed period by automatically depositing a set amount each month to earn interest. Fixed deposits are repaid after a specific time period but penalties apply for early closure. Proper documentation and verification is required to open any type of bank deposit.
Financial inclusion ppt(1)
The document discusses financial inclusion in India, which refers to ensuring access to financial services like bank accounts, credit, insurance, and payments at affordable costs for vulnerable groups. It outlines the scope of financial inclusion and who it aims to serve. While steps were initially taken through cooperatives and nationalizing banks, financial inclusion efforts failed due to lack of technology, reach, and a viable business model. Now, with a focus on inclusive growth and new banking technology, financial inclusion has become a priority. The Reserve Bank of India has contributed through no-frills accounts, business correspondent models, and financial literacy programs. Achievements include the opening of millions of accounts and issuing of loans and cards, though challenges remain around scaling up and appropriate
Financial inclusion
Financial inclusion is ensuring access to appropriate financial products and services for all sections of society, especially vulnerable groups, at an affordable cost through mainstream institutions. It includes underprivileged groups in rural and urban areas like farmers, laborers, unemployed, women, children, and the elderly. The Reserve Bank of India defines financial inclusion as the process of ensuring access to financial services and credit needed by vulnerable groups at reasonable costs. Initiatives by the RBI and Government of India to promote financial inclusion include no-frills bank accounts, business correspondents, simplified KYC norms, and the National Rural Financial Inclusion Plan to provide access to 50% of financially excluded rural households. Financial inclusion and financial literacy are mutually reinforcing in providing access
Cash reserve ratio
Cash Reserve Ratio (CRR) is a bank regulation that requires banks to hold a minimum amount of reserves, in the form of cash stored in vaults or deposited with the central bank, as a percentage of customer deposits. Higher CRR requirements mean banks can lend out less money, which limits the money supply and economic activity in the country. For example, with a 10% CRR, a Rs. 100 deposit allows Rs. 90 in loans creating Rs. 1000 in money supply. But with a 20% CRR, the same Rs. 100 deposit only allows Rs. 80 in loans, creating Rs. 500 in money supply. Central banks raise CRR to reduce inflation from excessive spending, and lower it to stimulate more
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This document summarizes a guaranteed income rider that can be added to certain fixed annuities. It provides lifetime guaranteed income without losing control of your account. It ensures you will never outlive your money through guaranteed lifetime withdrawals based on your age. The rider offers two interest rate deferral options, with Option 2 typically being better. It allows flexible income withdrawals at any time after the first year as early as age 50. The percentages shown are the guaranteed percentage of your account that can be withdrawn annually for life. An index annuity with this rider is positioned as providing more guarantees than other retirement investment options like pensions, stocks, or variable annuities.
Marriage loan
The document discusses marriage loans to fund wedding expenses. It notes that weddings in India involve large expenses that sometimes exceed budgets. A marriage loan can help manage both planned and unplanned wedding costs. Key details provided include eligibility requirements like a minimum income of Rs. 15k and 2 years of employment stability. Factors to consider with loans are the interest rate, tenure, and hidden fees. Pros are flexible use of funds, quick approval, and no security needed. Cons include higher interest rates as unsecured loans and limited maximum amounts. Examples of SBI and HDFC marriage loans are outlined.
SMSFs – are you suited to managing your own super?
First of our 4 part series on using Self Managed Superannuation Funds as part of your Wealth and Retirement Planning.
this is the introduction to SMSF and why and how to use them as well as the respobsibilities and some tips and traps to avoidT
sbi life insurance project
- The document describes four insurance products from SBI Life Insurance: 1) SBI Life-Smart Shield, a term life insurance plan; 2) SBI Life-Grameen Bima, a micro-insurance plan; 3) SBI-Shubh Nivesh, an endowment insurance plan; and 4) SBI Life-Saral Pension, an individual pension plan. It provides details on eligibility, benefits, premiums, and tax benefits for each plan.
Sbi life insurance project
- SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% stake and BNP Paribas Cardif owns the remaining 26%.
- The document describes 5 products offered by SBI Life Insurance - SBI Life-Smart Shield (term insurance), SBI Life - Grameen Bima (micro insurance), SBI Life - Shubh Nivesh (endowment plan), SBI Life - Saral Pension (pension plan), and SBI Life - Smart Guaranteed Savings Plan (savings plan). It provides details on the key features, benefits, and terms of each plan.
Flex Life II presentation
The future is unpredictable... how about making yours a little safer. Check out the last product in a long line of products that will earn you money in your twilight years.
Indian postal services - financial Management 2012
India Post offers several investment and insurance schemes. Savings accounts allow interest earning deposits with cheque access. Recurring deposit accounts have a 5 year maturity with quarterly deposits earning 8.4% interest. Monthly income schemes provide 8.5% interest over 5 years. Time deposits from 1-5 years earn between 8.2-8.5% interest compounded quarterly. National savings certificates are secure government backed investments that offer tax benefits and 8% annual interest over 6-10 year maturities. Postal life insurance provides whole or term life coverage up to Rs. 10 lakhs for eligible government and bank employees.
Start Your Own Business with LIC
People work to earn income, that's so obvious, right? So what is wrong in earning some more in this rapidly increasing economy. We're there to guide you to succeed in your business. All you need to do is grab this opportunity and become LIC Advisor. Training and other relevant support needed for the work will be provided from our side. Visit www.getmelic.com for more details
Adarsh credit recurring deposit
Recurring Deposit (RD) accounts let members deposit a fixed installment every month on which they earn a cumulative return (Yearly Compounding) on maturity.
Jeevan Shanthi importance.pdf
This document discusses the importance of retirement planning in India given the lack of social security. It then summarizes the key features of Jeevan Shanti, a non-linked immediate and deferred annuity plan offered by LIC. Some key points include:
- It provides guaranteed lifetime income in retirement with options for single or joint life.
- Minimum purchase amount is Rs. 150,000 with guaranteed minimum annual income.
- Deferred annuity option provides guaranteed additions during deferment period and death benefits.
- Surrender value and loan options are available under certain conditions.
- Given increasing lifespans and inadequate social security, Jeevan Shanti is positioned as an important retirement planning product.
NPS NATIONAL PENSION SYSTEM PRESENTATION.pptx
The National Pension System (NPS) is a voluntary retirement savings scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA). NPS was initially introduced for government employees in 2004 and was later expanded to all Indian citizens in 2009. NPS allows individuals to contribute until retirement between ages 18-65 and choose how their contributions are invested between different asset classes including equities, government securities, corporate bonds, and alternative investment funds. Contributions to NPS and returns enjoy significant tax benefits.
Annuity Presentation
This document provides information about the Transamerica Secure Retirement Index Annuity, a fixed index annuity issued by Transamerica Life Insurance Company. The document is intended for agent use only and not for use with the public. It discusses features of the annuity such as index account options, surrender charge periods, living benefits, and other product details. The overall purpose is to educate agents on the Transamerica Secure Retirement Index Annuity so they can help clients plan for a more secure retirement.
UNTHSC Financial Literacy Suite
A groups of presentations regarding federal loan debt, repayment, and what to do if you cannot make payments. Also includes specific information for programs at UNTHSC and their cost of attendance, disbursement and budgeting.
Small business owners guide to the cares act
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will
be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax
provisions that are outside the scope of SBA.
Ppb
The document describes various long term deposit schemes offered by Punjab & Maharashtra Co-operative Bank. It discusses fixed deposits, recurring deposits, Anant recurring deposit scheme, Bal bhavishya yojna and Fleximoney deposit scheme. It provides details on eligibility, minimum amounts, interest rates, maturity periods and other terms for each scheme. The document also compares the interest rates and other services of PMC Cooperative Bank versus Bank of Maharashtra.
How to save Tax : 2013-14. Nice presentation from ApnaPlan.com
The document provides information and guidance on tax saving options available in India for the financial year 2013-14. It discusses various sections under which taxes can be saved, such as Section 80C which allows tax deductions up to Rs. 1 lakh for investments and expenditures like EPF, PPF, life insurance premiums, home loan principal repayment, tuition fees, etc. It also summarizes other tax saving instruments like National Savings Certificate, Senior Citizen Savings Scheme, tax saving fixed deposits, equity linked savings schemes and National Pension Scheme along with their benefits and limitations. The document aims to help laypeople understand and utilize different avenues for tax planning and savings.
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Senior Citizen Day can be an Empowering one if finances are managed Well!
Senior Citizen Day can be an Empowering one if finances are managed Well!
SMSFs – are you suited to managing your own super?
SMSFs – are you suited to managing your own super?
Indian postal services - financial Management 2012
Indian postal services - financial Management 2012
How to save Tax : 2013-14. Nice presentation from ApnaPlan.com
How to save Tax : 2013-14. Nice presentation from ApnaPlan.com
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Fixed deposit
- 1. Adarsh Credit Co-operative Society Fixed Deposit
- 2. Fixed Deposit • Fixed Deposit is available with various tenures which the members can choose as per their requirement. • Attractive interest rates are offered based on the tenure of the FD. • 0.50% additional interest for women members on Fixed Deposit 1.00% additional interest for senior citizens (members above 50 years age) on Fixed Deposits
- 3. Interest rate PERIOD (IN MONTHS) INTEREST RATE (IN % PER ANNUM) 12 9.00 24 9.00 36 9.50 48 9.50 60 10.00
- 4. What is the tenure of Fixed Deposit • A Fixed Deposit is available for various tenures like 1 year, 2 years, 3 years, 4 years and a maximum tenure of 5 years.
- 5. What is the minimum investment amount for Fixed Deposit? • The minimum amount of investment is Rs. 1,000 for Fixed Deposit and after that, one can invest in multiples of Rs. 100 in this product.
- 6. How much interest can a member earn in Fixed Deposit? • The interest rate of the product are as follows:- • 1 Year – 9.00% Yearly • 2 Years – 9.00% Yearly • 3 Years – 9.50% Yearly • 4 Years – 9.50% Yearly • 5 Years – 10.00% Yearly
- 7. Is there any facility for prematurity in Fixed Deposit? • Members can premature the product as per the following rules:- • <=18 months → Prematurity facility not available • > 18 months → Member can avail prematurity
- 8. Is there any other facility for loan in Fixed Deposit? • Yes! Loan facility is available against Fixed Deposit as per the following rules:- (A) FD for the period of 01 to 04 years → Members can avail maximum 60% loan against their investment amount in FD. Interest rate will be applicable as per rules of the Society. (B) FD for 05 years → After 12 months, the member can avail maximum 60% loan against their investment amount in FD. Interest rate will be applicable as per rules of the Society.
- 9. Are there any special benefits in the rate of interest for women and senior citizens? • Yes! A special benefit of 0.50% for women and 1% for senior citizens on basic rate of interest are applicable. If a woman is also a senior citizen, then she can get only one benefit.
- 10. Looking for Fixed Deposit Investments? Click here