Browsing: interest

[ad_1] 7th Pay Commission House Building Advance Latest News: Defence Service Personnel from the Indian Army, Navy and Air Force are now eligible for House Building Advance (HBA) as per recommendations of the 7th Pay Commission. In a circular dated 19th June 2023, the Department of Military Affairs (DMA) said the President has decided that the Defence Personnel may be granted HBA under the House Building Advance Rules promulgated by the Ministry of Housing and Urban Affairs. According to the circular signed by Laxmi Balasubramanian, Under Secretary to the Government of India, the President decided to liberalise further the existing…

[ad_1] Are you planning to buy a new bike? It is always exciting to purchase a new vehicle with unique features and comfort. However, financial aspects of the purchasing a vehicle is something that cannot be ignored. When it comes to financing your two-wheeler, there are two common options – personal loans and two-wheeler loans. While both loans offer a way to purchase your dream bike or scooter, they differ in some aspects. Personal Loans A personal loan is an unsecured loan that can be used for a variety of purposes, including the purchase of a two-wheeler. Personal loans generally…

[ad_1] Senior Citizen Fixed Deposit interest rate hike (July 20e3): Senior Citizens can get 7.6% interest on deposits of 375 days in IDBI Bank. This is a new FD scheme, named ‘Amrit Mahotsav FD’, launched by the IDBI Bank this month, effective from July 14. The special scheme will be available till August 15, 2023. For general citizens, the IDBI Bank is offering 7.1% interest on 375-day deposits in Amrit Mahotsav FD. “IDBI Bank has introduced a special bucket of ‘Amrit Mahotsav FD for 375 days’ offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this,…

[ad_1] Safety of capital, guaranteed interest income and higher interest rates from other depositors make bank fixed deposits (FDs) a preferred investment instrument for senior citizens, especially for retired individuals lacking other sources of income. Another fixed income instrument that has gained significant traction among senior citizens in recent years, especially during the low interest regime of Covid years, is Senior Citizens Saving Scheme (SCSS). The net corpus of this scheme has grown from Rs 73,728 crore in February 2020 to about Rs 1.17 lakh crore in February 2022. As the interest rate of SCSS continues to beat senior citizen…

[ad_1] Senior citizens are pouring money into the Senior Citizen Savings Scheme (SCSS), thanks to recent changes, official data shows. The changes in interest rate and deposit limit for Senior Citizen Savings Scheme (SCSS) this year have benefited accountholders a lot. The interest rate for SCSS deposits has gone up to 8.2% in 2023, which is better than the 5-year Fixed Deposit interest rates offered by banks and the post office. Meanwhile, in Budget 2023, the Government also announced a decision to allow an individual senior citizen to deposit up to Rs 30 lakh in his/her SCSS accounts. A report…

[ad_1] A home renovation loan is a type of loan that is used to finance the renovation or remodeling of a home. This type of loan is specifically designed to help homeowners cover the costs associated with making upgrades or improvements to their home. Home renovation loans are a popular financial product in India, as many homeowners seek to make improvements and upgrades to their homes. Most banks, non-banking financial companies (NBFCs) and housing financial companies (HFCs) provide home renovation loans either through their regular home loan product or as a separate offering within the broader category of home loans.…

[ad_1] By Chirag Nangia * I have a Post Office Monthly Income Scheme (MIS) with my wife and the interest amount is credited in my savings account every month. How should I compute the income tax on the interest received? —Girish Chauhan Interest earned on joint accounts are taxable in the hands of both primary and secondary account holders. However, there is no TDS on the Post Office MIS, but the interest income earned is taxable as per your tax slab, which is supposed to be reported in ‘Schedule OS’. Further, section 80TTA entitles an individual to claim deduction of…

[ad_1] Saying that the global demand for green hydrogen will reach 200 million tonne by 2030, petroleum minister Hardeep Singh Puri on Friday said leading financial institutions have shown keen interest to invest in India. “The European Investment Bank (EIB) will be our hydrogen ally and will support developing large scale industry hub with a funding of €1 billion. The Asian Development Bank (ADB) has recently conveyed their intent to provide $20–$25 billion over five years to aid India’s aspirations for green growth. “That’s not all, the World Bank has approved $1.5 billion in financing to support India’s low-carbon transition…

[ad_1] By Adhil Shetty Credit cards are popular financial tools; they allow consumers to convert their large purchases into EMIs. This feature also enables cardholders to make expensive purchases more affordable by spreading the cost over several months. Flexible repayment options, such as interest-free periods and the ability to pay the minimum amount due, provide additional financial flexibility to consumers. The recent RBI data show that credit card dues crossed the Rs 2-lakh crore mark in April 2023, which is a significant increase from the previous year. There could be several reasons for higher spends like the rising cost of…

[ad_1] National Savings Certificate (NSC) Interest Rate July-September 2023: The NSC interest rate for the July-September quarter of FY 2023-24 was announced today (June 30). The Finance Ministry has decided to keep the NSC interest rate unchanged at 7.7%. Earlier, NSC account holders were hoping for a further hike in the interest rate. However, another hike was unlikely as the Government increased the NSC interest rate increased in the last quarter. In the April-June quarter of FY 2023-24, the NSC interest rate was increased to 7.7%. The account allows investors to deposit any amount. The minimum amount is Rs 1000…