It is likely to be announced a change in the PF contribution by the employees. In the present scenario, PF is deducted 12% on Basic + Dearness  Allowance (DA). The same amount is contributed by the employers on employees account. Also the interest rates for the EPF is announced every year for the fiscal year. In the recent news, EPFO is likely to add all the allowances for the deduction of the PF amount. If that is included, your take home salary will be reduced further and more money would go for the PF savings. Here there is no much to worry for the employees as long as the interest rates on the PF is well above 8.5%. It become a mandatory savings for everyone.

also read:

• EPF withdrawal conditions
• EPF (PF) Transfer and Form 13
• EPF Transfer and Opening PPF Account
• Check EPF Balance Online
• Buy Retire Rich Invest Book
• Tax Planning for 2009 – Part 1

The opposition coming from the corporate and business heads. Employers has to contribute the same amount on each employee which will be a big surge in the expenses. It might impact their profit or margins of their business. Not only that, govt. has to pay the interest amount for the huge balance in the PF amount which would be more expenses for the govt. Also another concern from the public is that, to avoid the excess PF payment, companies may alter the salary structure which would dampen the purpose of the EPFO’s move.

However, the recent news shows that it is very likely to pass the announcement. We have to wait and see how this will be implemented and response from the public. If the PF interest rate is below 8.5%, it is not good that govt. taking lot of money from the employees for the low return. If you have any thoughts on this change, please write it in the comments section.

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It seems banks started levying charges for the value added services which are given as free of charge till now. As you are aware, nowadays banks has started charging for the online transfer of money to third party accounts. This has been real shock for the online customers who extensively uses the netbanking for money transfer. This would adversely affect the netbanking user base who would rather limit their online presence. This is not the future to go for countries like India. Indian govt. has to encourage the banks to give free service for using the netbanking and mobile banking which will help the banks to reduce their cost.

also read:

• HDFC Bank charges for NEFT Transactions 
• Cash Transactions will become Costlier in HDFC Bank 
• Features and Benefits on HDFC Savings Max Account 
• How to open HDFC Bank Fixed Deposit in online? 

The recent news about the ICICI bank has started charging for the SMS alerts sent for your bank account. There is set of alerts which are sent as free service, but another set of options are sent only for the charge. The cost is Rs. 15 for one quarter. Other banks would follow the same charges very soon. Look into the screenshot below:

It looks like this would be beginning of end for all the freebies services offered by the banks. RBI has to put curb on charging the  fees. If you are using the online accounts extensively, please login to your account and check the statement for any extra charges levied. Hope this post would be very useful, if you are interested in receiving the future articles please subscribe here.

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The Employees Provident Fund Organisation (EPFO) is proposing 8.5% interest rates for the current fiscal year 2012-13 to the central government. Over 50 million subscribers are part of the EPFO group and EPF is considered as one of the important retirement savings scheme for Indian population. In the previous fiscal 2011-12 the interest rates offered was 8.25%. There is a increase of 0.25% for the current fiscal. Though it is not finalized, the final interest will be announced with in two weeks of time. Normally the interest rates are announced at the beginning of the year, this year there is a delay. If you have any questions, please write it in comments section. If you are interested in receiving the future articles about investments, please subscribe here.

If you are interested in learning more about the EPF, please read the following articles:

• EPF withdrawal conditions
• EPF (PF) Transfer and Form 13
• EPF Transfer and Opening PPF Account
• Check EPF Balance Online
• Buy Retire Rich Invest Book
• Tax Planning for 2009 – Part 1

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This article summarizes the latest fixed deposit rates offered by the banks. The list provides only the five banks for each category. Fixed deposit is one of the ever green investment option for most of the investors. It is most safest investment compared to other equity related investments. If you are not ready to take risk and happy with the moderate return, then fixed deposit would be the right option. In the current scenario, fixed deposit rates or not in the peak. Last week RBI has reduced the key policy rates. Last week one of the leading bank in India, Canara Bank has increased the fixed deposit interest rates. Following that, many banks are planning to change the interest rates of the deposit. Following table represents the latest interest rates offered by the banks.

• 51 Tips for Saving Income Tax

In my earlier articles I have published many articles related to the fixed deposit and the tax savings options in the fixed deposit. If you are new reader to this blog, here I would like to summarize few of the popular posts which would be useful you to make the decision. For example, TDS is one of the most debated topic in the fixed deposit investment option. If you are investing the bulk amount into deposit, then you must be prepared to pay tax for the income arise out of you deposits. The following are the articles which provides the direction to save tax on your deposit:

• Minimizing TDS on your fixed deposit
• Top 6 Rules for TDS on Fixed Deposit
• What you should know about Form 15g and Form 15H?

The above articles would have provided the sufficient information on TDS on FD and how you can save them by smartly investing on FDs. In the same way, you can use fixed deposit for the tax savings:

• Tax Savings on Term Deposit under Section 80c
• Interest on Tax Savings Term Deposit
• Tax Saving Fixed Deposit u/s 80C

If you have any questions related to investing on the fixed deposit, please feel free to write in the comments section. You can subscribe here to get the latest information on fixed deposit rates and other tax savings option for your investments. Thank you for reading my blog!!

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RBI is the central bank in India which has the utmost responsibility of making the Indian banking system more strong and modern with the latest technological trend. One of the technological advancement is the electronic payments of amount which is more convenient for the customers and it eliminates the unnecessary paper work and human intervention. The next move by RBS is to eliminate the number of offline transactions through cheque books  and encourage banks to reduce the number of cheque books issued to the customers for free of cost. The following are the few points which is taken from the RBI’s recommendation report.

also read:

• Cheque Truncation System or CTS from April 1, 2013
• Types of Cheques
• Local Cheque Clearance on Same Day

• RBI suggests banks to issue the minimum number of free cheque books to the customers. The number of cheque books issued is vary for each bank. Few banks not offering any free cheque books after the account opening. After the free cheque books, the charges levied for getting the additional cheque books would be expensive compare to the current situation. Normally banks charge Rs. 2-3 per a cheque leaf.
• In most banks, current account holding customers are not given any free cheque books.
• If there is a fresh loans, repaying the loans using the post dated cheque (PDCs) will be stopped and all the repayments would happen through the electronic payments. Existing PDCs should be converted to the electronic payment within a prescribed timeline.
• Another important point is making the credit card payments should be through electronic. If a customer wants to pay his credit card bill through cheque book, there should be a high conversion fees.
• Also RBI suggests that there should be a maximum amount limit for the cheques issued by an Individual.
• If you are having the shares, while receiving the dividend then the amount has to be sent through the electronic route instead of sending the cheques to the share holder. If he deposits that cheque, the conversion of the cheque will be costly.
• Last but not least, the cheque collection boxes should be only at bank branches. The number of collection boxes will be reduced.

The above points clearly shows that RBI is very keen on making the electronic way of doing transaction across country. But, it is not very clear what is the impact on the rural areas. before making this implementation, RBI has to enforce banks to educate their customers to do the online transactions. The awareness is very low and that should be the highest priority. Otherwise, urban areas this move is very good and it reduces the crowd in bank branches. I hops this information would be useful for you. If you are interested in receiving the future articles, please subscribe here.

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After a prolonged wait of over 9 months, RBI has reduced the Repo and Cash Reserve Ratio (CRR) by 25 basis points. This move has taken by RBI to maintain the economic growth by infusing more money into the banking system. Repo rate is the interest rate at which RBI lending to the banks. Cash Reserver Ratio (CRR) is the rate at which banks has to maintain the balance with RBI. By reducing the CRR, it is almost Rs. 18000 crore is infused the banking system. Which enables the banks to give more loans to the industry and stimulate the growth.

One of the worrying factor to reduce the interest rates is the country’s inflation. If the more money is pumped into the system, the inflation would shoot up again. That is the reason RBI did not reduce the rates for the last nine months and now the current inflation looks under control. The cut in the repo rate, at which RBI lends short-term funds to banks, and CRR, the portion of deposits banks need to park with RBI, will immediately translate to cheaper lending rates for borrowers as banks are gearing up for rate cuts.

also read:

• Home Loans Interest Rates Update (Jan / 2013)
• Canara bank increases fixed deposit rates by 1%
• Rupee value, recession, europe problem and global issues coverage

The current Repo rate is 7.75% and the CRR at 4%. Resulting of this rate cut, most likely the lending rates will be reduced by the banks. Firstly the would start cutting their base rates for loans. IDBI bank has already cut the base lending rate by 0.25% to 10.25%. The last time when RBI cuts the repo rate was April 2012 by 50 basis points. In the last one year, RBI has cut the rates by four times to infuse the liquidity into system.

Most investors feels that another rate cut is likely by March 2013 if the inflation is further fall down. As next monetary policy review is happening on March 19, 2013. However, this move would further reduce the loan rates to the consumers, it will stimulate the growth on home loans and would improve the real estate companies profits. If you have any questions on the policy rates, please post it in the comments section. If you are interested in receiving the future articles on investment, please subscribe here.

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In my earlier posts I have written many articles about the Public Provident Fund (PPF) and other debt investment options in India. The interest rates for PPF would vary periodically and the rules and regulations also would be amended when required. This article will serve as the remainder for the subject PPF and the advantage of investing on the PPF scheme. In the coming days, I will be writing again about all the debt investment options like NSC, EPF, Fixed deposit, etc. and comparing each investments. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

• Govt. hikes PPF interest rates to 8.6%
• Savings Bank interest rates deregulated

What is PPF?

Public Provident Fund (PPF) is considered as the alternative investments option for people those who are not maintaining the Employee Provident Fund (EPF) account. If you are working in a company, then you would have the monthly savings for EPF account which will be adding to your long term plans like retirement. But, if you are not a salaried person, the answer is PPF which provides the long term investment options similar to the EPF scheme. Since PPF account is maintained by the government, the safety of investments is very high and it is very low risk investments. Note that the interest rates are always low for debt investments like PPF compared to the equity investments.

How to open PPF account?

Opening PPF account is very easy and it can be opened in either through banks or post offices. All the nationalized and many of the private banks also offering the PPF accounts. For example, you can learn more about how to open PPF account with ICICI bank. Also read more about this scheme in the India post website. Account opening procedures are very simple and anyone can open the account by submitting the address proofs and identity proofs. This scheme is most preferred for the tax savings purpose.

Rules applicable for opening PPF account

The following are the set of rules and regulations applicable while opening the PPF account.

• Any one can open the PPF account. Even if you have the EPF account with your employer, you can maintain a PPF account.
• Non-resident Indians can not open this account. But, if a resident become non-resident during the tenure of the scheme, he still be eligible to continue the investments till the maturity period. The maturity amount is Non Repatriation. That means you can not convert to your residing country’s currency.
• You are allowed to invest minimum of Rs. 500 and up to Rs. 100000 per year. The whole amount is eligible for the tax rebate under the section 80c. There is no tax levied on the interest income on the investments at the time of maturity.
• It has the lock-in period of 15 years. That means, the maturity amount can be taken only after 15 years.
• The current interest rates for PPF account is 8.8%. This rate is not fixed and would vary every year. The following is the list of previous interest rates for each year:

• Account holder ca make the maximum of 12 investment for one year. The investment amount has to be multiple of Rs. 5.
• You can withdraw your money only after completion of the 6 years. If you want to take money from your PPf account before 6 years, you have to take that as the loan.
• Maximum of 50% amount you can withdraw.

• Govt. hikes PPF interest rates to 8.6%
• Savings Bank interest rates deregulated

Hope the above points would be very useful for you to understand the advantages and purpose of the PPF account. If you have EPF account with your employer for long term, then the necessity for having the PPF account is very less. But, if you don’t have any long term investment plans, have PPF investment option in your portfolio. The savings in this scheme would help you when your kids need higher education or for your kids marriage. Please start saving for your future now. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

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The state owned bank Canara bank has increased some of the fixed deposit interest rates up to 1%. The increase is for the maturities 1-2 years and 3-5 years term. However it has reduced the 0.5% for the 180-269 days to 7.5% from 8.0%. In the recent past, most of the banks have reduced the interest rates of the fixed deposits because the tight liquidity.

This move by Canara  bank gives hope that there is a revival of the fixed deposit interest rates in the upside. This month 29th, RBI planning to reduce the interest rates on some of the key policies, if that happens we can see some more changes in the interest rates. The following is the chart of interest rates offered by Canara bank for the amount less than 15 lakhs. The following are some of the good articles on interest rates and how it is determined by the banks.

• Why interest rates are increased by the banks?
• What is CRR?
• Savings bank interest rates de-regulated

• How to better utilze the savings bank account?

If you have any questions, please post it in the comments section. if you want to received future email on interest rates update on other banks, please subscribe here.

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There is no introduction required for the EPF. Since everyone already aware the scheme and used in their working organization. We have earlier published several articles about the EPF for retirement planning ,tax deduction on epf, etc. One of the topic most readers are confused is the conditions involved on withdrawing your EPF amount. Please note that withdrawing the EPF savings are not suggested. The purpose of EPF is to enforce everyone to have the retirement corpus when they are not in any job. That is the reason why the rules for withdrawing the EPF amount is very strict. The following table illustrates the conditions involved on withdrawing the EPF amount. The following are some of the articles related to EPF which may be more useful for you. If you have any questions, please write it on comments section. If you want to receive future articles about investment, please subscribe here.

• Check EPF Balance Online
• Buy Retire Rich Invest Book
• Tax Planning for 2009 – Part 1

I hope the above table would have provided the good details about the list of conditions on withdrawing the EPF amount. If you have any questions, please write it on comments section. If you want to receive future articles about investment, please subscribe here.

• EPF (PF) Transfer and Form 13
• EPF Transfer and Opening PPF Account

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In the recent circular sent by Employee Provident Fund Organization (EPFO) has proposed the possible amendment on the EPF contributions. The existing rule says that 12% of basic salary + DA would be deducted towards the EPF contributions and the same amount would be contributed by the employers. The proposal sent by EPFO suggests that, some other allowances exist as part of salary also should be included on the PF calculations. For example, if you have salary components of special allowance, transport allowance, etc. The amount given towards these allowances will be added and calculated the 12% of the deduction for the EPF. In this case, your take home salary would be reduced and the EPF contribution will be increased.

Note that it is only the recommendations to the government, it is not confirmed that this will be implemented. If this proposed rule is implemented, all your allowances will be calculated and increased the amount for EPF which helps you in the long term savings. Your monthly take home will have impact and you need to plan for the monthly budget.

• Invest in EPF for retirement planning
• What is National Pension System (NPS)?
• Difference between NPS and EPF

There are clear advantages in these changes too. This rule enforces the more amount of savings for the future. This reduces the investment on other avenues. If some one don’t have the habit of saving for the future, this makes them compulsory savings without escape. Another advantage is that your employer have to put the same amount of contributions, this makes your savings still bigger. If you have the long term view point, this change is welcome for everyone. After all India’s strength is our traditional savings habits. There are reports says that Indian savings are keep reducing which would put them in the trouble when they are retired. These changes are to ensure that they have enough savings for the retirement.

If you have any questions, please post it in the comments section. Subscribe here for receiving the future articles.

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In my earlier post I have explained the basics concepts on national pension system . NPS is pension scheme for the non-government employees and it will be considered as as the alternative investment for the retirement planning. If some one wants to plan for the retirement savings, there would be several options he can choose from the list. NPS is one among them.

If you are salaried person, then you are already familiar with the EPF. This is the strong contender for the NPS scheme when it comes to planning for the retirement. This article explores the serious differences between these two schemes and suggest you the best one. If you have any questions, please post it in the comments section. Subscribe here for receiving the future articles.

• What is National Pension System (NPS)?

What is EPF?

There is no need to provide much explanation to this subject. As every salaried employees already paying the EPF contribution with their employers. EPF is compulsory retirement savings instrument deducted by all the companies if they employ more than 20 employees in their company. Every employee contributed 12% of basic and dearness allowance every month from their salary. Interest rates for the savings will be announced every financial year by the central government. The current interest rates on EPF is 8.25%. If you want to understand more about the EPF, please read the below list of articles.

• Invest in EPF for retirement planning
• Check EPF Balance Online
• Employee Provident Fund (EPF) u/s 80C

Difference between NPS and EPF

• The NPS is a voluntary retirement savings scheme in which you can contribute at least Rs. 6000 every year. Where as, EPF is the mandatory retirement savings scheme for all the employees.
• The contribution towards EPF is tax exemption under the section 80C. Where as NPS offers additional tax deduction on employer contribution up to 10% of basic and DA. This is over and above the Rs. 1 lakh limit of section 80C.
• The EPF money is not invested in equities. It is just the normal savings scheme where government set the fixed interest rates every year. The interests are compounded on monthly basis. Where as NPS savings are invested on equity market, which gives the better returns compared to the EPF savings.
• EPF investments can be withdrawn before the maturity. There is no need to foreclosure the account. Where as NPS, investor can not do the premature withdraw of money. It will lead to the closure of account. The amount invested on NPS has very tight locked in period.
• NPS account can be close only after the age of 60 years. EPF has no restrictions like that. If you leave the company, if you provide valid reason, then you can withdraw the whole amount.
• EPF is only if you are working with government or a company. NPS can be maintained by non-employees to. Investors can walk into any of the bank branch and open the new NPS account.

It is not necessary for you to invest on the both the schemes. Either one of them would be sufficient. Looking into the above points, if you want the longer lock-in period and the equity exposure to your savings, then you have to consider the NPS. Otherwise if you looking for conservation scheme, then EPF is the option for you. I hope this helps you to understand these two investment options in better way. If you have any questions, please post it in the comments section. Subscribe here for receiving the future articles.

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National Pension System (NPS) is the scheme offered by government for the non-government employees. Pension Fund Regulatory and Development Authority (PFRDA) is regulator who manages the pension funds. All the central and state government employees are compulsorily covered under the pension schemes. These pension savings are utilized after the retirement for your expenses and converted to annuities to receive the monthly income.

But, if you are working in a non-govt. company, your post retirement life is not protected with adequate savings unless if you plan with mutual funds, EPF, etc. To help them, govt. is maintain the  National Pension System (NPS) for non-government employees. This article explores the basic details about the NPS and how to create an account with NPS. If you have questions, please post it in the comments section. If you want to receive future mail about investments, please subscribe here.

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How to open new account?

There are two types of accounts in the National Pension System (NPS).

• Tier – I
  • It is compulsory for all the account holders. The money invested in this account can not be withdrawn at any time. It is complete locked in account till your retirement age. Investor can withdraw maximum of 60% of amount invested after the age of 60.
  • Remaining amount has to be invested on any of the annuities suggested by the government.
  • It is not mandatory to open the bank account to hold this account.
  • This type of account is available from 1 May 2009.
• Tier – II
  • It is optional account for the pension scheme account holders. But, if you want to open this account, you must have opened the Tier – I account.
  • To have bank account is mandatory for opening Tier -II  account.
  • Investor can withdraw the amount any time, there is no restrictions.

The above details are about the two types of accounts under pension scheme. The question is, where investor has to open this account?. It is easy to open in a designated branches of bank mentioned by the govt. For example, ICICI allows their customers to open NPS account here.

Contributions towards NPS

PFRDA has come up with the guidelines to the investors. The following are few of the points to consider:

• The minimum amount per contribution is Rs. 500
• Minimum number of contributions in a year is 1
• Minimum annual contribution: Rs 6,000 in each subscriber account.

If the account holder could not pay the minimum amount for a year, there will be a Rs. 100 penalty for that. The account also will be dormant and has to activate by paying the minimum amount  and penalty for not maintaining the minimum amount. If the balance becomes zero, the account will be closed.

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Features of National Pension System

The following are some of the key features on NPS:

• It is a pension scheme for non-government employees or individual.
• This is open to anyone who are between 18-60 years of age including NRIs
• There is no maximum contribution.
• The subscribe has the option to choose auto or manual choice for distribution of his contributions.
• Investor can make the contributions till 60 years.
• Pension will start at the age of 60.
• Tax benefit under section 80C for the investments.

Restrictions

• If you exit the NPS before 60 years, the 80% of the invested amount has to be spent of buying a annuity from IRDA suggested insurer. This is bad for the investors if they want to take out the lump sum money instead of buying an annuity.Remaining 20% of the amount can be taken as lump sum.
• If the investors continues till 60 years, 40% of the amount has to be invested on buying an annuity. Only 60% can be given to investor as the lump sum amount.
• If the subscribe continues after 70 years, the account will be closed and the remaining amount will be transferred to the account as lump sum.

There are many other points has to be discussed on National Pension System (NPS). This article provides only the basic idea on NPS and what are the accounts available for the investors. I will come up with further articles on the investment options and choosing the fund managers for your portfolio. You can expect those topics in the next week. Till the time, if you have any questions please post it in the comments section. If you want to receive future articles from me, please subscribe here.

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With your new year resolution, add one more item. Request for new cheque book from your banks. The old cheque books will not be honored by RBI. From Jan 1 2013, there is a Cheque Truncation System or CTS 2010 which all the banks has to follow from next year. This post would be a information for you if you are not aware of what is Cheque Truncation System (CTS) 2010. Read the following sections to understand this better, if you have any doubts please post it in the comments section. If you like our articles, please subscribe here.

What is Cheque Truncation System?

It is one of the technique for clearing the cheques. In the current system, the physical copy of the cheques are sent to other banks and then it is cleared by the banks to account holder. This process would take few days depends on the local or outstation cheques. In the  Cheque Truncation System (CTS), your cheques will be sent as the digital files.

• Types of Cheques
• Local Cheque Clearance on Same Day
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That means, your cheques will be scanned and send to the clearing banks. It implies that, there won’t be any physical transfer of the copy, it would sent through digital communication which is very fast compare to the current system. After this process started, the cheques would be cleared on the same day.

The new format cheque will look like this:

What you have to do?

• If you have the old cheque books, please talk to your bank and ask for the new cheque book.
• If any one would have given the cheque in the old format, that will be rejected in the next year. Either you deposit that cheque immediately or ask for the new cheque.
• Note that, these CTS complaint cheque books are issued from last year by some of the banks like ICICI, Axis. So, if you are already holding the CTS 2012 compliant cheque book, there is no need to request for the new cheque book.

Update: In recent announcement, RBI has extended the deadline for banks to implement this facility till March 31, 2013. This has been done due to the request from banks to make arrangements.

I hope this post would have given good idea on the new format of the cheque. If you like this article, please subscribe here for the future articles.

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In the last week, ICICI bank has launched a limited period offer for the new home loan customers. The offer is 1% cash back on the EMI paid by them during the entire tenure. The offer is valid till 31st December, 2012. This initiative is taken by ICICI bank to lure more customers to take home loans from them. It is a good offer new home loan customers. There list of rules and regulations to get the cash back from the bank.

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• This cash back offer doesn’t include the pre-EMI amount.
• The cash back will start accrue from the first EMI. However, the first cash back will be credited to the customers account only after completion of the 36 EMIs. That means after 3 years of the loan repayment.
• After the first cash back, there after every 12 months money will be credited to the customers account.
• If the customer is eligible for the cash back offer, either customer can choose the cash back benefits to credit their account or paying back the principal.

Learn About Home Loans

• For an example, customer can save Rs. 3.50 lakh on a 20 year home loan of Rs. 50 lakh.
• As a part of this offer, customers given the option to renew the fixed interest rate for the entire tenure. The renewal term will come after every 2,3 and 5 years. Customer has to renew the fixed rate within 30 days of the completion of term. Otherwise it will automatically change to the floating interest rates.
• Note: This offer is available till 31 December, 2012.

This initiative is taken by bank to compete with other banks. Most of the banks come up with the offers to attract the customers. Last month, its rival Axis bank launched a scheme wherein a home loan borrower will get 12 EMIs waived if he/she remains with the bank for 15 year or more.

If you or your friends are looking to buy a home loans, please refer them this offer. They would be benefited. If you would like to receive the future email from us, please subscribe here. Are you looking for tips to learn how to save the income tax, there is a good which talks about the 51 Tips for Saving Income Tax. If you have already availed any offers, please post it here.

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You and your spouse has the savings account in the same bank. You also planning to open another account for your son in the same bank. DO you know that, all the savings bank account in the same bank can be clubbed together into the single customers id for the easy access for the family?. There are many advantages of clubbing all the savings accounts like less transaction charges, reduced minimum balance maintenance, transfer money within family member account, etc. This article explores some of the valid points on clubbing the savings account of the family members. If you have any doubts, please post it in the comments section. If you want to receive the updates through your email, please subscribe here.

Good read: Invest Your Money (Stocks, Funds, Gold, Property)

Who can club the account?

Only family members can club the savings bank account. There are limited type of relations can use this facility, the following are some of the examples which are most commonly allowed by the banks.

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• Parents
• in-laws
• Spouses
• Siblings
• Grandparents
• Children
• Grandchildren

Note that the restrictions are differ from each bank. Also it may vary based on the account type. The accounts can be clubbed even if the accounts are held in the

• Different branches
• Different cities
• Non resident (some banks)

These account will be given a common used it to perform any transactions. The person who is given as the primary account holder’s user id will be used as the common user id.

• How to better utilze the savings bank account?
• Savings Bank interest rates deregulated
• What is auto-sweep facility in savings bank account?

Benefits of group savings account

There are plenty of advantages on group savings account.

1. One of the main advantage is flexibility on maintaining the minimum balance on your savings bank account. If you have three account clubbed together into a single id, the minimum balance maintained will be maximum minimum balance on the three accounts. For example, one account has the minimum balance requirement of Rs. 5000 and another has the Rs. 25000, all accounts put together would be Rs. 25000. The penalty on non-maintenance of minimum balance will be for Rs. 25000 including of all the accounts.
2. Facility to sweep from one account to another account in the same group. In cases where if the balance of one specific account goes below certain level, take it from the another account. If you are submitting the cheque for clearing, if that account is not having the enough balance, it will be deducted from the another account.
3. If you are maintain the group accounts, some banks offer good discounts on using the debit card, etc.
4. Even though all the accounts has the common user id, each account will be maintained with privacy. All the account holders will be getting the transactions on their own account.

Restrictions

As already mentioned in the article, not all the banks treat clubbing of accounts in the same manner. Each banks has their own restrictions to clubbing of accounts. Take example, ICICI bank allows customers can club into Savings Family group account, regular savings account, life plus senior citizen, young star, advantage women. Also some banks may not allow the salary account for adding into the group accounts.

• Buy : The Budget 2012-13

Summary

This article explains in detail about clubbing of multiple savings account into a single user id for same family members. There are lot of benefits on doing that with some limited restrictions. This would be very useful for those maintain the different accounts in the same banks which will be very difficult to operate with different customer ids. If you are already using this feature, please share your experience with us. If you want to receive future articles from us, please subscribe here.

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As we are aware that, if you forget to collect the amount from the ATM’s dispenser while leaving or taking more than the given time to collect the cash, the ATM will automatically pull the money inside and credit your account. This feature is to help the customer for ignorance of collecting the money from ATM. This feature is available with all the banks ATM’s, because this is mandated by the RBI  for all the ATM’s in the country. In the recent announcement, RBI mandated that it is necessary to remove that facility from the ATM’s.

also read:

• New rules on ATM usage
• RBI has announced changes on ATM Transactions fees
• RBI permits non-bank companies to set-up ATM

As per the RBI guidelines, it is mandatory to remove ‘ Cash retract’ feature from the ATMs. In line with the RBI directive, all the banks have taken out the ‘Cash Retraction’ facility from ATM’s machines. So, you should not forget to collect your cash as the cash will not be retracted in the ATM machine and will remain in the mouth of the ATM till the time the cash is not collected. There is no clear reason why this facility has been removed by the RBI. Most likely that this feature has been removed because the ATM machine could not count the retracted amount properly. However, you have to remember the missed currencies will remain in the ATM’s mouth. It is advised to the customers that they should collect their cash as soon as it is dispensed, otherwise someone else might take it.

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Buying a car becomes necessary in the young generation of India. In the last decade, car means the symbol of luxury and extra expenses for a family. The more preference given to buying a house as the necessary to run a life. The perception of people have changed over years, now most of them feel that owning a car is necessary for the life and it takes preference over buying a house. But, how they are financing the purchase of a car is not well prepared by them. However, car becomes necessary, it is not an assets for you in the future. It is depreciable asset and can not consider under the investment category. Lets discuss on what is the ideal financial plan to buy a car. If you like this article, please subscribe to our future articles here.

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Cost of Car

Once you have decided to buy a new car, lets finalize the budget for buying a car. The idea for the budget is depends on the financial status of the buyer. Then start identifying the make and model of the car in the show rooms. Note that the budget and actual cost of the car may differ because it is difficult to estimate the exact price of the car without talking to the car dealers. So, prepared for the minor difference in the budget. Another important point is that, if you are buying the car in loan, don’t go for the higher end models with higher budget, you will have to pay the higher EMI in the future.

Cash or Loan

If you have decided the budget for the car, next plan should be how to finance your car?. It is always recommended to buy the car using the cash if you have it in the savings. Don’t have it in mind that car should be bought in loan. You go for loan only when you don’t have the cash in hand. As I have already pointed out, car is depreciable asset.

Prepare for the downpayment

If you don’t have the cash, then only option to buy the car is through car loans. Most of the banks offer car loans up to the 85% value of the car. The remaining amount has to be put as the down payment by the buyer. You have to plan for saving the money for down payment. If you have the surplus cash, put all the money in the down payment and reduce the loan amount. It will significantly reduce the loan duration. If you are paying for the long duration, the outgo of the interest payment would be very high. In the normal scenario, banks would offer the car loan in the period ranging from 4 years to 7 years.  Not more than that.

Don’t take the personal loans

It is the biggest mistake done by many of us, taking the personal loans or using the credit card for financing the car. If you have it in your mind, don’t buy a car now. The interest rates for personal loans and credit cards are very high.

Plan for other expenses

I have noted that, many of us while buying a car, they are not keeping in mind that there are lot of expenses associated with maintaining a car. One of the recurring expenses is buying an insurance. If you buy a car worth Rs. 10 lacs, the first year insurance premium would be approx. Rs. 30000. It is not a small amount to ignore. Apart from the insurance, there are lot of expenses for servicing the car. think about all the expenses before buying a car.

I hope this article would have provided some basic idea about planning to buy a car. If you have interesting experience with you care loans or anything, please post it in the comments section. If you like the article, subscribe to our future articles here.

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PPF is one of the most preferred investment scheme among us. The reason why we prefer is it is most secured and there is no other other investments with the long term goals. The current interest rate for PPF is standing at 8.8%. The interest rates of the PPF is revised every year by the government. In the few years back, public could open the PPF accounts only with the nationalized banks like SBI. With the advent of banking in India, now most of the private banks started accepting the PPF accounts for their customers. ICICI bank offers the opening of PPF account through online. You need not even walk into the branch for opening the account. You just need to download the application from online account, just submit the application to the branch. Lets see what are the steps involved in opening the PPF account.

also read:

• Highlights of union budget for 2012-13
• Learn about safe investments EPF, PPF, SCSS, NSC, NPS
• How to Save Income Tax Through Tax Planning 
• Invest in EPF for retirement planning

Step 1 : Click on the PPF Account Online link

Step 2 : Click on Apply for PPF account

Step 3 : Select the account

If you have multiple account in your login, select the account number where you want to open the PPF account.

Step 4 : Fill the details and download the application

In the above screen, you would find the download application option. You must click on the link to download the generated application. While you are downloading the application, the online request would be submitted to the bank. In the application, affix the photos in the given location and submit the application to the nearest branch. Once the application is approved, you would transfer the amount to PPF account when ever you want to invest online.

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If you are customer of ICICI or HDFC banks, you would have noticed that while transferring the money to third party banks, there is a fixed amount of fees is deducted as part of the transactions. This has been implemented very recently by the banks after a long hesitation, sooner we may see most of the banks will follow the action. In a recent announcement, RBI had informed the banks with the limitation of charging for the online transactions.

Though it not a major change, it is important for a customer to know the details of the charges levied on your account. It is come to my attention when discussing with many of the readers, very few aware of the charges for online transactions and many think doing online transactions are free of cost. At least, till now it is partly true, but going forward it may change.

Existing Charges on NEFT

• up to Rs. 1,00,000 — Rs. 5 + Service Tax
• Rs. 1,00,000 to Rs. 2,00,000 — Rs. 15 + Service Tax
• Above Rs. 2,00,000 — Rs. 25+ Service Tax

New Charges on NEFT from August 1, 2012

In the recent announcement, RBI has changed the charges up to Rs. 10000. The new charges as follows:

• up to Rs. 10,000 — Rs. 2.5 + Service Tax
• Rs. 10,000 to Rs. 1,00,000 — Rs. 5 + Service Tax
• Rs. 1,00,000 to Rs. 2,00,000 — Rs. 15 + Service Tax
• Above Rs. 2,00,000 — Rs. 25+ Service Tax

As of now, many of the banks are not levying the charges to the customers. But, looking into the interest if the banks, most of the private banks may start levying the charges on online money transfer. If you are transferring within the same bank, there won’t be any charge. If you have account with HDFC bank and willing to transfer money to another HDFC bank account, there won’t be any charges. Another important point is, as some of the readers noted that, this charges has been levied from the ICICI bank’s salary account too.

It is very bad news for the bank customers since online transfer means saving lot of time and energy. With the advancement of the technology, why there is necessity to charge for the online transactions? Banks want customers to walk in their branches for all the transactions?. RBI needs to review this decision  on charging for the online transfers.

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In a major move to spread the ATM networks in India to the every corner in the country, RBI has permitted non-banking companies to setup the ATM machines across Indian on behalf of the banks. With restriction, a non-banking company which has the minimum net worth of Rs. 100 crore can set up the ATM machines. The Reserve Bank of India (RBI) in a notification said the automatic teller machines (ATMs) operated by non-banking entities will be known as ‘White Label ATMs’ (WLAs). These ATM operators will be sponsored by the bank.

The White Label ATMs have all the features offered by the bank ATM machines. Customers can use their existing credit card and debit card of all the banks in India. This is the first step towards non-bank companies to setup the ATM machines. Till now only banks are operated the ATM machines in India.

If a non-bank company want to setup ATM network under the guidelines issued by the RBI, then that company can seek the authorization from RBI within four months from the data of issuing these guidelines. In the latest financial year’s audit, that company would have maintained the Rs. 100 crore as the minimum net worth, it has to be maintained all the times by that company.

The RBI final guidelines said non-bank entities proposing to set up WLAs have to apply to RBI for seeking authorization under the Payment and Settlement Systems Act, 2007. Five free transactions in a month as applicable to bank customers for using other bank ATMs would be inclusive of the transactions effected at the WLAs, it said.

The WLA operator would receive the fee from banks for using the ATMs by their customers. But, they can not directly charge any fee from the customers. They are allowed to generate revenue through advertisement on their ATM network. The operator would be permitted to display advertisement of financial products confirming to the regulatory framework as laid down by RBI, SEBI, IRDA and PFRDA.

It is good move by the RBI to spread ATM in the rural areas.

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Finance Ministry is working on providing the savings account number portability for the bank customers. Customers of a bank can open account in another bank without changing their bank account numbers. It is very much similar to the mobile number portability. If this feature is implemented in India, unhappy customers can easily switch to another bank. The ultimate benefit would be for the bank customers to get the better service. But, there are lot of challenges on implementing the savings account number portability in our country.

Do you want to change banks?

In the current scenario, people find it difficult to change their bank account only because of the tedious paper work. There is no uniform formalities across the banks in India. To avoid that, people don’t think of changing their bank accounts. But, after the savings bank interest rates deregulation, many banks offering the 6-7% interest rates for the savings bank account. It tempts the people for changing their bank account for higher interest rates.

When you are changing your bank using the savings account number portability, there are not much paper work. When you are opening a bank account, you have to submit the Know Your Customers (KYC)  form to the bank which has all the mandatory documents needed for a bank. If you are changing your bank, this KYC norms will take care of moving to another bank. You need not submit all the documents once again to the new bank.

What are the implementation challenges?

The idea of savings account number portability is looking good, but the practical implementation of this idea is not that simple for the banks. It may take years to complete the implementation. As of now, banks are using their own number of digits for the account numbers and they have the own understanding of the formats like first three numbers for branch code, etc. All the banks in India must have to be changed to the single format of the account number.

Technical Difficulty- This implementation has to be updated in their computerized network. In the current scenario, most of the banks has already moved to the e-banking concept and they are managing everything in their computer server. The upgrade of the current systems to the new format would tale more time and expenses. Also not all the banks would implement in the same pace. Normally private banks may implement it very fast and nationalized banks would take more time for these changes.

But RBI is of the view that portability would be easy to implement once a customer is in the possession of a number given by the Unique Identification Authority of India (UIAI).

What is your opinion? Do you thing savings account number portability is must for Indian customers? Please share your thoughts.

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If your only source of income is interests on bank fixed deposits, impact on the Tax Deducted at Source (TDS) will be more if you are not managed the TDS efficiently. TDS is the tax deducted at the time of paying the income to you. It is applicable to the salaried employees, bank fixed deposits, rental income, etc. In the above list, TDS on the bank deposits are the one where you can manage efficiently to minimize your loss on the income. In our blog we have published list of articles about the TDS and how to manage it. So, this blog post will be a remainder of the previous posts with few new points about the TDS.

TDS on Bank Deposits

If you have fixed deposits on your bank account, the interest income coming out of your deposits are taxable under the head other incomes. When you are submitting the income tax returns, it is your responsibility to add all the interest income and pay the tax. Note that, interest earned on your savings bank account is taxable.

also read:

• Top 6 Rules for TDS on Fixed Deposit
• What you should know about Form 15g and Form 15H?
• What is Form 16?

How much tax is deducted on the interest income?. If your interest income on a specific branch exceeds Rs. 10000 for a financial year, 10% of the amount will be deducted as the TDS. This deduction will be levied while making the interest payments. If you are not submitted the PAN card with your fixed deposit account. 20% of the amount will be deducted as the TDS.

• 51 Tips for Saving Income Tax

For the tax calculation, total fixed deposit on the same branch will be taken into the consideration. If you deposit your savings in the different branches of the same bank, each branch will be calculating separately for the TDS deduction. It is one of the way to avoid TDS.

Learn about form 15G and form 15H

If your total income is below the tax slabs, then you need not pay any tax to the govt. What if your bank is deducting the tax on interest accrued  on  your fixed deposit. The reason is bankers don’t have the details about your taxable income, so they simply deduct the tax if you are not providing any extra documents for their consideration.

If you are senior citizen and your total income is under the tax slabs, submit form 15H to avoid any tax deduction. Others can submit the form 15G to avoid the TDS. Form 15G and 15H has to be submitted start of the every financial year. Note that, this must be submitted for the every financial year. If you forgot to submit the documents, TDS will be deducted.

In some occasions, tax is deducted even after you submitted the forms. It is because the bankers are not processed your documents. Then you have to claim for the refund process. Instead of that, depositing in the different branches makes sense when you are not under the tax slabs.

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The banks in a country must be strong enough to come through any tough situations. The reality is we have seen in the 2008 crisis, worlds largest banks needs bailout from the govt. to survive. If the banks itself have such a problems, then how a country’s economy can be stable enough to challenge a crisis?. All the banks in a country is controlled by the central bank of that country. In India it is Reserve Bank, Federal Reserve is for USA likewise each country has its own central bank. Above all, there is a committee formed by all the central banks around the world to monitor the global economy and regulate the banking norms like capital maintenance, etc.

In 1974, Basel Committee (BCBS) in Basel, Switzerland, published a set of minimum capital requirements for banks.   The Basel Committee formulates broad supervisory standards and guidelines and recommends statements of best practice in banking supervision. The current norms created under the Basel – III is bank capital adequacy, stress testing and market liquidity risk.

What is Basel Committee?

A group of central banks around the world has formed a committee in Basel, Switzerland to regulate and monitor the banks in their respective countries. This committee would discuss the problematic areas for the banks and come up with the new set of rules to strengthen the banks. The main intention of this committee is to strengthen the banks to come through any kind of difficult situations like happened in the 2008 crisis.

also read:

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Basel – I

Basel I, that is, the 1988 Basel Accord is focused on the credit risk. It is the initial step by the Basel committee after the 1974 incident of  Herstatt Bank‘s bankrupt. Assets of the banks are grouped and categories based on the risk level. Banks with the international exposure must have the 8% capital. Basel I is outdated and it is not suitable for the modern trend of banks with the huge transactions around the world.

Basel – II

Basel II, which is created on 2004,  is focused on to create the international banks regulations for the banks. It wants to address the problem of capital adequacy based on its risk. The problem was that Basel II is very slowly adopted by the banks, the 2008 crisis could  not be avoided because banks are not followed the Basel II regulations.

What is Basel III  norms?

Basel III is the response to 2008 financial crisis. Basel committee is well understood the problem happened in the 2008, it wants to enforce the set of regulations for the banks and made the Basel III norms. It is created in the year 2010-11. It is expected that all the banks must adhere to the regulations by 2018. The following are the summary of things needs to be addressed in the Basel III:

• The capital requirements for the implementation of Basel III guidelines may be lower during the initial periods and higher during the later years.
• The implementation of the capital adequacy guidelines will start from January 1, 2013.
• The guideline says that banks to maintain a minimum total capital of 9 per cent against 8 per cent prescribed by the Basel committee of total risk weighted assets.
• Common Equity Tier 1 (CET1) capital must be at least 5.5 per cent of RWAs.

Basel III in India

Reserve Bank on India (RBI) is taking the Basel III norms as serious measure and asking the banks to increase the liquidity by the given dead lines.  The milestone given by the Basel Accord is:

Capital Requirements

• 2013 Minimum capital requirements: Start of the gradual phasing-in of the higher minimum capital requirements.
• 2015 Minimum capital requirements: Higher minimum capital requirements are fully implemented.
• 2016 Conservation buffer: Start of the gradual phasing-in of the conservation buffer.
• 2019 Conservation buffer: The conservation buffer is fully implemented.

Leverage Ratio

• 2011 Supervisory monitoring: Developing templates to track the leverage ratio and the underlying components.
• 2013 Parallel run I: The leverage ratio and its components will be tracked by supervisors but not disclosed and not mandatory.
• 2015 Parallel run II: The leverage ratio and its components will be tracked and disclosed but not mandatory.
• 2017 Final adjustments: Based on the results of the parallel run period, any final adjustments to the leverage ratio.
• 2018 Mandatory requirement: The leverage ratio will become a mandatory part of Basel III requirements.

The additional capital requirements of the public banks could be around 3 lakhs crore to meet the basel norms. The Basel III capital ratios will be fully implemented on March 31, 2018. Banks have to maintain Tier I capital, or core capital, of at least 7 per cent of their risk weighted assets on an ongoing basis.

Under the current Basel II norms, banks have to maintain the Tier I capital of at least 6 per cent of their risk weighted assets.  The total capital ratio including Tier -I and Tier-II is 9%. Here Tier I is cash and Tier – II is bonds.

The good thing is we have time till 2018 to achieve the target. When it comes to the public sector banks, if the banks are not able to raise the capital then govt. has to infuse the money into the system. It is going to be another burden for the govt. which already suffering from the current account deficit.

Summary

If you look on the Basel III norms, over all it is very good for the banks. In the initial period, banks (mainly public sector banks) would be under more pressure to raise the capital which would reduce the number of loans sanctioned. It is good for the future. If you are investor choosing the banking stocks, for the long term basel norms would be beneficial. There is no reason to panic. If you have queries on this, please post it in the comments section.

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There is lot of changes in the banking industry that too in the past five years. The perception about the banks to customers has increased to an extent because of the value added services offered by the banks. Another reason is the stiff competition among the players in the market. Customers are treated as the king , but there are few hiccups on banks about their customer relation that is an exceptional in the modern industry.

This article explores few of the prominent and notable advancement in the banking facilities which helps the customers to save lot of time. In the next articles, I would start writing about the specific features provided by the banks. If you are interested in reading the futures articles, please subscribe here.

1. Online Banking

If you can access the internet, you don’t need to visit the bank branches. There is enough campaign run by banks to educate the customers to use the online banking. If you are looking into the banks website, almost every bank has their own user manual for teaching the customers to learn online banking. The following are the key advantages on using the net banking:

• Time and Effort reduced
• Fastest way to transfer the money
• You can transfer money at any time. It will be transferred to the receiver account when the RBI’s NEFT cut off time is allowed.
• It is ECO friendly. More paper work is reduced.
• Banks can maximize their profit and utilize it on improving the customer’s service

There are few challenges while using the online banking. If there is a positive side, there also a negative. If you are using the online banking without a enough guidance, you will end up loosing the financial data to the third person who monitors your computer without your knowledge. The following steps needs to be taken to protect the data loss:

• Update to the latest anti-virus software in your system
• Avoid using the common computer for accessing your bank account
• Don’t write you bank account details in the paper or anywhere in the desk
• Keep your password as strong as possible. It will avoid others can imagine your password
• If you receive a mail asking for the bank account details, please don’t provide it. Banks never ask your user credentials through email. Another important thing is, don’t click on the link for login to your account without checking if the mail is really received from your bank.

2. Mobile Banking

It is the latest in the trend. Mobiles are used as the tool for transferring your money. After the advent of smartphones, banks can create their application for the phones. The notable applications are Android and iOS (Apple) for the smartphones. These are very popular operating systems for the smartphones and the tablets.

How it will help you to use the mobile as banks?. If your bank want to help the customers who has Android phones to transfer money from their mobile, first they have to create application running on Android and submit to the application store. Once it is approve by the app store, it will be available for the download and bank customers can install that application in their mobile and use the net banking password to login to their bank account. The following are the advantages of using the mobile banking:

• You can do banking transactions on travel
• There is no need of personal computer, if you have internet enabled in your mobile, you can access to your bank account.
• You can receive the periodic balance information to your registered mobile number with the bank.

If you have enabled your bank account in your mobile, be cautious on not giving your mobile to others. They can get into your bank account and see the details.

3. ATM Banking

Still most of the customer not use the ATM machines for the transactions. ATM is not only used of withdrawing the cash. It has number of features provided by the each banks. Sample services are, cash transfer, address change, cheque deposit, pin change request, apply for any other bank services, etc. If you have debit card and PIN number, you can do the transactions. For example, if you have lost or forgot the password credentials using the net banking, in that case you can use the ATM to transfer money to the receiver.

Banks are willing to introduce the new features in ATM machines. In the future, we could see ATM itself will be acting as a bank. You will be able to do all kind of transactions.

4. Home Banking

Home Banking is available only in the cities. It is the initial stage and it has lot of practical challenges to implement it. In the home banking, you need not visit the branch or ATM for dropping your cheque. Bank representative will visit your home and collect the cash or cheque for the deposit. Appropriate charges will be deducted from your bank account. This facility is not popular because of implementation challenges. Not all the bank accounts has this feature to use. Only the Bank accounts on offer can utilize this facility.

Summary

Last two months I have not published any article. I would start with this article and come up with the series of banks related articles in the next month. This is an overview of the bank services and each topic can be explained in very detail. If you have any suggestions, please post it in the comments section.

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In the current financial year, the small savings schemes would fetch the higher returns. Some of the schemes in this category include National Savings Certificate (NSC), Public Provident Fund (PPF), etc. Read the below table to know the revised interest rates for the small savings schemes.

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