Archive for March, 2012

PSU Insurers Set Up Common Mechanism for Settlement of Third Party Claims

Thursday, March 22nd, 2012

Public Sector Insurance (PSU) companies are planning to work on new ideas to initiate better claim settlement. Recently the four major PSU insurers namely National Insurance, New India insurance, Oriental Insurance, United Insurance have set up a common mechanism for settlement of third party claims in Kolkata. The common mechanism is to work on faster […]

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Hike in Interest Rates on Small Savings Schemes

Thursday, March 22nd, 2012

Finally some good news for small saving investors! The government is raising interest rates on small saving schemes such as National Savings Certificate (NSC) and Public Provident Fund (PPF) Deposits by 20-50 basis points. The new interest rates will however be applicable on investments from 1st April 2012 and not on those which you have […]

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Gold Ornaments vs. Bullion – What to Choose While Investing

Wednesday, March 21st, 2012

Gold is highly valued metal throughout the world. Gold is the ideal diversifier for a portfolio. It brings stability to a portfolio and works like an effective divestiture as well as preserver of wealth. Gold is universal standard and the value of any object can be assessed against it. Gold maintains long-term value and keeps […]

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Why Investing in Gold May be a Bad Idea Today?

Wednesday, March 21st, 2012

Gold prices have increased like never before and many people, particularly in India are withdrawing from other saving schemes and investing in gold. If you are one of them pouring money into gold, beware, gold prices may possibly fall down drastically.

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Budget 2012: Tax Exemption on Interest Up To Rs.10,000 From Savings Deposits

Tuesday, March 20th, 2012

The Finance Minister recently announced that individual taxpayers will be allowed a deduction of up to Rs.10,000 on interest earned on savings bank deposits. He said that this move would help a large number of small taxpayers with salary incomes up to Rs.5 lakh. Depending on the rate that your bank pays, balances of savings […]

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Budget 2012: Income Tax Exemption Limit Increased to Rs.2 Lakh

Tuesday, March 20th, 2012

The Finance Minister in his budget-speech has announced raising the tax exemption limit to Rs.2 lakh from the current limit Rs.1.8 lakh. For those earning income between 2-5 lakh, the tax bracket will be 10%, for income between 5-10 lakh the tax slab will be 20%, income above 10 lakh the tax bracket will be […]

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Budget 2012: Govt. Announces Rajiv Gandhi Equity Savings Scheme

Tuesday, March 20th, 2012

In order to increase retail participation in capital markets, Finance Minister recently introduced a tax exemption scheme for new investors in budget 2012-13. The Rajiv Gandhi Equity savings Scheme will allow 50% tax deduction for those who invest Rs.50,000 in equity schemes (stocks) and whose annual income is below Rs.10 lakh. This is the first-ever […]

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Different Types of Life Insurance Policies Available in India

Sunday, March 18th, 2012

Life insurance is one of the fastest growing financial service sector in India. Currently, there are 24 life insurance companies in India offering various kinds of life insurance policies with many benefits and riders. The main purpose of taking life insurance is to provide financial protection for the dependants of a person in case of […]

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Railway Budget 2012: Hikes in Passenger Fares Across All Classes

Saturday, March 17th, 2012

The Railways Minister on Wednesday 14th March announced a marginal hike in passenger fares across all classes ranging from 2 paisa per kilometre to 30 paisa per kilometre in railway budget 2012. The hike in passenger fares are: 2 paise per km for suburban and ordinary second class 3 paise per km for express second […]

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Citrus Fruits to Lower the Risk of Stroke in Women

Friday, March 16th, 2012

Many of us enjoy the tangy flavor of citrus fruits like grape fruits, oranges and lemons. All these are rich in Vitamin C, a powerful anti-oxidant, which helps to fight against free radicals. But the recent study has revealed that, they are more useful than what we actually can expect. A new research suggests that […]

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Budget 2012: Banks Likely to get Education Guarantee Fund from Govt

Thursday, March 15th, 2012

With the Union Budget all set to hit soon on March 16th, lenders mainly the public sector banks hope that the government will come up with a special guarantee fund for educational loans up to Rs.7.5 lakh. The rising number of Non-Performing Assets (NPAs) from the educational loans segment has been an increasing concern and […]

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Why the Poor, Not the Rich Need Insurance?

Wednesday, March 14th, 2012

Most middle-class people think that insurance is not meant for them. They assume insurance as an unnecessary spending by which they will not benefit. They hesitate to take insurance, even if the premiums are small and put their family in a vulnerable situation when unexpected events occur. This is largely due to lack of awareness […]

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Banks are Competing on Higher Rates on Short Term Deposits

Wednesday, March 14th, 2012

Good news for all bank customers! Banks are competing to tap short-term deposits demand by offering higher rates of interest. Interest on deposits up to 1 year for Rs.15 lakh to Rs.1 crore is between 9% and 10.50%. For senior citizens, 50 more basis points are offered. The reasons may be due to less deposit […]

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Banks May Find Informers to Track Defaulters

Wednesday, March 14th, 2012

For many years, informers are helping law enforcement agencies, tax authorities etc. Today, banks are also looking at them for help. Recently, Reserve Bank of India (RBI) has sought the Indian Bank’s Association’s views on whether banks can find such sources to tap the defaulting borrowers who have contended with assets. Banks are being asked […]

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NRE Deposits Hit 10-Year High On Rising Rates

Wednesday, March 14th, 2012

Recently, RBI issued guidelines to deregulate interest rates on NRE (Non Resident Rupee) deposits, which made banks to raise their interest offering from around 3.8 percent to up to 9.5 percent. This rise in NRE deposit rates has brought some relief to NRIs and resulted in routing their savings substantially into NRE accounts. In the […]

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