BUSINESS
RBI’s BP Kanungo committee proposes banking services for senior citizens, differently abled persons
Kanungo committee has proposed a dedicated call centre, facility for a relative to pay upfront for doorstep service and allowing submission of life certificates at any branch of the bank
BUSINESS
RBI panel suggests penalty for home loan providers on loss of borrowers' documents
There are several instances of original property documents getting misplaced by the lenders. So, the BP Kanungo committee has proposed guidelines for handling property documents for regulated entities.
BUSINESS
RBI committee proposes guidelines on gold loan recovery in case of borrower’s death
The BP Kanungo committee recommends guidelines for gold loan companies for serving notice to the nominee or legal heir to settle the outstanding in case of death of the borrower, auction of gold, surplus to be refunded from auction of gold and more.
MCMINIS
Why you must review your credit report regularly?
BUSINESS
HDFC Bank’s Mega Car Loan Mela offers innovative EMI options, which one should you choose?
HDFC Bank is hosting the mega car loan mela on June 2 and 3 in central India and Maharashtra. The bank is offering customers two flexible repayment options – step-up and balloon. Moneycontrol looks into the pros and cons.
BUSINESS
Green fixed deposit norms kick in from June 1. Here’s what you need to know
When you invest in a green deposit, the bank uses the money to lend to projects that support the United Nations Sustainable Development Goals, which include renewable energy, green transportation, waste management and so on.
BUSINESS
Revised bank locker rules: 5 things you must bear in mind
The bank will have to compensate in case of fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees. The bank’s liability will be equivalent to 100 times the annual rent of the safe deposit locker.
MCMINIS
Three things to do now with your Rs 2,000 banknotes
BUSINESS
Airmiles, lounge benefits, free hotel room: Credit cards line up goodies for summer holidays
The recent rule of 20% Tax Collected at Source has brought some relief as credit card spends on foreign spends are exempt from the tax up to a spend of Rs 7 lakh. But banks charge a foreign exchange markup fee when you spend abroad. These are the top Mastercard credit cards.
BUSINESS
TCS rules on foreign tours, magazine subscriptions, iTunes, international equities… all doubts clarified
The government partially rolled back the 20% tax collected at source (TCS) rule for international spends on credit cards. Now, only those who spend more than Rs 7 lakh will come under the Liberalised Remittance Scheme and be subject to TCS.
BUSINESS
MC Explains | What to do with your Rs 2,000 currency notes?
The RBI has decided to withdraw the Rs 2,000 denomination banknotes from circulation. It encourages to deposit and/or exchange these banknotes on or before September 30, 2023.
BUSINESS
How tax on foreign tour spends on credit cards will affect your holidays
International transactions via credit cards have been brought under the RBI’s Liberalized Remittance Scheme or LRS from May 16, 2023. From July 1, 2023, there will be 20 percent TCS on them with no minimum threshold.
BUSINESS
Six ways to save your job in the current storm of layoffs
When looking for work, you can protect your employability by negotiating certain clauses including a longer notice period and a golden handshake.
MCMINIS
What is 100 Days 100 Pays campaign from RBI?
MCMINIS
How to settle charges on forex prepaid card in rupee
BUSINESS
Mother’s Day 2023: Why single mothers should not ignore their retirement goals
On Mother's Day, diligent financial planning can ensure smooth sailing through every stage of life. Retirement will go well if you have an adequate emergency corpus, life and health covers in place
BUSINESS
NRO deposit rates: These banks offer up to 8.51% interest on two-year deposits
Small finance banks lead with the highest interest rates on NRO deposits, followed by small private banks and foreign banks. The leading public sector banks like the State Bank of India, Bank of Baroda, and others are not competitive in interest rates like other banks.
BUSINESS
Got Rs 10 lakh to invest? Stick to short-term debt funds for near-term needs; quality equity funds via STP for long term: Girish Ganaraj
Girish Ganaraj, a Mumbai-based mutual fund distributor, recommends a diversified investment portfolio as per financial goals and risk appetite. In the growing trend of following influencers for investing, he advises not to seek quick fixes through them.
TRENDS
Cruise control: How extra charges can inflate your cruise expenses, and how to control them
From the type of room and alcohol packages to shore excursions and visa charges, keep an eye out for additional costs when you book a cruise in India or overseas.
MCMINIS
Ways to use your annual bonus wisely
MCMINIS
Beware of gifts-and-customs fraud
BUSINESS
Trust FIRE to achieve your financial independence even when you retire early
To plan an early retirement taking the help of a trusted adviser is very important. The advisor will guide you in arriving at the corpus you will need, your investment strategy, lifestyle changes, and more
MCMINIS
What is Cruise Now, Pay Later scheme?
BUSINESS
Recurring Deposits: Banks are offering up to 7.6% interest
A recurring deposit helps you put a fixed sum of money every month in a bank deposit. It works like a mutual fund SIP but interest is taxable. Here is a list of rates offered for five-year recurring deposits
