Citizens Financial News

State Bank of India Fixed Deposits: SBI has revised interest rates for its fixed deposits (FDs), including ‘Sarvottam’, for various tenures. With the latest revision, the interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new FD interest rates are effective from May 15, 2024, according to the SBI website.

Fixed deposit investors continue to enjoy the best period as banks continue to offer them sweet deals on deposits across tenures. In a fresh move, Unity Small Finance Bank has revised its interest rates on fixed deposits of amounts below Rs 2 crore.

East African nation Rwanda aims to create its own retail central bank digital currency (CBDC) to assert its significance in the global economy’s future landscape by 2026.

heirs. Second, how to balance the need for financial freedom with dependence on children during one’s lifetime. Third, how to provide for the care and comfort of the surviving spouse when one has passed away. The first question has been answered in an earlier column. Simplifying one’s finances is always a good policy in retirement, especially if one crosses the age of 80. There’s nothing sacrosanct about this number in this day and age, but simplification helps both the investor and his heirs. The first step is to complete any pending asset-related processes. Verify and update nominations, check and organise title deeds, consolidate multiple accounts and folios, close dormant accounts, dematerialise paper shares, and review joint holdings for proper operation. The second important step in estate planning for the elderly is making assets accessible to heirs. Many investors leave their children unaware of their assets, causing confusion after they pass away. Consolidate assets and record details, including e-mail and Internet banking access, in a notebook or spreadsheet for easy reference. With advancing age, either trust heirs with account details or ensure they can easily access them after one’s passing.

election in India is seen solely as a numbers game. The obsession with rally size, voter turnout, number of campaign rallies, vote shares, seats won, etc, is especially big deal in Lok Sabha elections. But now that the hurly-burly's done — and the battle's almost lost and won — it's time to look beyond the nose of quantity and think of whether the quality of this democratic exercise may be strained.

Sikkim Democratic Front (SDF) vice president Bhaichung Bhutia lost the Barfung Assembly constituency in Namchi district to SKM's Rikshal Dorjee Bhutia on Sunday. The Sikkim Krantikari Morcha (SKM) candidate bagged 8,358 votes while Bhutia got 4,012 votes.

fixed deposits (FDs) partly for wealth creation and partly for keeping their money safe & secure. Those who want to double their investment need to earn a high interest so that the absolute return, over time, increases by 100 percent.Fixed deposits (FDs) offer varied interest rates for different tenures.

NITI Aayog CEO and G20 Sherpa and Amitabh Kant outlined the remarkable strides India has made in digital transformation over the past nine years in a recent post on X.

Chhattisgarh State Electricity Regulatory Commission (CSERC) on Saturday announced an average hike in power tariff by 8.35 per cent for all categories of consumers. The new tariffs will be effective from June 1, an official said.

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Union Home Minister Amit Shah on Saturday appealed to people to cast their franchise in «unprecedented numbers» to elect a strong government again to ensure the internal security of the country and to maintain the pace of development.

Voting for three Lok Sabha seats in Jharkhand commenced on Saturday, amid tight security, officials said. Polling began at 7 am in Dumka, Rajmahal, and Godda, and will continue till 5 pm.

Narendra Modi appealed to the citizens on Saturday to vote in “large numbers" in the Seventh phase of the Lok Sabha elections 2024.In a post on X, PM wrote, “Today is the final phase of the 2024 Lok Sabha elections. As 57 seats across 8 states and UTs go to the polls, calling upon the voters to turnout in large numbers and vote.

health insurance policies, premiums for health insurance policies may see a significant jump in the near future. It is worth noting that the Insurance Regulatory and Development Authority of India (IRDAI) removed the age bar recently to buy health insurance. This means individuals can buy new health insurance even after 65 years of age.

Post office deposits: In today's financial landscape, individuals often seek avenues to maximise savings while optimising tax benefits. While several investment instruments offer tax-saving advantages under Section 80C of the Income Tax Act, Post Office Savings Schemes don't fall under this category. Let's delve into five such schemes provided by the Post Office that remain viable options for conservative investors despite not offering Section 80C tax-saving benefits.

Also Read: Ghatkopar hoarding collapse: Retired ATC official, wife waiting to refuel found in 'decomposed state'According to TOI, the 20 dangerous buildings house a total of 711 residents or tenants, comprising 494 residential and 217 nonresidential occupants.The board has appealed to occupants to vacate the buildings and avoid loss of life and property. It has urged them to notify the 24/7 control room at Tardeo of danger or accidents at 022-2353 6945, 0222351 7423 and 93216 37699, said the report.In another development, a 47-year-old structural engineer was arrested on Thursday in connection with Ghatkopar hoarding collapse on May 13.

BJP of making efforts to mislead the people on religious and divisive issues in the Lok Sabha election campaign, Congress president Mallikarjun Kharge said on Thursday that Prime Minister Narendra Modi in his speeches over the past 15 days «did not speak a word» on unemployment and price rise even as he mentioned «Modi» 758 times, Congress 232 times and referred to INDIA alliance 573 times. Addressing a press conference here, Kharge expressed confidence of the INDIA bloc forming the government after the Lok Sabha polls and said they will take everyone along. He accused the Election Commission of not acting on «divisive» speeches by PM Modi

fixed deposits (FDs) have been in a sweet spot for a few years now. The interest rates of FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%, which in many cases were more attractive than the offerings of public and private sector banks. Many have opted for such FDs. But now these FD investors should take note of a development at a prominent player in the sector: Fincare Small Finance Bank, which used to offer 9.21% to senior citizens on FDs maturing in 750 days as on March 27, 2024, according to Paisabazaar.com, recently merged with AU Small Finance Bank, the largest SFB in the country in asset size. This is the first such merger in the small finance bank sector, and it came into effect on April 1, 2024. Now, customers should be aware of what will happen to the FDs they had opened in Fincare SFB before the merger? Will they be eligible for the deposit insurance protection of up to Rs 5 lakh, including principal and interest? Will the IFSC codes change after the merger? ET Wealth Online presents an FAQ on how the Fincare-AU Small Finance Bank merger will impact customers.

For the fiscal year 2024 and the assessment year 2024–2025, the income tax reporting season has already begun. Nonetheless, seniors receive significant tax breaks under income tax regulations. The individual must be 60 years of age or older but not older than 80 at any point during the year to qualify for these benefits.