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Jana Small Finance Bank shares listed at 4% discount from it’s IPO price

by primadmin February 14, 2024

written by primadmin

Bangalore head quartered Jana Small Finance Bank (JSFB) IPO listing opened today on 14th February 2024. The bank’s shares listed on both BSE & NSE. Jana Bank shares were listed at a discount of over 4% to it’s IPO price at Rs. 396/- per equity share against offer price of Rs. 414/-.

There IPO size was of Rs. 570 crore, which consisted fresh issue of 1.11 crore shares of value of Rs. 462 crore and offer for sale (OFS) of over 0.26 crore shares of value Rs. 108 crore. The IPO was subscribed 19.8 times.

February 14, 2024 0 comment 124 views

Personal Finance

HDFC Bank hikes retail Fixed Deposit Rates, now offers up to 7.75%

by primadmin February 11, 2024

written by primadmin

The war on deposits is getting more closure as Q4 FY23-24 is coming towards the end. On 9^th February 2024, HDFC Bank has raised interest rate on its retail Fixed Deposit. The bank has raised up to 25 bps in various tenures.

Post this rate revision, the senior citizens will get interest rate between 3.50% to 7.75% and regular citizens will get interest rate between 3.00% to 7.25% for retail fixed deposits. The bank has hiked interest rates from 7.00% to 7.25% for period of 18 months-less than 21 months for regular customers. Senior citizen best interest rate is now at 7.75% for 18 months to < 21 months and best interest rate for regular customers is 7.25% for the same tenure.

Below is the detailed interest rate offered for different customer types and tenures.

Tenure	Interest Rate for Regular Customers	Interest Rate for Senior Citizens	Interest Rate for NRE Customers
7-14 days	3.00%	3.50%	N.A.
15-29 days	3.00%	3.50%
20-45 days	3.50%	4.00%
46-60 days	4.50%	5.00%
61-89 days	4.50%	5.00%
90 days – 6 months	4.50%	5.00%
> 6 month-9 months	5.75%	6.25%
> 9 months – < 1 year	6.00%	6.50%
1 year- < 15 months	6.60%	7.10%	6.60%
15 months – < 18 months	7.10%	7.60%	7.10%
18 months – < 21 months	7.25%*	7.75%*	7.25%*
21 months – 2 years	7.00%	7.50%	7.00%
> 2 years – < 2 Yr 11 months	7.00%	7.50%	7.00%
2 Yr 11 months-35 months	7.15%	7.65%	7.15%
>35 months – 3 years	7.00%	7.50%	7.00%
>3 year – < 4 Yr 7 months	7.00%	7.50%	7.00%
4 Year 7 Months – 55 months	7.20%	7.70%	7.20%
>55 months – 5 years	7.00%	7.50%	7.00%
> 5 years – 10 years	7.00%	7.75%*	7.00%

The above rates revision has been on retail fixed deposits. Retail fixed deposits are those FDs that are of amount of less than 2 Crores.

* Indicates the best rate for the segment.

February 11, 2024 0 comment 91 views

Financial World

Reactivate your NPS Account, enjoy Tax benefits & retire in style !

by primadmin February 11, 2024

written by primadmin

National Pension System (NPS) is a popular retiral scheme in India. It offers upfront tax savings and the product is EEE (exempt-exempt-exempt). That means the investments are exempted, accrual/returns are exempted and withdrawals/maturity are also exempted. NPS also offers a combination of investing into various financial instruments such as Equity (maximum 75%), Bonds and G-Secs. NPS has evolved over time and offers various choices to the investors, while it’s cost of operation still remains the lowest benefiting the subscribers. As it is a retiral product, investor can withdraw 60% of the corpus & invest remaining 40% of the corpus in annuity on attending age of 60 years or above. There are 2 accounts under NPS, Tier-1 & Tier-2. All tax benefits are available on Tier-1 account of NPS.

NPS Tax benefits:

NPS offers tax benefit on investments up to Rs. 1,50,000/- under section 80 CCD (1).
Anyone one can invest additional Rs. 50,000/- in NPS and claim tax benefit under section 80 CCD (1B) (this is additional tax benefits over and above 1.5 Lakh 80 CCD (1) limit).
Salaried employees can opt for NPS contribution via their employer contribution and get additional tax exemption up to 10% of annual basic (without any limit) under section 80 CCD (2) (this is additional tax benefits over and above 1.5 Lakh 80 CCD (1) & 80 CCD (1B) limit).

Many subscribers have opened their NPS account but their account has been frozen/deactivated as they do not carry the minimum investment/transactions prescribed for the year. For opening NPS Account, you have to invest minimum Rs. 500/- in a Tier 1 account and Rs. 1,000/- in Tier 2 account. After opening the NPS accounts, it is necessary to deposit minimum Rs. 1,000/- in Tier 1 and minimum Rs. 250/- in Tier 2 account annually. If you do not deposit the minimum amount your NPS accounts will be frozen.

If your NPS account has been frozen, you can unfreeze/reactivate the same. For reactivation you can approach your NPS service provider (bank, post office or your broker from where you have taken NPS initially). You have to fill UOS-S10A form for reactivation and submit this form along with your PRAN copy. There is a penalty of Rs. 100/- for reactivation and also the subscriber has to deposit the minimum outstanding amount which is due for corresponding missed years.

Please note there is no maximum limit for investment in NPS in either of the accounts. Hence, you can invest as per your requirement.

February 11, 2024 0 comment 155 views

News

Interest rate revision in your EPFO Account

by primadmin February 11, 2024

written by primadmin

Rising interest rates are across the corner and it’s good for depositors who are looking for investment avenues. Banks are revising their Fixed Deposit rates and Saving Bank Account interest rates upward. Many private banks have revised both the rates, also PSU banks have been revising their FD rates recently and Small Finance Banks are on the forntline offering head-on rates in both type of deposits.

Then why should EPFO offer lesser interest rates. Yes, you heard it right. EPFO on 10th Feb 2024 has proposed to offer 8.25% interest rate on your PF Account balance for the Financial Year 2023-2024. While this will be implemented post Ministry of Finance approval, it will certainly make the EPFO investors happy.

All the salaried class employees (be it government or private) opt for EPFO investment as a mandatory investment from their employeer side and contribute from their salay regularly month on month. EPFO is a longterm investment for many and the upward revision in it’s interest rates will definitely give more benefits to the investors.

Presently your EPFO Account offers 8.15% annual interest rate and the proposed rate of 8.25% will be 10 bps higher. The proposed rate is the highest rate that EPFO has ever offered in the last 3 Financial Years.

February 11, 2024 0 comment 225 views

Articles

Revision in Fixed Deposit (FD) interest rate of Federal Bank.

by primadmin February 11, 2024

written by primadmin

Banks are into intense competition on raising their deposits during Q4FY24. Several banks have revised their deposit rates and the recent revision come from Federal Bank. The bank has revised its retail fixed deposit rates for both resident & non-residents with effect from 6^th February 2024. Post this interest rate revision, Federal bank offers best rate of 8% to senior citizen customers and 7.55% for regular customers for tenure of 500 days.

Federal Bank’s fixed deposit interest rate now ranges between 3.50% to 8.00% for senior citizens and 3.00% to 7.55% for regular customers (for tenure between 7days-10 years).

Here are the latest fixed deposit rates of Federal Bank:

Tenure	FD Interest Rate for Regular Customers	FD Interest Rate for Senior Citizens	FD Interest Rate for NRE Customers
7-29 days	3.00%	3.50%	N.A.
30-45 days	3.25%	3.75%
46-60 days	4.00%	4.50%
61-119 days	4.75%	5.25%
120-180 days	5.00%	5.50%
181-270 days	5.75%	6.25%
271-less than 1 year	6.00%	6.50%
1 year-less than 13 months	6.80%	7.30%	6.80%
13 months-499 days	7.30%	7.80%	7.30%
500 days	7.50%*	8.00%*	7.50%*
501 days-21 months	7.30%	7.80%	7.30%
Above 21 months-less than 3 years	7.05%	7.55%	7.05%
3 years-less than 5 years	7.00%	7.55%	7.00%
5 years & above	6.60%	7.25%	6.60%

The above rates revision has been on retail fixed deposits. Retail fixed deposits are those FDs that are of amount of less than 2 Crores. The bank continues to levy 1% penalty on premature withdrawal of retail fixed deposits of above 15 days period, while there is no penalty on FD of up to 15 days.

* Indicates the best rate for the segment.

February 11, 2024 0 comment 100 views

News

Sandeep Bakhshi’s re-appointment as ICICI Bank MD & CEO for 3 years gets RBI approval

by primadmin September 11, 2023

written by primadmin

Banking regulator Reserve Bank of India has approved re-appointment of Mr. Sandeep Bakhshi as ICICI Bank’s Managing Director & Chief Executive Office. ICICI Bank has notified this to the stock exchange. The re-appointment of Mr. Bakhshi as MD & CEO will be effective from 4th October 2023 till 3rd October 2026. The bank’s shareholders have approved re-appointment of Mr. Bakhshi during the AGM held on 30th August 2023.

September 11, 2023 0 comment 447 views

Articles

PAN-Aadhaar linking deadline of 30th June’23 is approaching, have you linked yours ?

by primadmin June 18, 2023

written by primadmin

The Government of India has mandated to link PAN & Aadhaar. The Department of Revenue had issued notification dated 1st July 2017 regarding this new implementation. The earlier timeline was 31st March 2023 but looking at the lower number of citizens who could complete this PAN & Aadhaar linking exercise, it was further extended till 30th June 2023. Now you will have to adhere to the 30th June time line, as the Income Tax department has no indication for further extension.

However, if you fall under any of the below categories, then you are exempted from Aadhaar-PAN linking

(1) NRIs

(2) Not a citizen of India

(3) age above 80 years

(iv) residence of ASSAM, MEGHALAYA, JAMMU & KASHMIR state

Linking your PAN-Aadhaar is not a big task. So if you have not done it yet, do check out the below steps for linkage.

Simple steps to link/check Aadhar-PAN linking status on internet :

Step 1: Visit the income tax website www.incometaxindiaefiling.gov.in

Step 2: On the home page, go to “Important Links” where you will find Go to E-filing website for
PAN-Aadhaar Linkage

Step 3: Enter your PAN and then Aadhaar number

Step 4: Click on the validate button

Step 5: If your PAN-Aadhaar is already linked you will get a pop-up message showing the same. If it is not linked already you will be able proceed further to validate and link it.

PAN-Aadhaar linking using SMS service :

You can also link PAN-Aadhaar by sending SMS. Send the below SMS to the numbers 567678 or 56161 : UIDPAN<12 Digit Aadhaar Number><10 Digit PAN Number> and your linking will be done.

In case you fail to link PAN & Aadhaar?

If you do not link PAN and Aadhaar by 30th June 2023, your PAN card will be inoperative from 1st July 2023. That means all your work where PAN was used will be affected as you will not be able to use PAN further. Key issues that you will face if your PAN is not working are, you will not be able to file Income Tax Returns, pending returns will not be processed and tax will be deducted at a higher rate in absence of valid PAN.

June 18, 2023 0 comment 322 views

Articles

NFO Alert ! WhiteOak Capital Balanced Advantage Fund

by primadmin January 22, 2023

written by primadmin

WhiteOak Capital Balanced Advantage Fund (an Open-ended Dynamic Asset Allocation Fund) NFO has been in the market for investors. The fund aims to enter into the market and provide investors long/medium term capital appreciation.

Scheme Type : Open ended dynamic asset allocation fund.

NFO Period : 20th Jan – 3rd Feb, 2023.

Investment Objective : The scheme is suitable for investors seeking long / medium term capital appreciation & Income Generation and are looking for dynamically managed portfolio of Equity & Equity-related instruments, Debt & Money Market securities.

Asset Allocation Pattern :

Equity & Equity Related Instruments: 0%-100% (Risk Profile – Very High).
Debt Securities (including securitized debt) and Money Market Instruments, cash, and cash equivalent and/or units of domestic liquid mutual fund schemes: 0%-100% (Risk Profile – Low to Medium)

Plans : Regular Plan & Direct Plan

Options : Growth Option

Minimum Investment : Rs. 500 and in multiples of Re.1 thereafter.

Minimum Additional Investment : Rs. 500 and in multiples of Re.1 thereafter.

Minimum Redemption : Rs. 500/- and in multiples of Rs. 0.01/- or account balance, whichever is lower.

Load Structure :

Entry Load: Not applicable.
Exit Load: 1.00% (of applicable NAV) if units are redeemed / switched-out within 1 month from the date of allotment, Nil thereafter.

Risk-o-meter : Very high.

Disclaimer : Mutual Fund investments are subject to market risk, please read all the scheme related documents carefully.

January 22, 2023 0 comment 229 views

Personal Finance

IPO Alert ! Inox Green Energy Services Ltd.

by primadmin November 13, 2022

written by primadmin

Gujarat headquartered Inox Green Energy Services, which is a subsidiary of Inox Wind has launched its initial public offering (IPO) on November 11, 2022. The company was incorporated in 2012 and is one of the major wind power operation and maintenance (“O&M”) service providers in India. Details of the IPO are below :

Issue Period : 11th Nov – 15th Nov 2022

Price Band : Rs. 61 -65 per equity share

Issue Size : Rs. 740 Crore, 113,846,154 shares of face value of Rs. 10 each

Bid Size : Minimum 1 lot of 230 equity shares and in multiples of 230 share thereafter.

Listing at : BSE & NSE

Allotment Date : 18th November 2022

Refund Date : 21st November 2022

Share Credit Date : 22nd November 2022

Listing Date : 23rd November 2022

November 13, 2022 0 comment 377 views

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