Rules and Regulations

EPF rate may come down to 8.25%

December 9, 2011

Few months back govt had increased EPF interest rate to 9.5% which made investors in EPF very happy. But recently they have considered to drop the interest rates of EPF to 8.25% . This will be one of the steepest cut on EPF rates in many decades. Officials would be meeting on Dec 23 to [...]

Interest rates on PPF, NSC will be applicable from 1.12.2011

November 26, 2011

Recently there were changes made in the PPF interest rates , NSC rates and duration and post office deposits . Now the notification date which will be applicable for these changes has come and its 1-12-2011. So the new PPF rate of 8.6%, limit of 1 lac , NSC tenure of 5 yrs , revised [...]

IRDA brings strong regulations for Insurace comparisions sites

November 23, 2011

IRDA has recently come up with few regulations and rules for insurance comparision and ratings sites like policybazaar.com , myinsuranceclub.com and apnapaisa.com and similar sites. As per IRDA rules  Web aggregators shall disclose prominently on the home page that the client/visitor’s particulars could be shared with insurers/insurance brokers. Web aggregators shall not carry any advertisements [...]

Cheques and Demand Drafts will be valid for only 3 months of issue

November 17, 2011

From next year all the bankers cheques , demand Drafts and pay orders will only be valid for next 3 months from the date of issue. It will be expired and become invalid if you dont use it within limit period of 3 months. As of now this limit is 6 months , but from [...]

PPF interest rate hiked to 8.6% , investment limit to 1 lac

November 11, 2011

Govt on Friday increased the PPF interest rates to 8.6% , which was 8% from very long time. Also the investments limit has been raised to 1 lac from the old 70,000 . This will be effective from Dec 1 , 2011 . Apart from this Post office saving rates are increase from 3.5% to [...]

IRDA makes disclosing maturity benefits mandatory for pension plans

November 11, 2011

IRDA has come up with a guidelines applicable from Dec 1 , 2011, which is that now , all the pension products has to come wih maturity benefits clearly mentioned . Earlier there were pension products which had a indicative returns based on an illustration, but now it has to be very clear and to [...]

Get different interest rates on saving bank accounts

October 25, 2011

RBI in its monetary policy for 2011-12, has deregulated the interest rates on saving bank accounts. Till now the saving bank interest rate was uniform across all the banks and was decided by RBI (it was 4%) , but now all the banks are free to provide an interest rate which they want. However there [...]

RBI raises repo and reverse repo rates by 25 basis points

October 25, 2011

RBI today increased repo and reverse repo rate by .25% or 25 basis points. Repo rate now stands at 8.5% and reverse repo rate is at 7.5%. Repo rate is the rate at which banks borrow from RBI , which means that this extra .25% might be passed on to the end customer which will [...]

No more pre-payment penalties – says National Housing Bank

October 21, 2011

Housing finance regulator National Housing Bank (NHB) has directed all housing finance companies (HFCs) to stop levying penal charges on customers for pre-payment of home loans with immediate effect. These prepayment penal charges are levied mainly by the private sector banks and housing firms and could be as high as four per cent. The move [...]

General Power Of Attorney (GPA) is not a title

October 17, 2011

As per a CapitalMind article, In a recent verdict, supreme court has said that “General Power Of Attorney” or GPA as its reffered as is not a legitimate or legal way of transferring the properties. A lot of transactions happens by mis-using GPA and it leads to  Avoiding of high registration fees ,  Avoid scrutiny [...]

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