Author: Miley Selena

The Indian stock market is heating up again, taking benchmark indices close to their all-time highs. However, the real action is happening in the mid- and small-cap space. For instance, the BSE mid-cap and small-cap indices have gained by 34% and 61% respectively over the past year, compared to the Sensex’s modest 23% gain. The two-year returns also tell a similar story. Absolute gains of 68% and 113% respectively for BSE Midcap Index and BSE Read more: EconomicTimes

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The State Bank of India (SBI), via a press release, said that IMPS transactions up to Rs 5 lakh done using digital mediums like Net banking and mobile banking (including Yono) will not attract service charge. “SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO,” stated the press release. SBI recently announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been…

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Those who have opened Public Provident Fund (PPF) accounts with the State Bank of India (SBI) can add nominees using the SBI Yono app, Net banking facility, or by visiting the branch. According to the SBI website, nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber. However, nomination can not be made in PPF accounts opened in the name of the minor. While opening a PPF account, you will not find the provision for nomination in the application form, nomination has to be filed separately. Even…

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“Doorstep banking – Free 1 transaction per quarter* till 31stMar’22! Why visit the branch, when the branch is ready to come to you! is an SMS that HDFC Bank has been sending its senior citizen customers. You can now request for cash pickup , Cash drop (Min &max. amount being 5K-25K or cheque pick up service from your home.” is an SMS HDFC Bank sent to its customers this week. Many banks offer doorstep banking services to their customers especially to the senior citizen customers and disabled customers. One should check with their bank if their home branch is providing…

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The insurance industry has been facing difficulties in terms of claims as a result of COVID19, which is putting direct pressure on customers due to re-insurers’ increases in premium costs. According to insurance aggregator PolicyX.com, in the fourth quarter of 2021, the Term Insurance Price Index Value has gone up by 4.18%. The index value has reached Rs 23,929 during the quarter. The PolicyX.com report marks a huge difference of 9.75% in the term index value between the first quarter of 2021 and the fourth quarter. In quarter 4, 2021, the average yearly premium for a sum assured of Rs…

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Despite correction in December, Indian equities have ended 2021 with stellar numbers. For most of the year stocks rallied, and both the benchmark indices scaled new highs. A significant part of the rally was driven by large-cap stocks, many of which have reached record highs. The NIFTY 50 index, a collection of 50 large cap stocks on the NSE, has grown by 22.8% from 14,018.5 on January 1, 2021 to 17,203.95 on December 30, 2021. In past there have been many stocks that have either remained stagnant or corrected and did not recover for years after reaching a peak. So,…

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State Bank of India (SBI) has announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to the website. IMPS is a popular payment service provided by banks to allow real-time inter-bank fund transfer which is available 24 X 7 including…

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If you have rented a locker or plan to rent one to store your valuables in a bank locker, then you should be aware of the new bank locker rules laid out by the Reserve Bank of India (RBI) that came into effect on January 1, 2022. The RBI announced the new guidelines via a notification on August 8, 2021. Here is a look at the revised guidelines for bank lockers and its impact on locker users, as per the RBI notification. When the bank will compensate customers Banks will be eligible to pay in case of any loss of…

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Post Office Schemes (popularly known as small savings schemes) like the Public Provident Fund, National Savings Certificate and Senior Citizens’ Saving Scheme have been popular with fixed income investors for a while now. This is because they are relatively safe due government-backing as well as the tax benefits available on some of the schemes. However, sometimes these accounts remain unclaimed for years. This may happen for several reasons including: the account holder passes away without informing the heirs of the existence of the investment or the senior citizen has lost the investment/account papers/passbook and has no other record of the…

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We are now in the new year, 2022, and like every year there are various personal finance deadlines that one needs to be aware of to avoid any penal consequences. Unlike 2021, when there were as many as 16 deadlines that an individual needed to comply with, this year in 2022, there are only 12 deadlines that individuals need to know about (at least for now). Here is a look at the 12 financial deadlines one must be aware of in 2022. Last date for verifying ITR for FY 2019-20: February 28, 2022 The income tax department has offered one…

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