In case of death of one of the holders of an asset such as shares, bank fixed deposits, bank accounts and mutual fund units, would the asset be transferred to the joint holder or the nominee? In case of single holding of shares, fixed deposits (FDs), bank accounts and mutual funds (MFs) it is clear that if there is a nomination registered, then the money will be given to the nominee(s) after the death of the asset holder. If no nomination is Read more: EconomicTimes
Author: Miley Selena
The government announced back in March 2020 that an individual can withdraw a certain sum from their Employees’ Provident Fund (EPF) account, if he/she is facing financial problems due to the coronavirus-related lockdown. The government has notified amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. According to the amended rules, a member can withdraw an amount equal to three months of basic salary and dearness allowance (DA) or 75 per cent of the credit balance in the account, whichever is lower for them. Here’s how to withdraw from your…
Even though fixed deposit (FD) rates have been on the lower side for a couple years now, there are still certain banks that are offering better rates for various tenors. For instance, IndusInd Bank and RBL Bank are offering 6% interest rate on one-year FDs. RBL Bank, on its three- and five-year FDs, is offering 6.3%. Among the big name private sector banks, Axis Bank is offering the highest FD rate for five-year tenure — 5.75%.Top 5 bank fixed deposit interest ratesTenure: 1 yearBank NameInterest rate (%) Compounded qtrlyWhat Rs 10,000 will grow intoIndusind Bank6.0010613.64RBL Bank6.0010613.64DCB Bank5.5510566.66Bandhan Bank5.5010561.45IDFC First Bank5.2510535.43Tenure:…
Most of us visit our local jewellery shop to buy gold jewellery and ornaments especially around Akshaya Tritya and Dhanteras. One can now even buy gold jewellery online as well. But how do you check if the gold that you have purchased is pure or not? For this, the Bureau of Indian Standards (BIS), a government body, certifies the purity of gold bought by you. The process of certifying the purity of gold called is hallmarking. According to the BIS website, there are two principle objectives of the hallmarking scheme: a) To protect the public against adulteration b) To obligate…
Indians have a tradition of buying gold in the form of jewellery, coins etc. especially around Akshaya Tritya, Dhanteras and Diwali. Although we spend hours at the local jeweller selecting what we want, we usually don’t question the price quoted. This is wrong. You should not blindly trust the price quoted by the jeweller as there are many factors that affect the final amount that you will be paying such as gold price, making charges, value of gems etc. At present, there is not standard invoicing pattern in the country and prices vary from jeweller to jeweller. Sandeep Kulhalli, senior…