DEPOSIT MONEY
Menace of 'money mules' and how not to become one
Mule accounts are bank accounts that are used to launder proceeds of crime by fraudsters. In an age when there are strict laws on holding or using large amounts of cash, transactions in the banking system cannot be avoided. At the same time, criminals cannot use bank accounts because KYC norms will enable authorities to link the money to the activity through which they receive it.
ED arrests two in Chhattisgarh liquor 'scam'-linked money laundering case
The Enforcement Directorate has arrested two liquor businessmen in connection with a money laundering probe into an alleged excise scam in Chhattisgarh. The case, which is estimated to have generated over Rs 2,100 crore of slush funds, involved 70 individuals and companies, including former excise minister Kawasi Lakhma and former chief secretary Vivek Dhand. The ED has pegged the proceeds of crime at Rs 2,161 crore. Trilok Singh Dhillon was accused of being a "prime beneficiary" of the proceeds of crime through a "classic" mode of money laundering.
Federal Bank leads in credit expansion among Kerala-based lenders
Federal Bank led in gross loan expansion with a 20% year-on-year increase to Rs 2.24 lakh crore by June's end. Meanwhile, CSB Bank recorded the highest deposit growth among Kerala-based lenders, marking a 22.4% rise to Rs 29,920 crore. Other banks like South Indian Bank also saw notable loan portfolio growth, with CSB Bank reporting a 17.8% increase to Rs 25,099 crore and South Indian Bank reaching Rs 82,510 crore, up 11.4%.
Kerala: ED attaches land, bank deposits of CPI(M) in money laundering case
The Enforcement Directorate has attached a land parcel in Kerala and bank deposits worth Rs 73 lakh, alleged to belong to the CPI(M), in connection with a money laundering probe related to the Karuvannur Service Cooperative Bank "scam." The CPI(M) has denied allegations of wrongdoing and money laundering.
June deadlines: Check which money deadlines have been extended and which will end on June 30
June is almost over, and there are a few important personal finance-related deadlines that will end in a few days that you should be aware of. The following is a list of financial deadlines in June 2024 that have been extended from the June deadline.
FD interest rate of up to 8.05%: Best interest rates on senior citizen FDs maturing in three years
Fixed deposit interest rates: FDs are an good fixed income investment option for senior citizens. In light of this senior citizens can now take advantage of higher interest rates being offered by various private, public and foreign banks. Read here to know more about FD interest rate offered to senior citizens.
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Tips to save money when you have a low income
When income is low, the ability to save is also limited. For savers like Nitin, tax-saving instruments under Section 80C may be the primary way to accumulate savings.
FD interest rates above 9%; use this strategy to maximise returns from fixed deposits
Maximising returns from FDs: When you use a fixed deposit ladder, you don't need to predict interest rate changes to find the best time to book your FD. Instead, you should book according to your ladder requirements. This way, the impact of interest rate changes is spread out because some FDs may be booked at lower rates while others may be booked at higher rates.
NRIs of the world, keep on depositing
Non-resident deposits in India are growing steadily due to various positive factors, including the impact of the pandemic on savings patterns and stable remittances. Factors such as interest rates and exchange rates have made NRI deposits more rewarding.
SBI hikes FD interest rates. What should debt mutual fund investors do?
SBI have increased FD interest rates, offering guaranteed returns. Investors should consider their goals and risk tolerance before switching from debt mutual funds to FDs.
RBI suffers system failure in automated system for banks’ liquidity management
The Reserve Bank of India faced a technical glitch in the ASISO facility, impacting funds visibility. Daily money market operations data publication was delayed. RBI is working to reconcile banks' outstanding lending or borrowing, ensuring SDF and MSF bids are managed effectively.
Healthy credit-deposit ratio needed
State Bank of India and other public sector lenders are urging the government to allow incentives to boost deposits, addressing a slump in credit flows.
SBI, other public sector banks suggest steps to boost deposits
Banks' deposit growth in FY24 was well below the rise in credit, forcing them to meet the funding gap through higher-cost Certificates of Deposit (CDs). Banks have made representations to senior government officials flagging the slowdown in deposits.
Banks ask RBI to ease liquidity rule to keep credit taps open
Indian banks are urging the industry regulator to relax the current liquidity coverage requirements. They believe easing these mandates will free up more funds for lending.
High FD interest rates may not last long despite RBI status quo; is this the last window to book fixed deposits at higher rates?
FD Interest Rates: RBI in its MPC meeting on June 7 kept the repo rate unchanged at 6.5%. This marks the eighth consecutive MPC with status quo, benefiting fixed deposit investors with high rates. However, going forward the interest rate cycle to reverse. The potential for a rate cut later in the year is anticipated.
Home loan borrowers may have to wait longer for lower EMIs but a rate cut likely this year; how to make the most of it
Home Loan Interest Rates: The Reserve Bank of India (RBI) in its recent Monetary Policy Committee meeting decided to maintain the repo rate at 6.5%, prolonging the wait for home loan borrowers seeking relief from high interest rates and increased EMIs. Despite the current pause in repo rate the possibility of a rate reduction this year is still there.
If not equity, corp FDs offer 1-1.5% over debt MFs and banks
Corporate deposits with higher credit ratings are recommended for investors looking to reduce exposure to equities. Top finance companies like Bajaj Finance and Shriram Finance offer higher returns than bank deposits and debt mutual funds, providing a safer investment option, according to wealth advisors.
I received Rs 70 lakh after retirement. Where should I invest this amount for good return?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
DoT defers spectrum auction to June 25
The Department of Telecom has postponed the spectrum auction to June 25, extending the start date by 19 days. The auction will cover eight spectrum bands with a base price of Rs 96,317 crore. Reliance Jio, Bharti Airtel, and Vodafone Idea are among the key players, with Jio making the highest earnest money deposit. The auction will use an EMD-based points system, and bidders will have the option to make payments over 20 years and surrender the spectrum after 10 years.
China's $538 billion deposit exodus charges bonds rally
The nation's total deposits slumped by $538 billion, or 1.3%, in April as investors looked for higher returns elsewhere and policymakers cracked down on companies that took advantage of preferential deposit rates to park cash at banks. One-year deposits at China's largest banks pay a record-low of just 1.45%. The rush of funds into higher-yielding assets indicates efforts by Chinese policymakers to boost risk appetite are starting to bear fruit, though the money has yet to translate into a jump in consumer spending or stock investment.
Debt mutual funds vs bank FDs: Where to invest for higher returns?
Debt mutual funds outperformed fixed deposits, emphasizing the importance of considering risk profile and investment goals. The strategy involves focusing on short-term funds and excluding target maturity funds.
Bidding wars back? Reliance Jio move signals a spectrum of possibilities
Mukesh Ambani's Reliance Jio leads with a Rs 3,000 crore deposit for the June spectrum auction, while Airtel and Vi follow with Rs 1,050 crore and Rs 300 crore, respectively. Despite no license renewals, Jio's hefty deposit earns it top eligibility points. The auction targets Rs 96,317.65 crore in 5G airwaves.
SBI hikes FD interest rates but still less than what these 313 debt mutual funds have offered
SBI raises fixed deposit rates by up to 75 basis points, effective May 15, yet falls short compared to over 300 debt mutual funds offering higher annualized returns of 6.47% to 11.60%.
Two debt mutual funds deliver over 7% return in one year. Should you break your bank FD?
Liquid and money market funds have outperformed the one-year fixed deposit rate of 6.8%. Liquid funds yielded 7.13% returns, while money market funds delivered 7.15% over the past year.
PPF deposit: Finding it difficult to deposit money in your PPF account online? Here are different ways to invest before the April 5 date
How to invest in PPF: Those investing in the Sukanya Samriddhi Yojana (SSY) and the Public Provident Fund (PPF) should ensure that their contributions are deposited into the accounts before April 5 in order to maximize returns for the ongoing financial year, 2024-25.
6 Daniel Kahneman principles to follow to avoid losing money
Daniel Kahneman, who passed away on 27 March at the age of 90, told us that our ability to make good decisions is not as easy as it appears. We rely too much on intuition for decisions that need deep and analytical thinking. Here are the six mistakes Kahneman points out that can help investors avoid big money losses.
Allahabad High Court sets aside Railway Board ban on JVPL
In its petition against the ban, JVPL argued the Railway Board order was not reasoned. It also submitted that the ban was not passed by the competent authority. In addition to this, JVPL claimed the order was issued without considering objections which were raised.
Is there a time limit for depositor to claim unclaimed amount from DEA Fund? RBI releases important FAQs
What is Depositor Education and Awareness Fund: The deposits becoming due to be transferred to DEA Fund (i.e., unclaimed for 10 years), in the month of April shall be transferred to the DEA Fund on the last working day in the month of May. Customers can request a return of their unclaimed funds from their banks.
Unclaimed money in savings account, FDs: Can you settle unclaimed deposits using RBI’s UDGAM portal?
UDGAM refers to Unclaimed Deposits-Gateway to Access inforMation, which is an online portal developed by RBI. Here are some important FAQs on UDGAM portal released by the RBI on March 5, 2024.
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