The opening and closing times of each bank may vary and due to this, people sometimes have to face problems. In such a situation, the Madhya Pradesh government has taken an important step to improve banking services. Now the opening and closing times of all nationalized banks of Madhya Pradesh will be the same.

This change will be effective from January 1, 2025. From this date, all banks will open at 10 am and close at 4 pm. This decision has been approved in the meeting of the State Level Bankers Committee (SLBC) and the committee believes that this step will help in streamlining banking services.

Why is this change necessary?

Customers face confusion and inconvenience due to different timings of different banks. While some banks open at 10 am, others open at 10:30 or 11 am. Due to this disparity, customers who have to go from one bank to another face more difficulties.

Better convenience for customers…

Customers can now visit any nationalized bank from 10 am to 4 pm without making a plan as per the schedules of different banks.

No waiting…

Having a consistent schedule will help reduce chaos. This will make it easier to manage the crowd and customers won’t have to wait as long.

Better coordination between banks:

With all banks working at the same time, there will be better coordination in services like inter-bank transactions and customer referrals. Employees will also benefit from this as it will help in better planning of office shifts and this will increase their productivity.

This move by Madhya Pradesh could be replicated in other states of India. The confusion and frustration caused by different opening hours of banks across the country could inspire other regions to adopt similar changes.

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The opening and closing times of each bank may vary and due to this, people sometimes have to face problems. In such a situation, the Madhya Pradesh government has taken an important step to improve banking services. Now the opening and closing times of all nationalized banks of Madhya Pradesh will be the same.

This change will be effective from January 1, 2025. From this date, all banks will open at 10 am and close at 4 pm. This decision has been approved in the meeting of the State Level Bankers Committee (SLBC) and the committee believes that this step will help in streamlining banking services.

Why is this change necessary?

Customers face confusion and inconvenience due to different timings of different banks. While some banks open at 10 am, others open at 10:30 or 11 am. Due to this disparity, customers who have to go from one bank to another face more difficulties.

Better convenience for customers…

Customers can now visit any nationalized bank from 10 am to 4 pm without making a plan as per the schedules of different banks.

No waiting…

Having a consistent schedule will help reduce chaos. This will make it easier to manage the crowd and customers won’t have to wait as long.

Better coordination between banks:

With all banks working at the same time, there will be better coordination in services like inter-bank transactions and customer referrals. Employees will also benefit from this as it will help in better planning of office shifts and this will increase their productivity.

This move by Madhya Pradesh could be replicated in other states of India. The confusion and frustration caused by different opening hours of banks across the country could inspire other regions to adopt similar changes.

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Fixed Deposit Scheme: The common people of the country have many great options available for investment. These include many schemes like mutual funds, PPF, NPS, bank FD. But even today a large section of India considers bank FD (fixed deposit) to be the safest investment. In bank FD, investors have to invest for a fixed period, on which they get fixed and guaranteed returns. Due to fixed and guaranteed returns, common people trust bank FD the most.

Money will more than double on 10-year FD

Usually people invest in FD for 1 or 2 years. But if you invest in FD for a long period, you can get bumper profits. Private sector Axis Bank and HDFC Bank are offering 7 percent interest to general customers on 10-year long term FD scheme. The most special thing about this period is that at this interest rate, you can invest as much money as you want for a period of 10 years, you will get more than double the money on maturity.

Also Read- Top 10 Best Option: Here you will get up to 9.60% return, know full details

How much money will you get on maturity on making FD in Axis Bank

If you make an FD of Rs 10,00,000 in Axis Bank for 10 years, then you will get Rs 20,01,597 on maturity. Let us tell you that Axis Bank is giving 7.75 percent interest to senior citizens on 10-year term FD scheme. If a senior citizen invests Rs 10 lakh in this term FD scheme, then he will get Rs 21,54,563 on maturity.

How much money will you get on maturity if you make an FD in HDFC Bank

Similarly, if you make an FD of Rs 10,00,000 in HDFC Bank for 10 years, then you will get Rs 20,01,463 on maturity. Let us tell you that HDFC Bank is giving 7.50 percent interest to senior citizens on FD scheme of 10 years duration. If a senior citizen invests Rs 10 lakh in this FD scheme, then he will get Rs 21,02,197 on maturity.

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The post Fixed Deposit Scheme: Invest ₹10 lakh in these FD schemes and get ₹21 lakh, know complete details first appeared on Rightsofemployees.com.

Bank Holidays September 2024: The month of September is going to come in just a few days. In such a situation, the Reserve Bank of India (RBI) has released the list of holidays in banks. According to the RBI Holiday Calendar 2024, private and public sector banks in different regions of India will remain closed for a total of 15 days in September (Bank Holidays in September 2024). If you have bank related work, then get it done as soon as possible, so that you do not have to face any problem when the bank is closed. The 15 days of holidays in September include national and regional holidays as well as Sundays, second and fourth Saturdays.

This is the complete list of banks

• 1 September: Sunday
• 4 September: Tirubhav Tithi of Srimanta Sankardeva (Guwahati)
• 7 September: Ganesh Chaturthi (almost all over India)
• 8 September: Sunday
• 14 September: Second Saturday, First Onam (Kochi, Ranchi and Thiruvananthapuram)
• 15 September: Sunday
• 16 September: Barawafaat (almost all over India)
• 17 September: Milad-un-Nabi (Gangtok and Raipur)
• 18 September: Pang-Lhabsol (Gangtok)
• 20 September: Eid-e-Milad-ul-Nabi (Jammu and Srinagar)
• 22 September: Sunday
• 21 September: Sri Narayana Guru Samadhi Day (Kochi and Thiruvananthapuram)
• 23 September: Maharaja Harisingh Ji Birthday (Jammu and Srinagar)
• 28 September: Fourth Saturday
• 29 September: Sunday

Also Read- RBI’s New Rule: Your bank account will be automatically debited to replenish FASTag balance

Bank holidays are according to the states

Please note that the list of holidays for banks is the same in all the states No. According to the Reserve Bank of India (RBI), the list of holidays for all states is different. The complete list of these holidays is given on the official website of RBI, which gives complete details of different festivals and holidays according to the states.

All bank work will continue to be done online

Despite the banks being closed, customers will not face any problem. Even on holidays, people can complete all their work with the help of online banking. In today’s time, most of the bank services are available online. Therefore, even on holidays, you can complete many banking tasks sitting at home.

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Banks Holiday on Janmashtami 2024: On the occasion of Janmashtami, banks will remain closed in different cities of the country. But banks will remain open in some big cities. RBI has allowed banks to remain closed on the occasion of Janmashtami. However, there is no bank holiday in some cities today. In such a situation, customers should check with their bank whether their branch or bank is open or closed today. Because bank holidays are different in different states. However, even during bank holidays, you can work using online and mobile banking. Apart from this, the stock market and commodity market are going to work as before.

Banking operations will continue in these cities

Banks will remain closed in many cities including Lucknow, Kanpur, Ahmedabad, Bhopal, Bhubaneswar, Chennai, Dehradun, Gangtok, Hyderabad, Jaipur, Kolkata, Patna, Raipur, Ranchi, Shillong, Shimla, Srinagar, Jammu and Chandigarh. This includes both government and private banks. Apart from this, work will continue in banks in states like Maharashtra, New Delhi, Karnataka, Assam, Kerala and Goa.

Work can be done through net banking

In the cities where there will be a holiday on Janmashtami, the ATM service of banks will remain operational. You can avail the facility of cash withdrawal through ATM. If you have any important work related to the bank, then you can also settle it through net banking.

Also Read:-7 Points of Unified Pension Scheme (UPS), which every government employee should know; otherwise…

Trading will be done in BSE and NSE

On the day of Janmashtami, trading will be done in the share market i.e. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Multi Commodity Exchange (MCX) will also trade as usual in both morning and evening sessions on August 26. Apart from the weekly holiday, the stock market will remain closed on October 2, November 1, November 15 and December 25 this year.

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Bank Transaction: If you are confident of withdrawing the money lying in your bank account anytime. So wait a bit. You will have to plan your withdrawal of money carefully again so that you avoid paying unnecessary taxes.

For this you should know how much amount can be withdrawn in a year without paying tax. The rule of paying fees for withdrawing money more than the prescribed limit is not only applicable to ATM transactions, but a similar rule is also applicable for withdrawing money from the bank.

How much cash can be withdrawn

People feel that they can withdraw as much cash as they want from their bank account for free. But, under Section 194N of the Income Tax Act, if a person withdraws more than Rs 20 lakh in a financial year, he will have to pay TDS. However, this rule is only for those people who have not filed Income Tax Return (ITR) for 3 consecutive years. Such people will have to pay TDS if they withdraw more than Rs 20 lakh from any bank, cooperative or post office.

Relief to those filing income tax returns

However, those filing ITR get more relief under this rule. Such customers can withdraw cash up to Rs 1 crore in a financial year from the bank, post office or co-operative bank account without paying TDS.

How much TDS will have to be paid?

Under this rule, if you withdraw more than Rs 1 crore from your bank account, TDS will be deducted at the rate of 2 percent. If you have not filed ITR continuously for the last three years, then you will have to pay 2 percent TDS on cash withdrawal of more than Rs 20 lakh and 5 percent TDS on withdrawal of more than Rs 1 crore.

There is already a charge on ATM transactions

Banks charge a fee for withdrawing money from ATM more than the prescribed limit. RBI had increased the service charge for withdrawing cash from ATM from January 1, 2022. Now banks are charging Rs 21 for transactions exceeding the prescribed limit. Earlier one had to pay Rs 20 for this.

Most banks offer five free transactions every month from their ATMs. Apart from this, three transactions are also free from ATMs of other banks. However, in metro cities, you can withdraw money only three times for free from your own bank.

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Yes Bank and ICICI Bank are going to make some changes in the service charges of their savings accounts, which will be applicable from May 1. Along with these changes, both banks have also announced the closure of select account types.

Yes Bank

• According to the official website of Yes Bank, the bank will be revising its minimum average balance (AMB) requirements across different savings account types, which are as follows –
• Savings Account Pro Max will require an AMB of Rs 50,000, while the maximum charge will be limited to Rs 1,000. Savings Account Pro Plus, Yes Essence Savings Account, and Yes Respect Savings Account will require an AMB of Rs 25,000, with a maximum charge of Rs 750.
• For Savings Account Pro, AMB of Rs 10,000 will be mandatory, and the maximum charge will be Rs 750. For Savings Value and Kisan Savings Account, AMB of Rs 5,000 will be required.

Apart from this, the bank will be discontinuing several account types, including Savings Exclusive, Yes Savings Select and many others tailored for specific customer segments.

ICICI Bank

ICICI Bank is also going to make changes in many of its banking services. This includes Minimum Monthly Average Balance (MAB), cash transactions charges, ATM interchange fees and more.

Meanwhile, the bank will close many accounts, which include Advantage Women Savings Account, Privilege Accounts Advantage Women Savings Account, Asset Linked Savings Account and Aura Savings Account.

These changes will happen in the regular savings account of ICICI Bank

• Debit card annual fee: Rs 200 per year. (Rs 99 per year for rural locations).
• Check Book: Nil for 25 checks in a year and Rs 4 per check thereafter.
• IMPS: Outward Transactions: The bank will levy tiered charges based on the transaction amount, which will range from Rs 2.50 to Rs 15 per transaction depending on the transaction value.
• Cash Transactions Charges: ICICI Bank will adjust the charges for transactions at domestic and non-domestic branches including third party transactions.

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The post Bank Account Holders: Big news! Yes Bank and ICICI Bank are going to make this big change from May 1, know immediately first appeared on Rightsofemployees.com.

SBI: State Bank of India (SBI) has shocked crores of its customers. The annual maintenance charge of some debit cards of SBI has been increased. Till now SBI Bank customers are paying Rs 75 annually for the maintenance of debit card. Now these rates will be revised from April 1, 2024. The bank has increased the maintenance charges on most of its debit cards.

Bank card issuance charges vary depending on the type of card. Ranging from 0 for Classic, Silver, Global and Contactless Debit Cards to ₹300/+ plus GST for Platinum Debit Cards.

Apart from this, customers will have to pay charges for services like re-making of debit card (₹300/+ plus GST), resetting of duplicate PIN/PIN (₹50/+ plus GST) and international transactions.

International transaction charges include ₹25/+ plus GST for checking balance amount at ATM, minimum ₹100/- plus 3.5% of transaction amount for ATM cash withdrawal and 3% of transaction amount plus GST for Point of Sale . The bank charges 18 percent GST.

These are the revised charges

New Tax Regime: In these ways you can also avail tax exemption in the new tax regime, see details here

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In such a situation, nowadays everyone has accounts in many banks. Many people also use their different bank accounts regularly. On the other hand, some people are not able to manage multiple bank accounts simultaneously, due to which only one or two of their accounts are always active.

If you also have an account in many banks, then this news is for you. Actually, when you do not do any transaction with any of your bank account for a long time, then your account is declared inactive, which can be closed later by the bank.

Why does the bank account get closed?

If you do not do any transaction in any of your bank accounts for a few months, then it is declared inactive. At the same time, if you do not do any transaction for two years, your account is automatically closed by the bank. If you do not need any bank account, then you yourself can get it closed by applying to the bank. If you want to continue using it further, then you will have to continue regular transactions in it.

How to activate inactive account?

Many times when you leave one company and join another, your bank also changes often. Due to this, your old bank account becomes inactive due to non-transaction for a long time. To activate it again, you will have to go to the bank and complete the KYC process again. After this your bank account will be activated again and you will be able to use it for further transactions.

What to do if the home branch is away?

If you are unable to do transactions in any of your bank accounts just because your home branch is far away from home, then you can get it transferred to a branch near your home. For this, you have to apply for account transfer by visiting your previous home branch. After this your bank account will be transferred to the nearest branch and you will be able to continue the transaction easily.

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The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent –

At present the rate of recovery from written off accounts is less than 15 percent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.’

There will be a meeting with the officials of the government bank –

Sources said that it seems that after writing off the bad loans, the banks become complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed-

As per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the boards of directors of banks, non-performing assets (NPAs) have been written off from the books of the respective banks by writing them off. It also includes NPAs for which full provisioning was made.

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A few days are left for the government’s budget (Budget 2023). Meanwhile, the government has said that it will not infuse capital into banks in this budget.

According to the information received from the sources, due to the better financial condition of the public sector banks, there is little possibility of the government announcing new capital infusion in the next financial year’s budget . The capital adequacy ratio of public sector banks has exceeded the regulatory requirement and is currently in the range of 14 per cent to 20 per cent.

Raising funds from the market

Let us tell you that these banks are raising funds from the market to increase their resources. Apart from this, they are also adopting the method of selling their non-core assets. The government last infused capital in public sector banks in the financial year 2021-22. It had earmarked Rs 20,000 crore for bank recapitalization through supplementary demand grant.

How much capital has been infused in the last 5 years?

During the last five financial years i.e. 2016-17 to 2020-21, capital of Rs 3,10,997 crore has been infused by the government in public sector banks. Of this, Rs 34,997 crore was arranged through budget allocation while Rs 2.76 lakh crore was raised by issuing recapitalization bonds to these banks.

Nirmala Sitharaman will present the budget

Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 on February 1. This will be the last full budget of the current tenure of the Narendra Modi government as general elections are due next year.

12 banks earned a profit of 15,306 crores

All 12 public sector banks had earned a total profit of Rs 15,306 crores in the first quarter of the current financial year. In the second quarter, this amount increased to Rs 25,685 crore. If compared to a year ago, the profit of these banks increased by nine per cent in the first quarter and by 50 per cent in the second quarter.

SBI earned a profit of Rs 13,265 crore The country’s largest bank State Bank of India (SBI) has earned the highest ever profit of Rs 13,265 crore in the second quarter. Compared to the same quarter a year ago, this growth was 74 percent.

Total profit of banks increased by 32 percent

In the first half of the current financial year, the total profit of public sector banks increased by 32 percent to Rs 40,991 crore. Earlier, in the financial year 2021-22, despite the challenges of the Kovid epidemic, the total profit of these banks had more than doubled to Rs 66,539 crore.

The Finance Minister took this decision recently.

Many public sector banks had also announced dividend in the last financial year. A total of nine public sector banks had distributed Rs 7,867 crore as dividend to the shareholders. Finance Minister Nirmala Sitharaman had recently said that the efforts taken to remove the problem of bad loans have started yielding results and the profits of public sector banks have started increasing.

The post Bank News: Big decision regarding public sector banks, Finance Minister Nirmala Sitharaman announced! first appeared on Rightsofemployees.com.

The Central Government has increased the maximum tenure for Chief Executive Officer (CEO) and Managing Director (MD) of Public Sector Banks to 10 years. This step will help the government to retain the best talent in the banking sector for a longer period of time.

The first period was 5 years, the government has given information about this by issuing a notification on 17 November 2022. The government has told that the period of appointment has been increased from the earlier five years to ten years now.

Know what were the rules earlier?

Let us tell you that earlier the managing director or executive director of public sector banks used to get a maximum tenure of five years or till the age of 60 years (whichever is earlier). The same criteria used to apply for whole-time directors of public sector enterprises.

These people will get the benefit , it was said in the notification that the initial tenure of the full-time director including the managing director should not exceed five years, it can be extended, but it should also not exceed ten years including the initial tenure. This decision of the government will help the banks to retain such talents who have reached the post of full time directors at the age of 45-50 years.

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PNB Housing Finance has revised the interest rates offered on fixed deposits. The company says that now on FDs of less than 5 crores, the company will pay the highest interest of 7.25%.

The increased new rates are applicable from August 10. Let us tell you that in the recent meeting of the monetary policy of RBI, it was decided to increase the repo rate by 50 basis points. RBI increased the repo rate by 50 basis points to control inflation, which has now increased to 5.40 percent. Since then, many banks have increased the interest rates of FDs.

PNB FD Rates

PNB Housing Finance will pay an interest of 6.50% on cumulative FDs made on maturity of 12 to 23 months. Whereas the company 6.55% on FDs made for 24 to 35 months, 7.25% on FDs made for 36 to 47 months, 7.15% on FDs made for 48 to 59 months, FDs made for 7 to 71 days But 7.30% and FDs made for 72 to 84 months will pay an interest of 7.25%.
At the same time, PNB Housing Finance will now pay an interest of 7.25% on FDs made for 120 months.

non-cumulative interest rates

PNB Housing Finance will currently offer a monthly interest rate ranging from 6.1% to 7.02% on non-community FDs for 12 to 120 months. Whereas for the same number of tenures, the quarterly interest rate ranges from 6.35% to 7.06%, the half yearly 6 will pay 40 to 7.12% and the annual interest rate ranges from 6.50% to 7.25%.

Senior citizens will get even more benefits

PNB Housing Finance has decided to pay additional interest to its senior citizens. PNB Housing Finance will pay 0.25% more interest on FDs to its senior citizens than normal.

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