The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.

What did RBI say on lifting the ban?

The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.

Why did RBI impose restrictions?

RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.

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If you also want that you do not have any shortage of money in retirement, then today we are going to tell you such an investment method through which you can raise a fund of crores for retirement. Let’s know how…

To decide how much percentage of one’s current salary one should save for retirement, one needs to consider several factors such as one’s current income, risk appetite, and most importantly – time. How much time you have until retirement greatly impacts your investment strategy. That is what we are going to discuss today. ..

How do people invest these days?

Suppose you are early in your career and you start saving at the age of 20. At this time, you have the opportunity to reap the benefits of investing in the long term. At this time, you can make more risky investments, such as stocks and mutual funds, which usually give better returns over time. But if you start building retirement savings at the age of 40, you need to be more cautious. At this time, you need to focus on safe and stable investments to protect your capital and get stable returns, so that you can avoid market volatility as you approach retirement.

How much to invest to save Rs 1 crore?

When your goal is to create a fund of Rs 1 crore for retirement, it is very important to have the right investment options based on their past returns. Mutual funds are one of them. Now the question arises how much should you invest every month to achieve your retirement goal.

ALso Read: Has the government replaced NPS with UPS? FM Nirmala Sitharaman cleared all the confusion

If you want to create a retirement fund of Rs 1 crore in 30 years, then investing in mutual funds can be a good option. Mutual funds have historically given an average return of 12% every year. For this, you will have to start a systematic investment plan.

How will the investment increase?

Monthly investment: Rs 3,000 Estimated return: 12% Total investment in 30 years: Rs 10,80,000 Total funds on maturity: Rs 1,05,89,741 Total interest: Rs 95,09,741

If you invest Rs 3,000 every month in a mutual fund scheme that gives a return of 12 per cent, you can accumulate a fund of over Rs 1 crore, helping you comfortably achieve your retirement goal.

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FD interest in Yes Bank 

• 7 days to 14 days -3.25 percent 
• 15 days to 45 days – 3.70 percent 
• 46 days to 90 days – 4.10 percent 
• 91 days to 120 days – 4.75 percent 
• 121 days to 180 days – 5.00 percent 
• From 181 days to 271 days – 6.10 percent 
• From 272 days to less than one year – 6.35 percent 
• One year – 7.25 percent 
• One year one day to less than 18 months – 7.50 percent 
• From 18 months to less than 24 months – 7.75 percent 
• From 24 months to less than 60 months -7.25 percent 
• 60 months – 7.25 percent
• 60 Months to 120 Days – 7.00 Percent 

Let us tell you that the bank is giving additional interest of 0.50 percent to senior citizens. 

Interest rates on FD in SBI, ICICI and HDFC Bank 

SBI is offering interest ranging from 3 percent to 7.1 percent on FDs of 7 days to 10 years. The bank is giving additional interest of 50 basis points to senior citizens. ICEICI Bank is offering interest ranging from 3 percent to 7.1 percent to general investors and 3.5 percent to 7.65 percent to senior investors on FDs ranging from 7 days to 10 years. Apart from this, HDFC Bank is offering 3 percent to 7.20 percent interest on FDs ranging from 7 days to 10 years. At the same time, senior citizens are getting interest ranging from 3.5 percent to 7.75 percent.

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EPFO suffers loss instead of surplus

This information has been given in a news of Indian Express quoting RTI. According to the news, during the financial year 2021-22, EPFO ​​had incurred a loss even after estimating a surplus. It was believed that EPFO ​​would have a surplus of Rs 449.34 crore, whereas it faced a deficit of Rs 197.72 crore. After that, it was decided to reconsider the interest rates being given on PF.

This is the stance of the Finance Ministry on interest.

At present the interest being received on PF is already low. EPFO has fixed the interest rate on PF at 8.15 percent for the financial year 2022-23. The Finance Ministry believes that keeping in mind the losses incurred by EPF, it is necessary to reconsider the interest rate of PF. There is a need to reduce the high interest rates of PF and bring them at par with market rates.

Only this scheme has more interest than PF

At present, if we compare the interest received on PF with the market, it is really higher. Among small savings schemes, there is only one Senior Citizen Savings Scheme, which is currently getting more interest than PF. The interest rate of this scheme is currently 8.20 percent. From Sukanya Samriddhi Yojana to National Savings Certificate (NSC), interest rates on everything are lower than PF. For this reason, the Finance Ministry has been advocating for a long time to reduce PF interest to below 8 percent.

In this way the interest on PF reduced

On the other hand, if we look at the interest already being received on PF, the rates are currently on the lower side. Interest on PF has been continuously reduced. In the financial year 2015-16, the interest rate on PF was reduced from 8.80 percent to 8.70 percent. After protest by trade unions, it was again reduced to 8.80 percent. After that the interest rates on PF kept decreasing and came to a low level of 8.10 percent in 2021-22. In 2022-23, it was increased marginally to 8.15 percent.

EPFO has so many crores of subscribers

PF is the biggest basis of social security for crores of people working in the private sector. This helps in creating a fund for life after retirement. Crores of people have been benefiting from getting good interest on PF. PF money is managed by EPFO ​​i.e. Employees Provident Fund Organization. At present the number of subscribers of EPFO ​​is more than 6 crores.

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At the same time, the bank has offered senior citizens an additional interest rate on FD investment. Dhanlaxmi Bank gives customers the opportunity to invest on FDs ranging from 7 days to 10 years. According to the official website of the bank, the bank has offered a minimum interest rate of 3.25% to 7.25% on FD investment with maturity of 7 days to 10 years. Senior investors will be given the benefit of additional interest rate. The new rates are effective from 3 May 2023.

Dhanlaxmi Bank FD Interest Rates

• The bank will now pay an interest rate of 3.25% on FDs maturing in 7 to 14 days.
• Dhanlaxmi Bank will pay an interest rate of 5.75% on FDs maturing in 15 to 45 days.
• Will give an interest rate of 6.25% on deposits with a tenure of 91 days to 179 days.
• An interest rate of 6.00% is offered on FDs of 46 days to 90 days.
• Interest will be given at the rate of 6.50% on FDs maturing in 180 days or less than one year.
• FDs with a tenure of 1 year and more than 2 years will earn interest at the rate of 6.75%.
• 7.25 percent interest rate will be given on FDs maturing in 555 days (18 months and 7 days).
• 6.50% interest rate is offered for FDs above 2 years and up to 5 years.

Additional Interest Rate to Senior Citizens

Senior citizens are eligible for an additional interest rate of 0.50% per annum as per Dhanlaxmi Bank website. The bank said that except for Dhanam Tax Advantage Deposit Scheme, seniors will continue to get the benefit of additional interest rate on all domestic FDs of 1 year or more.

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The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

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For Yes Bank, the new rates came into effect on November 3 and for ICICI Bank, for deposits between Rs 2 crore and Rs 5 crore, the new rates came into effect from today, while the interest rates for deposits below Rs 2 crore amended. This is effective from 29 October. As far as Yes Bank is concerned, the fixed deposit interest rates start from 3.25 per cent and the maximum is 7.5 per cent.

Yes Bank FD interest rates on deposits below Rs 2 crore

Yes Bank is now giving returns of 3.25 per cent for deposits maturing in 7 days to 14 days, 3.7 per cent for fixed deposits maturing in 15 days to 45 days, 4.1 per cent for 46 days to 90 days, 91 days 4.75 percent for 180 days, 5.5 percent for 181 days to 271 days, 5.75 percent for less than 1 year 272 days, 6.5 percent for one year to less than 18 months, 18 months to 10 years 6.75 percent Return will be given. Senior citizens will get an additional interest rate of 0.5 per cent for fixed deposits maturing between 7 days to three years and an additional 0.75 per cent for deposits maturing between three years and 10 years.

ICICI Bank FD rates for deposits below Rs 2 crore

ICICI Bank is now offering an interest rate of 3 per cent for fixed deposits maturing between 7 days to 29 days, 3.5 per cent in case of deposits maturing between 30 days to 45 days, deposits of 46 days to 60 days. 3.75 per cent for deposits maturing in 61 days to 90 days, 4 per cent for deposits maturing in 91 days to 184 days, 5.25 per cent for deposits maturing in 185 days to 210 days, 290 days to less than one year Fixed deposits maturing in 5.5 per cent, 6.1 per cent for deposits of one year to 18 months, 6.15 per cent for deposits from 18 months to 2 years, two years for one day to 3 years fixed deposits 6.2 per cent, 6.35 per cent for 3-year FDs of one day to 5 years and 6.25 per cent for deposits maturing in five years from one day to 10 years.

The post ICICI Bank, Yes Bank FD rates increased by 2022, check new rates first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

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According to the official website of Bandhan Bank, if you have a balance of up to Rs 1 lakh in your savings account, then you will get interest at the rate of 3.00 percent. At the same time, 6.00 percent interest rate is available on the balance of 1 to 10 lakh rupees. At the same time, 6.25 percent interest rate is being offered by the bank on deposits of Rs 10 lakh to Rs 2 crore.

The bank will now give 6.00 percent interest rate on the daily balance of 2 crores to 10 crores in the savings account. Saving account holders will now get an interest rate of 6.00 percent on a daily balance of 10 crores to 50 crores in the savings account and savings account holders will now get the maximum interest rate of 6.50% on the daily balance of 50 crores to 100 crores in the savings account.

The above interest rates will be determined per day on the basis of the day-end outstanding balance of the accounts. In addition, according to Bandhan Bank, interest is paid on June 30, September 30, December 31 and March 31 of each calendar quarter.

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