For investors battered by high inflation and flat returns from stocks and mutual funds, the hike in interest rate on small saving schemes is a bonanza of sorts. The biggest gainers will be account holders of public provident fund (PPF), which now comes with the double benefit of higher interest rate (8.6%) and higher annual […]
India is home to as many as 8,200 ultra high net worth (UHNW) individuals whose combined wealth amounts to a whopping $945 billion, says a study. According to the study by Wealth X, a global wealth intelligence and prospecting company, India has 8,200 UHNW individuals, of which 115 are billionaires. The combined wealth figure of […]
As low as 15 per cent of employees in the private sector have started investments for retirement so that they can maintain the level of living standard post the work period, says a study by Metlife International. “Though retirement looms as a source of financial worry, few Indian employees are taking steps to prepare for […]
Soon, you may be able to buy mutual fund units, shares, insurance policies, bank deposits and other such financial products with a single Know Your Customer (KYC) compliance. Financial Intelligence Unit-India (FIU-Ind), the national agency monitoring suspect financial transactions, has initiated discussions with different financial sector regulators to build a common database, which could be […]
Post office savings bank deposits without any fixed maturity will now earn interest of 4 per cent, up from 3.5 per cent now. And interest rates on other small saving instruments such as National Saving Certificate, will be indirectly linked to the market. The new rates could be notified from July 1, 2011 for the […]
MUMBAI: Share brokers may have to deduct 10% tax at source on transaction charges that they pay to stock exchanges for online trading, according to a court order. The move will have a bearing on thousands of brokers who will now have to pay TDS along with interest for delayed payment. Transaction charge is a […]
Parliament panel set for extensive consultation with RBI, other stakeholders. The issuance of new banking licences in the private sector may not come soon, with the Parliamentary Standing Committee on Finance expected to hold extensive consultations with the Reserve Bank of India (RBI) and other stakeholders on the proposed guidelines. A standing committee member told […]
MF Global Holdings, which filed for bankruptcy protection this week, became the US’ first casualty of the 17-member Eurozone debt crisis. The company, led by Jon S Corzine, former Goldman Sachs head and US senator, took bets on bonds floated by Italy, Spain, Belgium, Portugal and Ireland in 2010, a time when US financial companies […]
Most of us deal with a single person when it comes to our investments. He/she normally informs us about company fixed deposits and bonds. When we want to invest in mutual funds, we go by what the person recommends. The same applies to insurance policies as well. All we have to do is sign on […]
The government’s plans to have a uniform duty structure for stock market transactions may fructify soon, with the finance ministry planning to table the Indian Stamps Act (Amendment) Bill), 2011, in the coming session of Parliament. A finance ministry official said comments had been received on the draft and most state governments were on board. […]
