India's household savings can potentially rise by 2.7% by 2030
India's ability to raise growth rates depends on self-financing investment and increasing household savings. Barclays suggests measures like increasing the domestic savings pool, accessing financial markets, and promoting investment, labour force utilization, and export growth. Key Points
Economic TimesBanks learn that paying little in savings interest comes with a cost
At 39.3% in December, Casa ratio is still far above pre-demonetization level of 31.6% Key Points
mintBudget 2024 can hike savings account interest deduction to Rs 50,000 from Rs 10,000
An individual opting for old tax regime is eligible to get deduction under Section 80TTA for the interest earned from savings bank account as well as post office savings account. However, since this deduction has been introduced, the amount of deduction has been kept unchanged. There is a need to hike this deduction in the interim budget 2024. Key Points
Economic TimesIndians are saving less in banks: Where is the money going?
India's net household financial savings have witnessed a sharp decline in FY23, compared to previous years. This indicated that Indians are saving less in their bank accounts. Read on to find out where they are splurging. Key Points
India TodayGovernment relaxes norms for some small savings schemes
In case of Public Provident Fund, some changes have been made with regard to the premature closure of accounts. The government has relaxed the norms for various small savings schemes, including the Public Provident Fund (PPF) and Senior Citizen’s savings Scheme. Key Points
The Tribune India
Investing online in Floating Rate savings Bonds offering 8.05% interest through RBI Retail Direct? 10 poin
Currently, the RBI Floating Rate savings Bond offers an interest rate of 8.05%, higher than the interest rates of fixed deposits (FDs) offered by most well-known public and private sector banks. Now, retail investors can subscribe to these bonds through the RBI retail direct portal. The interest rate on these bonds is reset every six months. Do note that the interest is payable semi-annually. Who can invest, how much you can invest, how to invest, how to pay for your investment, what will be the tax rules — all your questions answered. Key Points
Economic TimesPost-pandemic spends dragged household savings in FY23, rate climbing up now: RBI
The household savings rate in India has hit a five-decade low in 2022-23, according to the Reserve Bank of India. Deputy Governor Michael Patra explained that the decline is due to increased spending after pandemic-related restrictions were lifted, as well as an increase in liabilities, particularly in the form of home loans. Patra noted that historically, the average household savings rate was about 7.5%, but during the pandemic, it had increased due to factors such as inability to spend and precautionary savings. Key Points
Economic TimesHow falling household savings affects the economy
With government expenditure needs exceeding the revenues, the savings were negative. Government dissaving has averaged 2.1% of GDP in the past 10 years. Households contribute to most of the gross savings, contributing over 65% in 2021-22. Key Points
Economic TimesInterest rate on 5-year recurring deposit hiked for December quarter; know status of other small savings schemes
India Business News: The central government on Friday raised interest rates on 5-year recurring deposit to 6.7% for the December quarter. The effective hike in the five-ye Key Points
Times Of IndiaNow income proof mandatory for Rs 10 lakh investments in small savings schemes
The Department of Posts has issued a circular on May 25, 2023, where it has revised the KYC norms for investing in small savings schemes for investors. The new KYC norms have been made stricter for those making large value transactions in the post office schemes. The proof of source of funds is needed along with the common KYC documents i.e., PAN, Aadhaar. Key Points
Economic Times
At 7.5% rate, Mahila Samman savings Certificate offers higher interest than bank FDs; who should invest?
Mahila Samman savings Certificate (MSSC) is a one-time scheme that offers a fixed interest of 7.5 per cent. It can be opened in the name of a woman or girl of any age. It comes with a tenure of two years. The interest is compounded quarterly but paid on maturity. Will it give you a better return when compared to fixed deposits in leading banks or post office time deposits? Who should invest in Mahila Samman savings Certificate? Key Points
Economic TimesApple’s high interest savings account for Apple Card users; 10x national average in interest
Apple and Goldman Sachs come together to debut a new savings account for Apple Card users, offering 4.15% in interest. Key Points
FinancialexpressBanks keep savings deposit rates unchanged in current cycle : RBI
In March 2023, while term deposits constituted 58.5 per cent of aggregate deposits of scheduled commercial banks (SCBs), current account and savings account deposits were 8.9 per cent and 32.6 per cent, respectively. Key Points
The Indian ExpressGovt hikes interest rates on most small savings schemes
The government on Friday raised interest rates on most post office savings schemes by up to 0.7% for the April-June 2023 quarter in line with the firming of interest rates in the economy. Key Points
The Tribune IndiaCentre issues notification for Mahila Samman savings Certificates, made available in Post Offices
New Delhi [India], April 1 (ANI): The Finance Ministry has formally issued the notification for Mahila Samman savings Certificates, 2023 which has been made available in 1.59 lakh post offices with immediate effect. The scheme was announced in the 2023-24 Budget by the Union Finance Minister Nirmala Sitharaman, aiming towards financial inclusion and empowerment of […] Key Points
ThePrint
J&K budget utilisation 20 per cent less in 2021-22: CAG
The CAG said an amount of Rs 21,646.17 crore was incurred under 33 schemes/Sub Heads in 10 Grants without budgetary provisions during 2021-22. Key Points
FinancialexpressMahila Samman savings Certificates now available in Post Offices: Centre
The certificates will be available in 1.59 lakh post offices throughout the country, effective immediately. Key Points
mintCentre raises interest rates on most small saving schemes, except PPF, for June quarter
The rate paid on 5-year recurring deposits is being raised from 5.8% to 6.2%, the Senior Citizen savings Scheme has been hiked to 8.2% from 8%, while the monthly income account scheme will now deliver 7.4% returns instead of 7.1%. Key Points
The HinduGovt. hikes interest rates on most small saving schemes for June quarter, barring PPF
The rate paid on 5-year recurring deposits is being raised from 5.8% to 6.2%, the Senior Citizen savings Scheme has been hiked to 8.2% from 8%, while the monthly income account scheme will now deliver 7.4% returns instead of 7.1%. Key Points
The HinduYes Bank revises savings account charges with effect from April 1, 2023
Yes Bank has updated its savings account fee structure. The bank's official website states that the schedule of fees for savings accounts will take effect on April 1, 2023. Key Points
Economic Times
India's improving savings-investment dynamic amid lower deficits
The current account, reflecting the difference between domestic savings and investments, has seen a significant reduction in India since the taper tantrum, falling from 4.8% of GDP in FY13 to an average deficit of 1.1% per annum from FY14 to FY21. This reduction is attributed to a decrease in investment as a percentage of GDP, outweighing the decline in overall domestic savings. Key Points
Economic Timessavings down, financial liabilities up: RBI says household debt warrants close monitoring
The Reserve Bank of India highlighted rising household financial liabilities post-Covid, with overall savings dropping to 18.4% of GDP in FY23 from an average of 20% between 2013-22. Household debt, driven by increased retail loans, is mostly held by prime credit quality borrowers. savings are now shifting towards physical assets and non-bank investments. Key Points
Economic TimesMopup of savings scheme for elderly crosses Rs 1 lakh cr
The small savings scheme for senior citizens in India has seen a surge in collections after the government doubled the deposit limit in the budget. The scheme has crossed ₹1 lakh crore in the first half of the fiscal year, which is two-and-a-half times higher than the previous year. Additionally, a new small savings scheme for women introduced in the budget has garnered ₹13,500 crore. Key Points
Economic TimesYour PPF, NSC, other post office investments will be frozen if Aadhaar is not given by this date
The Ministry of Finance has made the Aadhaar and PAN mandatory for making investments in PPF, NSC and other small savings schemes. This has been done via notification dated March 31, 2023. The notification has further made the Aadhaar number mandatory for existing investors as well. Read on to know the last date to link Aadhaar with PPF and other post office investments. Key Points
Economic TimesMahila Samman savings Certificate Scheme mobilises Rs 8,630 cr: FinMin
The Mahila Samman savings Certificate Scheme (MSSC) has garnered Rs 8,630 crore from opening 14.83 lakh accounts, according to the Minister of State for Finance, Pankaj Chaudhary. The small savings scheme is solely for women and girls in India. An MSSC account can be opened by women of any age group, including girls, with a minimum deposit of Rs 1,000 and a maximum deposit of Rs 2 lakhs for two years. Key Points
Economic Times
Post Office savings Schemes Calculator: SSY, KVP, NSC, MIS, PPF, SCSS - How Much Will You Earn? Be A Crorepati With This Tax-Free Option - Top Points
Post Office savings Schemes Calculator: Small savings schemes are a popular investment avenue for those looking for a sovereign backed option with guaranteed returns. From Public Provident Fund, Sukanya Samriddhi Yojana and Kisan Vikas Patra to Senior Citizen savings Scheme, Monthly Income Scheme and National savings Certificate, TOI with its knowledge partner FinFix, takes a look at some post office small savings schemes to calculate how much you can earn from them and whether the proceeds are taxable or not. It is important to note that the returns are not inflation-indexed. When deciding on investment options, real returns should be considered as well. (AI image) Key Points
Times Of IndiaNPS withdrawal, post office schemes’ investment limits, hallmarking of gold: Seven money changes that will
The new fiscal year will bring a few financial regulatory adjustments that will have an influence on your personal finances and assets. Here are seven changes that will go into effect in April 2023. Key Points
Economic TimesRBL Bank revises interest rates on savings accounts, get up to 7% effective from April 5
RBL Bank has announced an interest rate revision on savings bank deposits. After the modification, the bank is now permitting savings accounts to earn up to 7.00% in interest. Key Points
mintNike cuts annual sales forecast, seeks $2 billion in cost savings amid ‘softer’ outlook; shares plunge
Nike projected full-year revenue to rise 1%, down from its previous forecast of mid-single-digit percentage growth. Analysts had expected a 3.8% increase, according to LSEG data. Key Points
mintInterest rate hiked to 6.7% on 5-year recurring deposit
The government on Friday raised the interest rate on five-year recurring deposit scheme to 6.7% from 6.5% for the December quarter and retained the rates for all other small savings schemes. Key Points
The Tribune India
6 banks offering up to 8% interest rate on savings accounts
The interest rates usually range from 2.70% per annum to 8% per annum. Here is a look at banks that offer up to 8% interest rate on savings accounts. Key Points
Economic TimesRates of RBI Floating savings Bonds offering 8.05% to be reviewed soon; will it change from January 1, 202
The interest rate of RBI Floating Rate savings Bonds (FRSB) 2020 (Taxable) is linked to the interest rate of the National savings Scheme (NSC), a small savings scheme offered by the Union government. The bond will pay 0.35% higher than what NSC offers. The interest rate of RBI Floating Rate savings Bonds is due for revision on January 1, 2024. Will the interest rate of RBI Floating Rate savings Bonds go up or come down next year? Read here to find out Key Points
Economic TimesWill govt hike PPF, Sukanya Samriddhi schemes’ interest rates in April 2023?
Interest rates of small savings schemes including PPF, Sukanya Samriddhi Yojana account (SSY), Senior Citizen savings Scheme (SCSS), and National savings Certificates (NSC) are due for revision at the end of this month. The rates will be applicable for the April-June quarter of FY2023-24. Will the interest rate of Public Provident Fund and Sukanya Samriddhi Yojana increase this time? Key Points
Economic TimesBlack Friday unveils irresistible tech deals
The Black Friday season is well-known for offering substantial savings on electronics, presenting an ideal opportunity to grab fantastic deals. These discounts transcend a singular day, persisting throughout Black Friday, extending into the weekend, and lingering into the realm of Cyber Monday. The abundance of savings has already commenced, with noteworthy bargains capturing the interest of savvy shoppers. Key Points
Economic TimesApple's high-yield savings account hits over $10 bln in customer deposits
Apple’s (AAPL.O) high-yield savings account offered by its partner Goldman Sachs (GS.N) has reached over $10 billion in customer deposits, the technology giant said on Wednesday. Key Points
Reuters
15 Best Tax Saving Schemes in India
We're all interested in learning how to reduce our tax burden, or more specifically, how to organise our investments. Planning your taxes is vital, but so are tax-saving techniques. Key Points
Times of IndiaAt 8.05% interest, RBI Floating Rate savings Bonds could be a better investment than bank FDs, NSC
Fixed deposit vs NSC vs RBI Floating Rate savings Bonds: The interest rate of RBI Floating Rate savings Bonds 2020 (Taxable) (FRSBs) is linked to the interest rate of the National savings Scheme (NSC), a small savings scheme offered by the Union government. RBI Floating Rate savings Bonds will pay 0.35 per cent higher than what NSC offers. The interest rate of RBI Floating Rate savings Bonds is likely to be higher than most of the fixed instrument products in the market. Is it a better investment option than fixed deposit and NSC? ET Wealth explains Key Points
Economic TimesSmall savings schemes' interest rates for April-June quarter hiked. Details here
The interest rate for senior citizens savings scheme has been hiked to 8.2 per cent.However, the govt has kept the rate for PPF scheme unchanged for this period Key Points
mintSky-high prices burn Indians’ pockets, drag savings to 30-year low amid K-shaped recovery
This broad-based moderation in consumption in recent quarters, coupled with lower household savings, is evidence of a K-shaped economic recovery in India, as inflation continues its uptick despite the Reserve Bank of Indias policy rate cuts. Indias inflation has averaged 7.2 per cent YoY in HF1Y23, following 5.8 per cent in the preceding two years. Key Points
Economic TimesIs Aadhaar mandatory for investment in small savings schemes such as Senior Citizen savings Scheme, PPF, NSC, Sukanya Samriddhi Yojana?
Financial Literacy News: Investing in small savings schemes like the Public Provident Fund (PPF), Senior Citizen savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), and others requires adherence to certain documentation procedures. Chief among these is the submission of Aadhaar details, as mandated by the Ministry of Finance. Key Points
Times Of India
PPF, SSY, Senior Citizen savings Scheme, other post office schemes interest rates for April- June quarter
Post office schemes interest rates for April-June quarter: The government revises small savings schemes interest rates every quarter. Here is a look at the interest rates on various post office schemes for the first quarter of FY 2024-25 along with its compounding frequency. Key Points
Economic TimesThese banks offer savings account interest rates between 7% and 7.5%
Depending on the account balance, different savings account interest rates will be applicable. Small finance banks offer higher interest rates on savings accounts than traditional banks. Key Points
Economic TimesDr. Thomas Isaac owns no property but 20,000 books worth Rs 9.6 lakh: A look at the communist leader's fru
Dr. Thomas Isaac, a former finance minister and four-time MLA, has revealed that he owns only a collection of 20,000 books valued at Rs 9.6 lakh. His other assets include modest savings in various accounts and investments in chit funds and shares. Isaac, accompanied by party members, submitted his nomination papers at the Pathanamthitta collectorate. Key Points
Economic TimesGovt keeps interest rates on small savings schemes unchanged for Q1 FY25; Check rates for NSC, Sukanya Samriddhi, others
The interest rates for popular PPF and savings deposits too have been retained at 7.1 per cent and 4 per cent, respectively. The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months. Key Points
mintDisney begins job cuts with goal of eliminating 7,000 positions
International Business News: Walt Disney Co. has begun the first of what is expected to be 7,000 job cuts, a key part of a $5.5 billion savings drive the company announced in Febr Key Points
Times Of India
To whom do the new Senior Citizen savings Scheme (SCSS), PPF rules apply? Govt clarifies
The Department of Posts came out with an detailed notification about senior citizen savings scheme (SCSS) and Public Provident Fund (PPF) few weeks back. On November 29, 2023 the Department of Posts issued a clarification as to who the new SCSS and PPF rules would apply. Read below to find out. Key Points
Economic TimesWill PPF, Sukanya Samriddhi, SCSS interest rates be hiked for December quarter?
PPF interest, Sukanya Samriddhi Account interest rate, SCSS interest rate: The Central Government reviews the interest rates of small savings schemes every quarter based on the G-Secs yields of the previous three months. To know whether there will be a hike in post office schemes for the October-December quarter, you need to understand how the interest rates are calculated first. There are set formulae for mark-ups over the previous three months average yield of relevant G-Secs of comparable maturity. Find out what experts suggest. Key Points
Economic TimesThis bank offers up to 7.5% interest rate on savings accounts
ESAF Small Finance Bank has revised interest rates on its savings accounts. The revised interest rates are effective from July 1, 2023, according to the bank's official website. Key Points
Economic TimesInterest rates on small savings schemes remain unchanged
A notification in this regard has been issued by the finance ministry. The government on Friday left the interest rates unchanged on various small savings... Key Points
The Tribune IndiaEMarkets Smart Talk: Looking for wealth creation ideas? Sandeep Bagla lists 8 themes for future investing
Sectors like banking and financial services, railways, infrastructure, and defence are likely to continue being favored sectors. Select manufacturing companies could perform well due to PLI schemes and production base diversification. The themes for the next few years are manufacturing, renewables, digitisation, infrastructure, urbanization, premium consumption, financialization of savings, and the rise of equity savings cult. Key Points
Economic Times
Post office schemes new rules 2023: Major changes made to PPF, POTD, POMIS, Senior Citizens savings Scheme
The government has made various changes under small savings schemes in the year 2023. Here we have listed some of the major and important changes made by the government. Key Points
Economic TimesRBI Floating Rate savings Bond offers 8.05% interest now, higher than big banks' FDs; who should invest?
At present, RBI Floating Rate savings Bond (FRSB) 2020 (Taxable) offers an interest rate of 8.05 per cent. Is it time to hop on the high-interest bus to get some good returns from RBI Floating Rate savings Bond (FRSB) 2020 (Taxable)? Let's understand how it works and who should invest in these bonds. Key Points
Economic TimesNo economic distress among common households, says Centre
The central government on Thursday said there is no distress among common households after a RBI report said the net financial savings of households have crashed to a nearly five-decade low of 5.1 per cent of GDP in fiscal 2022-23. Key Points
The Tribune IndiaThis is the first bank where investors can open Mahila Samman savings account; check details
The Bank of India is the first public sector bank to offer the Mahila Samman savings Certificate 2023. According to a press release from Bank of India, it is the first bank to operationalise this scheme at all its branches. Key Points
Economic TimesInterest rates on small savings schemes remain unchanged for Q1 FY25
New Delhi, Mar 8 (PTI) The government on Friday left the interest rates unchanged on various small savings schemes for the first quarter of the next fiscal, beginning April 1, 2024. A notification in this regard has been issued by the finance ministry. “The rates of interest on various small savings schemes for the first […] Key Points
ThePrint
National Infrastructure Pipeline outlay stands at Rs 109 lakh crore
The government has authorised the Department of Posts, all public sector banks and four private sector banks to operate MSSC, he said, adding that some lenders like Axis Bank, HDFC Bank, ICICI Bank, and IDBI Bank have not yet started the scheme. Mahila Samman savings Certificate Scheme has been made available for a two-year period up to March 2025. Key Points
Economic TimesNational Infrastructure Pipeline outlay stands at Rs 109 lakh crore
The government has authorised the Department of Posts, all public sector banks and four private sector banks to operate MSSC, he said, adding that some lenders like Axis Bank, HDFC Bank, ICICI Bank, and IDBI Bank have not yet started the scheme. Mahila Samman savings Certificate Scheme has been made available for a two-year period up to March 2025. Key Points
Economic TimesNatWest downgrades profit outlook amid Farage 'debanking' row
NatWest (NWG.L) downgraded its profit outlook on Friday, pinched by tighter competition for savers' cash, as the lender deals with the reputational fallout from a damaging 'debanking' row with former Brexit Party leader Nigel Farage. Key Points
Reuters