Financial minister Mr. P Chidambaram has presented union budget today. In this budget he has not changed the income tax rates and kept the earlier rate in place. Now the earlier income tax slab rates as applicable to AY 2014-2015 will also be applicable to assessment year 2015-2016
Here are the slab rates that are applicable for the incomes that are earned during the financial year starting from 1st of April 2014 to 31st march 2015. Read More
Fixed deposit is one of the favored financial products in India to which most of the Indians are investing their hard earned money for a higher return. As the name suggest, money of investors are kept into this account for a predefined fixed tenure at a pre-agreed interest rate.
However, like any other financial product, fixed deposit also has its own merits and demerits. In this article, let us discuss the drawbacks of investing in fixed deposit scheme of a bank or any other financial institution. Read More
While buying gold ornaments or jewellery you must have noticed the seller or the representative often describe the unit in Karat. Karat is a unit of measure to know the purity of gold. If the seller tells you a particular jewellery of 22 karat then it means, that jewellery has 91.06% (22/24) of gold and balance 8.4% of metals like silver, zinc etc. Read More
Are you holding unusable notes ? You can exchange it by visiting any public sector or private bank’s cash counter. RBI has instructed banks to exchange notes that are either soiled or mutilated or are in unusable conditions.
Soiled notes are those which have become dirty and slightly cut because of its use. Mutilated are those which are composed of more than two pieces or some essential portions are missing in it. Essential portions in a currency note are name of issuing authority, guarantee, promise clause, signature, Ashoka Pillar emblem/portrait of Mahatma Gandhi, water mark. Read More
In a surprise move today, RBI has increased its policy repo rate or interest rate by 25 basis points and keeps the cash reserve ratio of schedule bank unchanged to 4%.
Due to this change, the repo rate that bank pays when they borrow money from RBI has been increased from 7.75 % to 8 % per annum. Reverse repo rate at which RBI pays to bank for keeping their surplus money has been adjusted to 7%. Read More