Finance
New Deposit Schemes and Interest Rates from Development Credit Bank
Development Credit Bank Ltd., one of India’s emerging private sector banks, has announced the deposit scheme- DCB Freedom1-2-3 fixed deposit and has also come up with some other fixed deposit rates.
As per the DCB Freedom1-2-3 fixed deposit, the scheme offers attractive and money saving policy to its customers by giving them aggressive rate of 10.50% [...]
SBI increases Interest Rates with new deposit schemes
As per the scheme, the bank has increased the deposit rates by 1% to 10.5% for the 1000-days maturity deposit for the depositors.
On the other hand, the deposit rates for 2-3 year maturity have been increased from 9.5% to 12.50%. Under the same scheme, the senior citizen will be benefitted by getting additional 0.5% interest.
New Pension Fund Scheme will be launched by PFRDA
The Pension Fund Regulatory and Development Authority (PFRDA) has come up with a pension fund scheme for all those employees who are working in unorganized sectors including retail, textile and mines. This pension fund is expected to be active in the next six months.
For this scheme, the PFRDA has already selected four companies namely Mercer, Ernst & Young, PricewaterhouseCoopers and Crisil, which will help in recruiting the institutional advisor.
ICICI Prudential SMART fund appealing retail investors
ICICI Prudential has launched a new product, ICICI Prudential SMART fund. NFO opened on August 18 which will be closed on September 19. Nilesh Shah, Deputy Managing Director of ICICI Prudential, revealed that SMART Fund will be placed among the retail investors also as it is not a kind of capital protected product. Though credit risk is involved in it, there will be no market risks. Debentures are formulated in such manner that when the Nifty index go down, they do not participate, having the principal amount back credited with some minimum assured returns.
Indian Union Budget 2007-2008
Some highlights of the Indian Union Budget 2007-2008:
Personal income tax exemption hiked to Rs 1.5 lakh
Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
Tax exemption for women increased to Rs 1.8 lakh
New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent [...]