You can now trust Unit Linked Pension Plans with the capital protection

The pension plans work for the retirement and that is the reason why people refrain from investing in the Unit linked pension plans. These plans are linked to the equity market and the associated risk is also quite high. The retirement benefit may become very less if the investment in the equity market doesn’t work. The equity market is the volatile market. The profits may turn to loss if not handled properly. The retirement funds are not good to be invested in volatile market but the same can now be tackled as the new regulations have introduced capital protection clause

Home loan can save you money by reducing your income tax deductions – find out how

The loan means borrowing money but the fact is that it can save you money in the form of reduced income tax deductions. The different loans may have different advantages but the home loan may get you the maximum benefit as it directly impacts your income tax deductions. The home loan may be the best way to turn your dream house to reality but it may also be the great choice for increasing your take home salary by reducing the overall income tax payment. How it works? The home loan repayment would be in the terms of EMI and this

Indian Bank announces revision in interest rates for FCNR

Foreign Currency Non-Resident (FCNR) deposits with Indian Bank may now fetch revised interest rates as per the announcement made by Indian Bank. These rates would be applicable from immediate effect and the NRI investors may now deposit their savings with these revised rates. These FCNR deposits are made by NRIs in different currencies. The rate revision may differ as per the deposited currency. The deposits made in dollar will fetch lower interest rate by 0.01% and would now get returns at 2.57%. The interest rate earlier was 2.58% for the deposits made for 12 to 24 months. The interest rate

Finance Minister asks the mutual fund providers to get back the trust of investors

The mutual fund sector in India has lost the trust of its investors in last few years owing to the lower publicity of the products in small towns. This has further affected the mutual fund investments and that has concerned the Finance Minister, P Chidambaram as well. As per his latest directive, FM has guided the mutual fund providers to take specific moves to spread the mutual fund literacy amongst all segments of society. The investors who have lost their trust on the mutual fund products due to lack of knowledge may now get back to the mutual fund investments

You can now seek health insurance for your parents even after crossing the age of 70

The health insurance is the matter of solicitation but yet people fail to understand its worth often. The good health and young age usually makes the health insurance irrelevant for many and that is the reason they usually fail to avail this insurance in young age. Those who have made this mistake in their healthy years can now cover up their mistake as insurance companies are now ready with the insurance policies for those above 70 years of age. The health insurance which was earlier not available after certain age can now be availed even after the age of 70

Oriental Bank of Commerce moved a step forward to make account opening easier for its customers

Oriental Bank of Commerce has made the account opening process easier for its potential customers with the newly introduced Aadhaar based account opening process. This process works on KYC (Know Your Customer) documents and hence the account can be opened without any hassles. The Aadhar card contains almost all the details of the holder and it is recognised as the identity proof for almost all purposes. The private sector banks have already started this KYC service for account opening and hence made the account opening easier for its customers. Oriental Bank of Commerce has now become the first public sector

Life insurance market likely to witness 400 plus new products in the current year

The competition is intensifying in the life insurance sector as both private and public sector entities are coming up with different products to woo their customers. The current year is expected to rope in more than 400 new life insurance products in the market. These products are already approved by Insurance Regulatory and Development Authority (IRDA) and will hit the market anytime this year. The insurance companies have surely made this move to bit the competition but the customer will also benefit a lot from these plans. IRDA had come up with a directive that the life insurance products need

Home loans may take the upward swing as RBI hikes the rates – Home loan market surprised by this move

The home loan market is again heading towards sudden rise in interest rates as Reserve Bank of India has declared the hike in policy rates. This hike is of 25 basis points and may reflect in the home loan interest rates of major home loan providers. The hike in rate by RBI has come as a surprise for most of the home loan providers. The experts speculate a rise in home loan rates following this hike but the home loan giants like HDFC and SBI still deny any immediate rate hike. The hike in rate will directly affect the banks

Old currency notes will soon become paper – Exchange before it really happens

The currency notes are kept in circulation to keep the economy running but RBI has now directed people to exchange their old currency notes soon. The currency notes that fall in pre-2005 group must be exchanged immediately. The Reserve Bank of India has said this in its fresh directive. These old notes will soon be out of circulation and hence the special exchange facility is provided to general public. The large volume of older currency would be withdrawn from circulation as a part of this initiative. Still the exact volume of such currency notes is not known. This withdrawal is

Know more about the Repo rate, SLR and CRR

The repo rate is the known term to many as the rate which governs the interest rate fluctuations. These rates are usually controlled by the Reserve Bank of India as it is the governing bank for the entire credit rate and its supply. RBI decides the cost of borrowing the funds and this cost is charge from the borrower in terms of the interest rate. The tools called CLR, SLR and Repo rate are used to control the economic growth and inflation. The banks depend on RBI for these rates and this is how the whole economy is controlled. You