BREAKING NEWS

BREAKING NEWS ""**Banks will remain closed from 2nd to 4th March 2026

VISITOR FROM WORLD

Free counters!

YOU ARE VISITOR

Blog Archive

LIVE

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Saturday, October 8, 2022

One grade, two classes
***************
There is only one exam for a bank officer, same cutoff same interview, then according to the vacancies, some branch, some RO, HO or posting in different departments, there is no discrimination till then but,
After posting RO/ZO staff become elite class, officers are divided into two categories, treatment is also different for these two categories, laws and laws are different.
If branch people do not pick up the phone, the mountain breaks, but people sitting in RO can ignore any number of calls anytime.
The work of branch will be done when RO goes, but if the work of RO comes to branch, we have to do it now, we have to go home after doing it, as if the world is ending tomorrow.
You wear colorful clothes according to the day, this is our target right, celebrate festivals, do garba, do everything and go in the evening with your bag. On the other hand, branch people fight that if the branch closes a little early, then celebrate the festivals too.
Not on them EKYC/CKYC/DKYC. Even if there is only one pending, there will be a check, there is no festival, no color, no joy, they become happy only by applying Csol
Happy colourful navratri
Note: This is my personal opinion, good people/exceptions are everywhere, this post has nothing to do with any person or organisation, no malpractice with any person, any equality is just coincidence

Deteriorating Industrial Relation in Some of the banks


Thursday, October 6, 2022

Tax Planning Investment Options or Tax Savings Instruments & the Expenses that save tax--You can Save Tax Upto Rs. 83,945/-* more

You can Save Tax Upto Rs. 83,945/-*

Choose the Right Tax Saving Options

(1) EPF

  • Features - Compulsory deduction from salary is a good way to build a retirement fund also
  • Liquidity - VERY LOW, partial withdrawal allowed for major goals
  • Taxability - The amount you get on retirement is completely tax free

    (2) PPF

  • Features - Assured Returns for risk averse investors and it is a Risk Free Investment Click to View details of PFF Scheme
  • Liquidity - LOW; withdrawal allowed after a certain period
  • Taxability - PPF income is tax free

  • (3) Sukanya Samriddhi Deposit Account

  • Features A natural / legal guardian can open a/c on behalf of a girl child in the name of a girl child from the birth of the girl child till she attains the age of ten years - Assured Returns for risk averse investors and it is a Risk Free Investment Click to View details of Scheme
  • Liquidity - LOW; Up to 50 per cent of the accumulated amount can be withdrawn only after the account holder turns 18 while full withdrawal is possible after she turns 21. period
  • Taxability - Any payment from the scheme shall not be liable to tax. Overview - To promote the welfare of Girl Child and behind this initiative is to address the Gender imbalance and create a positive environment in favour of Girl Child.

  • (4) 5-yr Bank Deposit

  • Features - Assured Returns for risk averse investors and it is a Risk Free Investment
  • Liquidity - Lock In Period till maturity
  • Taxability - income is taxable

    (5) RGESS (Rajiv Gandhi Equity Savings Scheme)

    Please note that This deduction stands withdrawn from FY 17-18
  • Features - Rebate under section 80CCG for 50% of Investment amount upto a maximum investment of Rs. 50000/- i.e eligible tax deduction is Rs. 25000/-
  • Liquidity - lock in period of 3 years
  • Overview - It is a Long Term Investment

    (6) Sr. Citizen's Saving Scheme

  • Features - Best tax saving option for Sr. citizen
  • Liquidity - LOW; interest paid quarterly
  • Taxability - Interest Income is taxable
  • Overview - Risk Free Investment

    (7) National Pension System

  • Features - Allows exposure to equity marketsReturns - Completely market linked returns
  • Liquidity - VERY LOW; No withdrawal before retirement
  • Taxability - Tax free withdrawals after retirementLong Term Investment

    (8) Pension Plans

  • Features - Allows equity exposure but with high chargesReturns - 7-10% (NAV market linked )
  • Liquidity - LOW; partial withdrawals allowed
  • Taxability - Presently Not taxable

    (9) ULIPS

  • Features - Gives life cover but charges are very highReturns - NAV market linked
  • Liquidity - MODERATE; partial withdrawals allowed
  • Taxability - Tax free income
  • Overview - Good for long term, wait for fresh investments till DTC comes into force

    (10) Endowment Money-Back Insurance

  • Features - Do not consider it a good tax saving tool or life coverReturns - 5-6%
  • Liquidity - LOW; but loan against the policy is available
  • Taxability - Tax-free income
  • For those planning to buy a insurance cover : Don't buy a life insurance plan with a cover of less than 20 times the annual premium. It would not get benefit when new tax laws are passed (as proposed in DTC)

    (11) ELSS

  • Features - May give high returns among all options
  • Liquidity - MODERATE; lock in period of 3 years But in case liquidity is there when you opt for dividend option.
  • Taxability - Tax free incomes
  • Overview - Long Term & start SIP in young age.
    The cost is even lower if you go direct plans of these funds

    (12) NSC

  • Features - Assured Returns for risk averse investors and it is a Risk Free Investment
  • Liquidity - Lock In Period till maturity, however loan is available from banks on pledge of instrument as security
  • Taxability - income is taxable

  • Expenses that Give Tax Benefits


    Income Exempted and Chargeable under the Head "Salaries"

    (1) Expenses - School Fees

  • Deductions allowed - Tuition Fees of two children
  • Limit - Rs. 1.50 lakh
  • Overview - Both parents can't claim deduction for the same expenses

    (2) Expenses - Housing loan interest

  • Deductions allowed - The interest paid on the loan under Sec 24(b)
  • Limit - Rs. 2.00 lakh a year
  • Overview - It brings down the cost of housing loan

    (3) Expenses - Housing loan repayment

  • Deductions allowed - The principal amount of loan repaid during the year
  • Limit - Rs. 1.50 lakh
  • Overview - For a large amount of EMI, little left for them for tax savings in other options

    (4) Features - Medical Insurance

  • Deductions allowed - Premium for self, parents deductible under Sec 80D
  • Limit - Rs. 15000 for self and family
  • Rs. 25000 for parents and Rs. 30000 in case of parents are Sr. Citizen

    (5) Expenses - Education Loan interest payment

  • Deductions allowed - The interest payment of education loan is deductible from taxable income under Sec 80E
  • Limit - The interest paid is fully deductible
  • Overview - Earlier the deduction was allowed only to the borrower. Now, parents or legal guardian can claim deductions for the interest paid for upto the eight successive years.It helps lower the cost of the loan.
  • Wednesday, October 5, 2022

    Small Savings Schemes Interest rates from Oct 2022 to Dec 2022: Government hikes interest rate

    Small Savings Schemes Interest rates from Oct 2022 to Dec 2022: Government hikes interest rate

    F.No.1/4/2019-NS
    Government of India
    Ministry of Finance
    Department of Economic Affairs
    (Budget Division)

    North Block, New Delhi
    Dated: 29.09.2022

    Office Memorandum

    Subject: Revision of interest rates for Small Savings Schemes – reg.

    The rates of interest on various Small Savings Schemes for the third quarter of financial year 2022-23 starting from 1st October, 2022 and ending on 31st December, 2022 have been revised as detailed below

    InstrumentRates of interest from 01.07.2022 to 30.09.2022Rates of interest from 01.10.2022 to 31.12.2022
    Savings Deposit4.04.0
    1 Year Time Deposit5.55.5
    2 Year Time Deposit5.55.7
    3 Year Time Deposit5.55.8
    5 Year Time Deposit6.76.7
    5 Year Recurring Deposit5.85.8
    Senior Citizen Savings Scheme7.47.6
    Monthly Income Account Scheme6.66.7
    National Savings Certificate6.86.8
    Public Provident Fund Scheme7.17.1
    Kisan Vikas Patra6.9 (will mature in 124 months7.0 (will mature in 123 months)
    Sukanya Samriddhi Account Scheme7.67.6

    2. This has the approval of competent authority.

    Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner – DOPPW O.M 30.09.2022

    Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner – DOPPW O.M 30.09.2022

    No. 1(8)/2021-P&PW(H)-7468
    Government of India
    Ministry of Personnel, Public Grievances and Pensions
    Department of Pension and Pensioners’ Welfare

    8th Floor, B-Wing, Janpath Bhawan
    Janpath, New Delhi-1 10001
    Dated the 30th September, 2022

    OFFICE MEMORANDUM

    Subject: Submission of Annual Life Certificate

    Every Central Government pensioner has to submit Annual Life Certificate in the month of November for further continuation of pension. It has been observed that a large number of Central Government pensioners physically visit bank branches for this purpose.

    2. As a measure to enable an additional exclusive window to very senior pensioners, this Department, vide its OM No. 1/20/2018-P&PW(E) dated 18.07.2019, has allowed the pensioners in the age group of 80 years and above, to submit Annual Life Certificate from 1st October onwards, instead of 1st November onwards, every year.

    3. The different modes available to a pensioner for submission of Annual Life Certificate are once again summarized for Pensioners’ awareness. An Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner by following modes: –

    1. Life certificate can be recorded by Pension Disbursing Authorities (PDAs), if the pensioner physically appears before the PDA.
    2. Personal appearance of a pensioner will not be required, if the pensioner submits the life certificate form signed by any ‘designated official’. In accordance with para 14.3 of the Scheme Booklet issued by CPAO, a pensioner who produces a life certificate in the prescribed form, signed by persons specified, is exempted from personal appearance. A list of designated officials specified for signing the Life Certificate as per the scheme booklet of CPAO is attached as Annexure-I.
    3. Pensioners can submit Life Certificate online through Jeevan Pramaan Portal. The process of submission of Digital Life Certificate through “Jeevan Pramaan” may be seen at https://youtu.be/nNMIkTYqTF8. UIDAI has provided details of all biometric devices which are permissible for capturing biometrics of a person. Pensioners may visit the site www.uidal.gov.in to get information of all such devices.
    4. India Post Payments Bank (IPPB) of Department of Posts along with Meity have successfully launched the initiative of the Department of Pension & Pensioners’ Welfare: “Doorstep Service for submission of Digital Life Certificate through Postman” in November 2020. IPPB is utilizing its national network of more than 1,36,000 access points in Post Offices and more than 1,89,000 Postmen & Gramin Dak Sevaks with smart phones and biometric devices to provide Doorstep Banking Services for generation of Digital Life Certificates. For leveraging this facility through a mobile phone, a pensioner has to download “Postinfo APP” from Google Play store. The process of submission of Digital Life Certificate through Postmen/Gramin Dak Sevaks may be seen at https://youtu.be/cERWM_U7g54.
    5. Doorstep Banking is also available through the Alliance comprising 12 Public Sector Banks which do “Doorstep Banking” for its customers in 100 major cities of the country under Ease of Banking reforms. PSB Alliance has introduced the service for collection of Life Certificates under the umbrella of Doorstep Banking. DSB Agent shall visit the doorstep of Pensioner to render the service. Service can be booked by the pensioner through any of the 3 channels 1.e. Mobile App, Website or Toll – Free Number.
      • Mobile App i.e “Doorstep Banking (DSB)” can be downloaded from Google Playstore.
      • Pensioners can access through Web Browser ie https://doorstepbanks.com/&https://dsb.imfast.co.in/doorstep/login
      • Through Toll free Number:- 18001213721,18001037188.
    6. Pensioners can also submit Life Certificates using the Face Authentication technology system bascd on UIDAI Aadhaar software whereby it is possible to generate a Digital Life Certificate from any Android based smart phone by capturing the live photograph of the pensioner for online submission on the Jeevan Pramaan mobile application. The process flow for generating DLCs through Face Authentication is available on DoPPW’’s Pensioners’ Portal > Jeevan Pramaan > Process flow of face authentication technique for DLC generation.
      (https://pensionersportal.gov.in/Document/Face%20Authentication%20Process7/o200f%20Jeevan%o20Pramaan%20App%20.pdf).

    4. All Pension Disbursing Authorities are requested to take note of this OM for compliance and give wide publicity of the same amongst pensioners.

    5. This issues with the approval of the competent authority.

    List of persons specified for signing the Life Certificate (para 14.3 of Scheme Booklet by CPAO)

    1. A person exercising the powers of a Magistrate under the Criminal Procedure code;
    2. A Registrar or Sub-Registrar appointed under Indian Registration Act;
    3. A Gazetted officer of the Government;
    4. A Police Officer not below the rank of Sub-Inspector in-charge of a Police Station;
    5. A Postmaster, a departmental Sub-Postmaster or an Inspector of Post Offices;
    6. A Class-I officer of the Reserve Bank of India, an officer (including Grade IJ officer) of the State Bank of India or of its subsidiary;
    7. A Justice of Peace;
    8. A Block Development Officer, Munsif, Tehsildar or Naib Tehsildar:
    9. A Head of Village Panchayat, Gram Panchayat, Gaon Panchayat or an
    10. Executive Committee of a Village;
    11. A Member of Parliament, of State legislatures or of legislatures of Union Territory Governments/Administrations;
    12. Treasury Officer.
    - Advertisement -

    RBI intervened to correct Rupee Depreciation by selling Dollars to stabilize Rupee.

    RBI intervened to correct Rupee Depreciation by selling Dollars to stabilize Rupee.
    In this process it wasted a good amount Forex. Despite this effort , INR depreciation still going on.
    Import cover fell from 14.4months to 10.3 months.
    This is worse than the fall during global crisis!
    The fall in the Reserves have averaged $5 billion in the three recent weeks.
    This has pulled down the import cover of the foreign exchange reserves from a high of 17.4 months in end March 2021 to 13.1 months in end December 2021.
    Also the recent estimates of the RBI show that the import cover of the foreign exchange reserves has come down to nine months by September 2022.



    Saturday, October 1, 2022

    Expected DA for Bank Employees from November 2022

    Expected DA for Bank Employees from November 2022

    The Dearness Allowance (DA) for bankers for the period from November 2022 shall be based on CPI(IW) numbers from July 2022 to September 2022. The latest CPI(IW) data with the base year 2016 is as under.

    Month

    AICPIN/CPI(IW)

    July 2022

    129.90

    August 2022

    130.20

    September 2022

    To be declared on 31.10.20

    If CPI (IW) remains at the same level during September 2022 as in August 2022, the DA to bank employees shall be payable for 550 DA slabs as against the existing 526 DA slabs i.e. an increase of 24 DA slabs.

    Based on the above, the Expected DA for bank employees from November 2022 is 38.50%. The existing DA rate for the period of August 2022 to October 2022 is 36.82% Hence there shall be an increase of 1.68% in dearness allowance for the period from November 2022 to January 2023. 

    Please Speak for the Banking Workforce*

    To The MDs & CEOs All Public Sector Banks of India  *Subject: An Appeal from Your Junior Colleagues - Please Speak for the Banking Workf...

    script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">