Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates

 

RBI Lr.No RBI/2012-13/458 DGBA.CDD. No. H- 5603 /15.02.001/2012-13

 

The Chairman and Managing Director/Managing Director

Head Office, Government Accounts Department

State Bank of India/State Bank of Patiala/State Bank of Bikaner & Jaipur / State Bank of Travancore/

State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/Bank of Maharashtra/Canara Bank/Central Bank of India/Corporation Bank/Dena Bank/Indian Bank/Indian Overseas Bank/Punjab National Bank/Syndicate Bank/UCO Bank/Union Bank of India/United Bank of India/Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.

Public Provident Fund Scheme, 1968 (PPF, 1968) and

Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates

 

Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 01st of that year.

 

2. The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 25, 2013, advised the rate of interest on various small savings schemes for the financial year 2013-14. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2013-14, effective from April 01, 2013, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

 

Scheme

 

 

5 year SCSS, 2004 Rate of Interest w.e.f. 01.04.2013 9.3% p.a

 

PPF, 1968 2004 Rate of Interest w.e.f. 01.04.2013 8.7% p.a

 

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Fraud costs ICICI Prudential Rs 90 lakhs

 

 

ICICI Prudential life insurance company has lodged a complaint with police stating that a large number of if policy holders were contacted by scamsters, who tricked them into surrendering their ICICI prudential insurance policies and caused a loss of Rs90 lacs to the insurance company.

In the last few years, a new breed of scamsters has emerged in the country. They specialize in convincing existing policy holders to surrender their policies promising monetary gains.

Broadly, the nefarious acts can be classified into two categories.

a)      Surrender the existing policy and opt for a new policy

b)      Pay some monies to rectify/modify the existing policy terms and conditions.

Details of the below fraud:

a)      Policy holders’ details stolen by the fraudsters.

b)      Policy holders contacted with the details

c)       Policy holders encouraged to surrender their policies

d)      Hundreds of calls made

e)      712 complaints received by ICICI prudential insurance

f)       The number might be still higher as all the affected policy holders would not have contacted ICICI Prudential

g)      ICICI Prudential claims that “eight insurance policies have been discontinued and 48 policies have been surrendered by our customers, resulting into a loss of Rs 90,93,188 was the loss to the company” due to these illegal actions though it was able to satisfy most of its customers and averted losses that could have incurred.

h)      Calls were made allegedly on behalf of the company giving false promises of bonus, scholarship etc to genuine policy holders by tele-calling and inducing them to buy new policies of different agencies.

 

 

 

HDFC Bank to charge customers for InstaAlert SMSes

 

The new financially year will begin tomorrow and Banks have started to modify their service charges.

HDFC Bank will begin charging its customers from tomorrow for its InstaAlert SMS service, under which the bank provides real-time alerts on account activities.

The charges will be applicable to Salary Saving accounts too. The tariff charges are Rs15 per quarter in case of salary or savings accounts, while the charge would be Rs 25 per quarter for Current Account customers.

However as a bonus, InstaAlerts delivered through Emails would remain free.

What is InstaAlerts?

InstaAlerts service is a value added service, which allows customers to keep a track of various payments and receipts, get reminders for timely payment of utility bills and receive intimations when balance falls below a pre-specified limit, among other account activities.

Customers usually register InstaAlert service for alerts like debit transactions greater than a certain amount, credit in account greater than a specified sum, account balance below the minimum funds and weekly account balance. The alerts can be either event-based or frequency based.

The bank has clarified that debit/credit card transaction alerts sent as per regulatory guidelines and NetBanking transaction alerts are not part of InstaAlert Service. Customers who are not registered for InstaAlert service will continue to get these alerts free of charge, it added.

Well, I am just curious to know, how many HDFC Bank customers will continue to avail the InstaAlerts services!!

 

IMPS-Merchant Payment Service launch with Andhra Bank

 

Instant Safe Secure Smart 24x7x365

Andhra Bank has launched IMPS_MPS sub product this weekend.  With this launch, Andhra Bank is now having the full bouquet of Immediate Payment Services products i.s MMID, MPS, ATM channel and Account No with IFS Code

Now it is turn of Andhra Bank staff and customers to make the most of IMPS.

Andhra bank is one of few Indian Banks which has its own mascot i.e Dolle

Recently the Bank has won four awards in a row.  Andhra Bank is SLBC convenor bank for Andhra Pradesh.