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South Indian Bank offers a variety of deposit options to both non-seniors and seniors looking for short- and long-term fixed-return investments. Customers with varying eligibility criteria and personal financial needs can choose from a variety of deposit schemes, including the SIB Flexi Smart Deposit, Kalpaka Nidhi Scheme, SIB Flexi Deposit, SIB Tax Gain 2006, Fast Cash Deposit, Fixed Deposits, Recurring Deposits, FD Vantage, SIB Care, and SIB Maximo-Non Collable Deposits. The bank adjusted its interest rates on term deposits and savings accounts in October, as we'll see below. Bank FD Rates in South Indian Bank for Regular Customers The bank changed its fixed deposit interest rates on October 8, 2021, and as a result of the most recent update, South Indian Bank now offers the highest interest rate of 5.65 percent to the general public on deposits of less than Rs 2 crore with a five-year maturity. The following are the most recent fixed deposit interest rates for the general public: Senior Citizen FD Rates in South Indian Banks Senior citizens will continue to receive a 0.50 percent bonus on all deposits, regardless of tenure. Senior citizens will now receive the highest return of 6.15 percent on deposits of less than Rs 2 crore maturing in 5 years. Interest Rates on Savings Accounts in South Indian Banks South Indian Bank has also recently changed its savings account interest rates, which will take effect on October 21, 2021. As a result of the most recent modification, South Indian Bank now offers the following interest rates on all savings accounts, including NRO/NRE accounts.

Two company's initial public offerings (IPOs) will be available for subscription in the last week of September. The first is FSN E-Commerce Ventures Limited, which operates Nykaa, an online marketplace for lifestyle and cosmetic items. It will be available for subscription on October 28. Fino Payments Bank, the second, will begin accepting subscriptions on October 29. IPO of NYKAA When Nykaa's public issue opens  it is largely expected to do well. Nykaa's Rs 5,352 crore initial public offering (IPO) has a price band of Rs 1,085-1,125 per share. After the IPO, the stock markets are expected to list on November 11. Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities, Citigroup Global Markets India, ICICI Securities, and JM Financial are the issue's principal book running managers. Nykaa is a significant player in the online beauty aggregator industry, thus most investors and experts are hopeful about the IPO. Falguni Nayar, an investment banker, launched it in 2012. FINO PAYMENTS BANK INITIAL PUBLIC OFFERING Fino Payments Bank is the other IPO that will be available for subscription this week. Subscriptions for the public issue will start on October 29 and finish on November 2. The IPO consists of a new issue of equity shares worth Rs 300 crore and an offer for sale by promoter Fino Paytech of 15,602,999 equity shares. Fino Payments Bank is a scheduled commercial bank focused to providing digital financial services to the expanding Indian market. Investors in the payments bank include Blackstone, Bharat Petroleum, IFC, and ICICI Group, among others. The IPO proceeds will be utilised to increase the bank's tier-1 capital base in order to satisfy future capital needs. The anticipated exchange listing date is November 12. Investors will have until November 1 to subscribe to the IPO. The IPO consists of a new issue of equity shares for Rs 630 crore and a promoter and existing shareholder offer for sale (OFS) of 41,972,660 equity shares.

What is Investment Portfolio ? Collection of Financial Assets owned by an Investor. Usually Consists of bonds, stocks, mutual funds, pension plans, real estate, gold etc. Unlike the popular idea, management of Investment Portfolio is not as complicated as it is perceived to be. How many Stocks in Portfolio ? There is no "perfect" portfolio size. According to many Investors and Financial Experts, 5 to 15 stocks can be an ideal range for most portfolios. Many Financial Experts also advice to keep the number between 10 to 30. It is not a General Rule and many people invest according to their Risk Appetite and Sector Preference. An Aggressive Portfolio is completely different from Defensive or Income Portfolio. Risk Factor plays the key role. This should not be considered a one time investment. Constant monitoring is required of the portfolio. Diversification Factor Diversification reduces investment risk and can increase your chances of higher return. Diversification ensures that investment stays safe if one or a few assets suddenly dip. Allocating funds for portfolio should be based on your investment goals, risk tolerance and duration of the investment. Other Points Determine the purpose and objective of the portfolio. Diversify and it is advisable not to rely too much on a single investment. Invest Regularly and Rebalance it keeping in sight the main objective of portfolio creation.

How the account becomes dormant ? If no transaction in the savings/current account for over one year, it becomes Inactive. If such account continues to remain inactive for another 12 months, it is considered as Dormant Account. Done for safety & security of account and also to avoid the risk of fraud, record keeping and periodic review of accounts. How to Reactivate Dormant Account ? Customers are required to submit an application to activate the dormant account while visiting the branch. Application should contain reason of not transacting. In case of joint account, all the account holders will have to sign application. Submission of KYC documents. Few transactions to avoid the account being Dormant Withdrawal of cash from ATM/bank branch Deposit of cash in the account Payment by cheque. Transfer of funds online through net banking, phone Banking etc. Deposit of cheque in the account. FD interest credited to the account. Online Bill Payment. SIP transactions. Some Consequences of Dormant Account Non Issuance of Cheque Book and Cheques. No transaction through internet banking or phone banking. No renewal of ATM/ debit card. No Modification in Address, Signature etc. Non Functionality of ATM Services. Few Other Points There are no charges for reactivating your dormant bank account. Banks will inform three months before the account is classified as dormant. Different Banks will have different dormant account reactivation procedures.

Minimum Rs. 250/- & Maximum Rs. 150000/- in a F.Y. + Tax free interest. Income tax rebate under sec.80C . Sukanya Samriddhi Yojana Eligibility Criteria Account can be opened only by the Natural/Legal Guardian for a Girl Child. The age of the girl child to be below 10 years at the time of opening of account. A single account can be opened for a girl child. Two SSY accounts are allowed in a family (one for each girl). Exception in case of twins. Features of Sukanya Samriddhi Yojana Minimum of Rs 250 and Maximum of Rs. 1.5 Lakhs can be invested in one financial year. The account shall mature on completion of a period of twenty-one years from the date of its opening. However, deposits towards the scheme should be made for a period of 15 years. Tax benefits Comes under EEE (Exempt, Exempt, Exempt) investment category. Principal amount, the interest earned and the maturity amount are tax-free U/s 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions. Premature Closure Premature Withdrawal is allowed once the girl is 18 and getting married. In case of unfortunate untimely demise of the girl child, the account can be closed prematurely. The account can also be closed prematurely in the case of inability to deposit the amount by the depositor and is causing financial issues to the depositor. Withdrawal Rules After the account holder attains the age of eighteen years or has passed tenth standard, on an application in Form-3, withdrawal of upto a maximum of 50% of the amount in the account, for the purpose of education of the account holder. The withdrawal can be made in one lump sum or in installments of not more than once per year for a maximum of five years. Closure of Account on Maturity The account shall mature on completion of a period of 21 years from the date of its opening. Closure of the account also permitted before completion of twenty-one years for marriage of a girl child after attaining the age of 18years. No Such closure shall be allowed before one month from the date of the intended marriage or after three months from the date of marriage.

Applications Supported by Blocked Amount (ASBA) One of the easy ways to apply for IPO online/offline with banks is through ASBA Facility. It is an application facility provided by the bank, so one should have a bank account to avail this facility. In the facility, whenever you will apply for an IPO, you can apply through your bank. If you make investments by ASBA, the funds are blocked in your account for the IPO. The amount leaves your bank-account solely in case you are allotted shares within the IPO. The funds are deducted from the investors bank account after the allotment of the shares to the extent of the allotted shares. The subscription amount for the IPO is blocked as soon as you apply and cannot be used for any other purpose while your IPO application is still in process. You cannot use the blocked amount for any purpose. However, you can continue to earn interest in the blocked amount. One can apply through ASBA via both Offline Method (By downloading and filling the form & submitting it at the Bank with requisite copies of ID proof) and Online Method (By Logging into the Netbanking account, filling the Demat & other details and confirming the order details)

Flavour of the Season for Indian Mutual Fund Industry ? What are ESG Funds ? ESG stands for Environment Social and Governance. The portfolio constitutes of stocks of companies who have a sustainable business model. If a company meets all the criteria of Environment, Social and Governance Standards, they are said to be ESG compliant. The Fund Manager will consider both Financial and ESG factors, before making them part of the portfolio. Apt for investors that are looking to invest in companies that are sustainable and conscious about the environment. Inflows to these schemes up 76% in FY21. ESG Score Score (0 - 100) to know whether a company is environmentally and socially sustainable or not. Importance India is becoming more aware and conscious about Climate Conditions. Possibility of Companies paying heavily if they do not abide by the new rules. Inclination of Millennials towards Sustainable Issues. A new Index- Nifty 100 ESG Sector Leaders launched by NSE. Gaining Popularity Companies with good ESG Scores can be expected to perform better in future with their focus on Environment and Social Issues. Good Governance and Social Responsibility not only adds to the Goodwill of the Company but also help them to avoid any altercation with the Law of the Land. Companies maintaining a balance between Climatic Issues and Development are less likely to face heat (climatic regulations) from the Government. Although currently the biggest challenge ESG is dealing with is lack of quality data.

What is Form 16 ? Form 16 certifies that the TDS (Tax Deducted at Source) has been deducted on salary by the employer. It has two parts, Form 16 Part A and Form 16 Part B. What are the Important Components ? Refunds or balance of taxes payable • TAN, PAN details of the employer • Details of tax payment • Personal details of the employee • Taxes deducted • Salary details • TDS receipt What are components of Part A of Form 16 ? • PAN and TAN of employer • PAN details of employee • Employer name and address • Tax deducted What are components of Part B of Form 16 ? • Part B is an annexure to Part A • Relief under section 89 • Detailed breakup of salary • Deductions allowed under I-T Ac Common FAQ's 1. What is Income from salary? Amount received by the taxpayer from employment is taxable as Income from Salaries and includes basic salary, wages etc. 2. From where to get Form 16? Given by employer when he deducts TDS on salary paid. 3. Where to get Form 16 of previous years? Request the employer to issue the same 4. What if misplaced the original one? Ask for a duplicate Form 16 from your employer. 5. Who are eligible for Form 16? Every salaried individual who has a taxable income and tax has been deducted at source by the employer is eligible to receive the Form 16.

EPFO is one of the World's largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members. 1. Check EPF via official website Step 1: Click the e-Passbook link on the EPFO's official website - https://www.epfindia.gov.in/site_en/index.php Step 2: Enter the Provident Fund account holder's UAN number and password. Step 3: To see your account balance, select View Passbook from the drop-down menu. 2. Check EPF Balance by missed call An employee can check the EPF balance ls by simply giving a missed call on 011-22901406 from his/her registered mobile number to the account. 3. Check EPF balance via SMS Send EPFOHO UAN ENG or EPFOHO UAN HIN to 7738299899 using the text field. The language of choice is represented by the last three digits. This text message must be sent from the registered phone number. 4. Check via Umang App EPFO subscribers can check their EPF balance using Umang App. User can view EPF Passbook, raise and track EPF claims. EPFO members needs to do one time registration after downloading the Umang App in one's mobile phone.

Let's discuss about kind of Gifts covered Monetary Gifts ( monetary gift may be received in cash, cheque, draft, etc) Gifts up to Rs 50,000 in a financial year are exempt from tax. However gifts higher than this amount, the entire gift becomes taxable. Immovable property without consideration If Stamp Duty Value exceeds Rs. 50,000 then, the stamp duty value of such property will be taxable. Immovable property for inadequate consideration If part consideration is being paid and the difference between the part payment made and the Stamp Duty Value is more than Rs. 50,000/-, such difference would be taxable. Movable Property without consideration (jewellery, shares, drawings etc.) Property other than immovable property without consideration, the aggregate Fair Market Value (FMV) of which exceeds Rs. 50,000, then FMV will be taxable. Movable Property with inadequate consideration (jewellery, shares, drawings etc. ) If part consideration is being paid and the difference between the part payment made and the FMV is more than Rs. 50,000/-, such difference would be taxable. Let's talk about Gift Tax Exemptions Sum of money or any property received from any relative Relative – spouse, brother and sister of self and spouse, brother or sister of parents or parents in law, any lineal ascendant or descendant of self or spouse, spouse of any of the relatives mentioned here. On the occasion of Marriage of the Individual Gifts received by an individual on his own marriage are fully exempted from the levy of Gift Tax. Under a will or by way of inheritance Any amount received under a will or by way of inheritance or in contemplation of death of the payer is fully exempted. Property received in contemplation of death of the donor. Property received from a local authority Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C). Trust created or established solely for the benefit of relative of the Individual Any charitable or religious trust registered under section 12A or section 12AA

Since 2011, individuals have been able to move their health insurance coverage without incurring any further costs if they are displeased with their services. It may be done by applying for porting with the new insurer 45-60 days before the previous policy's renewal date. You can transfer a family or business health insurance policy to another individual or family. When it comes to porting, many insurers do not need a medical exam or the re-filling of documents. You may, however, be required to make a statement of good health and new disclosures about pre-existing medical issues. Medical underwriting is based on a person's current health state. So, to avoid claims rejection later, be sure you're making accurate medical disclosures. The new insurer contacts your previous insurer after receiving your porting request to obtain further information about your medical and claims history. The new insurer normally informs you whether it accepts or rejects your porting request within 15 days. According to laws, it must approve your request within 15 days. What is the mechanism behind it? A new insurer must offer an amount guaranteed that is at least equal to that of the previous policy. The insured, on the other hand, has the option of requesting a higher sum assured at the time of porting. In addition, the new insurer must provide continuity benefits for pre-existing condition waiting periods. For example, if you purchased a health policy three years ago for Rs 5 lakh with a total assured of Rs 5 lakh and a four-year waiting term for a pre-existing ailment, the new policy will only have a one-year waiting period. If you choose a bigger sum promised of Rs 8 lakh under the new policy, the incremental sum assured (of Rs 3 lakh) would only come in after a four-year waiting period. While the previous policy's No-Claim Bonus (NCB) is carried over to the new policy, the premiums do not have to be the same. It is totally up to the new insurer's discretion, depending on their underwriting risk calculations. They could, for example, demand a co-pay or loading charge at the time of porting. When should you switch your insurance policy? Premiums that are less expensive Lower premiums can save you a lot of money in the long run. However, read the tiny print to be sure you're comparing apples to apples. While several health insurance policies may appear to be identical, sub-limits and exclusions can have a significant impact on cost. Product characteristics that are better If the new insurance policy's benefits appeal to you, you should switch if they contain some of the aspects that are important to your family. A hospital with zero or greater sub-limits on room rents, a large network of hospitals, or a superior restore benefit are examples of these attributes. Some insurance may additionally include coverage for a specific condition that affects a family member. Inadequate services If you've had bad service or have difficulties with transparency, like as a hidden clause, you should switch insurers. Ascertain that the new insurer has a higher claim-to-settlement ratio. a second cover Some insurers may refuse to underwrite above a certain level, such as Rs 10 lakh in total insured. Or have misgivings about doing so in specific areas or economic levels, whilst others do not.

The ABSL Nifty ETF, an open-ended exchange traded fund that will track the Nifty IT TRI, (total return index). was launched on October 20 by Aditya Birla Sun Life (ABSL) AMC Ltd. The new fund offer (NFO) would open for registration on October 20 and expire on October 28, 2021, and that the minimum application amount for this fund will be Rs 500, with subsequent amounts in multiples of Rs 100 The Nifty IT Index s calculated using the free-float market capitalization technique using a January 1, 1996 base date. This index, which includes 10 major Indian IT businesses listed on the National Stock Exchange, serves as a benchmark for the sector's performance.