Season for higher FD rates continues

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These are the top personal finance news today.

The All India Bank Employees’ Association has said it plans to set up an online ‘Bank Clinic’ for customer complaint redressal. The customer will simply have to lodge an online complaint with the bank clinic. After that clinic’s team take up the matter to settle the complaint. This will be an additional channel for the retail customers to file and get complaints resolved. This clinic will co-exist with the bank’s system as well as RBI’s ombudsman.

Bajaj Finance raises FD rates

Bajaj Finance has increased its fixed deposit (FD) rates by up to 40 basis points. After the increase, the 44-month deposit of senior citizens will fetch an interest rate of 8.60 per cent. The new rates are revised higher by 40 basis points on deposits with maturities ranging from 36 months to 60 months. Depositors below 60 years can earn up to 8.05 per cent per annum, while senior citizens can earn up to 8.30 per cent per annum. These rates are applicable on deposits of under Rs 5 cr.

 Kotak Mahindra raises FD rate by 50bps

Kotak Mahindra Bank has increased fixed deposit interest rate by 50 bps on one tenure. The revised interest rate will be applicable for deposits below Rs 2 crore from May 11. Kotak Mahindra Bank offers an interest rate between 2.75% to 7.20% to general citizens and 3.25% to 7.70% for senior citizens. The bank has increased interest rate by 50 bps on tenure of 180 days from 6.50% to 7% and 10 bps on tenure of 365 Days to 389 Days from 7% to 7.10% for regular citizens.

 EPFO issues FAQs on higher pension

This news is for all EPFO contributors. The Employees Provident Fund Organisation has come out with a list FAQs to help its members with the question of higher pension and contribution. The FAQs explain how much money needs to transferred from the provident fund to pension fund. But it does not disclose the method of calculating pension. Applicants will three months to provide written consent to EPFO to withdraw funds from PF or deposit funds separately in case of shortfall.

Adani Ent again plans fund-raise

Adani Enterprises, is considering tapping equity markets to raise cash. Adani Enterprises will hold a board meeting on May 13 to consider selling stock. The company didn’t disclose how much money it intends to raise. The Adani family had earlier raised capital by selling shares to US investment firm GQG Partners. Adani Enterprises had withdrawn an FPO back in January, this year. And now again it is attempting the same. Probably, the Adani Group is in a hurry to cut down its rising debt scenario to win back investor confidence.

Mirae Assets to give loan against MFs

Mirae Asset Financial Services provide loan against securities on the FundsIndia platform through a digital process. Investors will be able to pledge their mutual fund units of asset management companies with CAMS and KFintech – the Registrar & Transfer Agents to avail loan against mutual funds. This facility is available on FundsIndia investor platform. FundsIndia partners will also be able to offer the product to their investors digitally via the FundsIndia partner platform.

Mutual Funds curtail expense ratio

Amid growing investors’ interest in passive funds, some mutual fund houses have curtailed the expense ratio on Nifty 50 (ETFs). Some of these mutual fund schemes are ICICI Prudential Mutual Fund, Nippon India Mutual Fund, SBI Nifty 50 ETF, UTI Nifty 50 ETF to name a few. This move is expected to generate higher returns for passive investors. Over the past three years, there has been an increased investor interest around passive offerings. investing in a Nifty 50 ETF is one of the cheapest ways to gain exposure to the top 50 names in the listed universe.

RBI advisory on fraud KYC calls

On rising cases of KYC frauds, the Reserve Bank of India has advised citizens to do not respond to proposals to update KYC. The RBI has said that citizens should always refer to the official website of the bank, NBFC or e-wallet provider or contact the branch office to update KYC details. In disguise of somebody from banks, fraudsters are calling or messaging people that their banks need updated KYC details. As a result, citizens tend to share KYC details with fraudsters. Fraudsters use the details to debit money from citizens’ bank accounts. In the wake of such rising cases of KYC frauds. The RBI has given this warning to the citizens

FPIs allowed to invest in commodities ETFs

Capital markets regulator Sebi allowed FPIs to directly invest in commodity ETFs. Earlier, FPIs where only allowed to request brokers to invest in this segment on their behalf. Now, FPIs will be able to directly access brokers infrastructure to invest in commodity ETFs. This will increase liquidity and deepen the market. Will also help increase AUM of fund houses that deal in commodity ETFs.

Nokia C22 launched

Nokia launched the Nokia C22 smartphone in India from at 7,999 rupees. There are two variants of the smartphone. Base variant comes with 4 GB RAM and 64 GB internal storage. While, the higher variant will give you 6 GB RAM with same internal storage space. You can increase additional storage capacity to up to 256 GB by inserting a microSD card. Other striking features include 6.5 inch HD+display, 13 mega pixel back camera, 8 mega pixel front camera and 5,000 mAh battery.