Here are the top personal finance news of the day:
If you are annoyed with cab drivers cancelling your ride, then, very soon, you can get rid of this headache. Ola has launched a new service known as “Prime Plus”. Under this new initiative, Ola has disabled the cancellation feature for cab drivers. So, no driver will be able to cancel your ride. Plus, Ola’s CEO, Bhavish Aggarwal said customers will get cabs driven by best performing drivers. And only top cars will come on booking cabs under the Prime Plus feature. Currently, Ola has started this service for only select customers in Bengaluru. Ola will soon be extending this service to other cities as well.
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WhatsApp to allow users to share screen during video calls
WhatsApp users will soon be able to share screen during video calls. The micro blogging platform will be rolling out this feature to its users worldwide. This will give better calling experience to users. Recently, users were able to avail off two other services. Users could lock their personal chats. Plus, they could also edit sent messages. These two features are being made available in phase wise globally.
Falling container prices to jack up profit margin of Cos
The prices of containers have fallen by 40 percent annually. After the COVID-19 pandemic, there was a significant surge in container prices. The decline in container prices could also lead to a reduction in freight rates, according to media reports. This will benefit Indian companies. Companies associated with the shipping industry will experience an increase in profit margins. Companies which import raw materials stand a chance to benefit. Profit margin of companies in sectors such as FMCG, OMCs, chemical, etc can increase. This may also reflect on stock prices.
FIIs inflow at 6-months high in May, 2023
FPIs inflows have risen to 6-months high of over 37,000 crore rupees in May, 2023. FPIs have been net buyers of India ‘s equity markets so far in current financial year. According to experts, FIIs are pouring lot of money in India’s equity market because because of strong macroeconomic fundamentals and reasonable valuation of stocks. According to experts, FPIs have heavily bought financial stocks. FPIs have also invested in sectors, such as automobiles, capital goods, healthcare, oil and gas, and telecom.
Consumer loans may become cheaper in Q4 CY23
Home loans, auto loans and various types of other consumer loans might become cheaper in fourth quarter of the current calendar year. Global forecasting firm Oxford Economics has said RBI might cut key benchmark policy rate in the December quarter. Following which banks might cut lending rates. This means EMIs consumers are paying on consumer loans will also reduce. Currently, the repo rate is 6.50%. Any cut in repo rate might translate into cut in lending rates and hence the EMIs. Currently, banks are giving home loan at around the rate of 10% interest rate.
Special FD schemes of two banks fast approaching
Deadline of special fixed deposit schemes of two of the public sector banks is fast approaching. One is State Bank of India’s 400 days Amrit Kalash fixed deposit scheme. And the second is Indian Bank’s IND SUPER 400 DAYS special fd scheme. General citizens of SBI can get 7.10% rate of interest under the 400 days Amrit Kalash scheme. While, senior citizens will get 7.60% interest. While, under Indian Bank’s IND SUPER 400 DAYS special fd scheme. General citizens can get 7.25% interest. While, senior citizens will get 7.75% rate of interest. The deadline for both these schemes is June 30, 2023.
Deadline for imperative customer services coming in June’23
Well, not only fixed deposits, the deadline for linking you PAN with Aadhaar falls in June as well. The last date is June 30, 2023. While, the deadline for free update of Aadhaar details is June 14, 2023. UIDAI will start levying fees if citizens make any update on their Aadhaar after June 14. Plus, the deadline for renewal of bank locker agreements for some customers fall in June as well. RBI has directed banks to finish renewable of bank locker agreement for 50% of customers by June 30, 2023. While, the deadline for renewable of agreements for all the account holders of all the banks in the country is December 31, 2023.
Get 7.75% with HDFC Bank Special Edition FDs
Talking about FDs, country’s largest private sector lender, HDFC Bank has also launched Special Edition Fixed Deposits. General citizens can get 7.20% for 35 months FD and 7.25% interest on 55 months FD. While, senior citizens will get 0.50% higher on applicable rates. The special FD scheme is valid for limited period only.
Nissan, MG Motor drive in new editions of flagship SUVs
Nissan has driven in Magnite Geza Special Edition at 7.39 lakh rupees. Citizens can book the SUV at 11,000 rupees. The special edition is BSVI phase -II compliant. It is equipped with all devices which the government has made mandatory to be fitted in vehicles manufactured after April 1, 2023. Nissan has claimed that the SUV has lowest maintenance cost of 35 paise per kilometre for first 50,000 kilo metres. Customers will also get up to 5 years of warranty or for 1 lakh kilometres. On the other hand, MG Motors has driven a new edition of premium SUV, Gloster at 40.29 lakh rupees.
Falling container prices to jack up profit margin of Cos
The prices of containers have fallen by 40 percent annually. After the COVID-19 pandemic, there was a significant surge in container prices. The decline in container prices could also lead to a reduction in freight rates, according to media reports. This will benefit Indian companies. Companies associated with the shipping industry will experience an increase in profit margins. Companies which import raw materials stand a chance to benefit. Profit margin of companies in sectors such as FMCG, OMCs, chemical, etc can increase. This may also reflect on stock prices.
Techno launches new Camon 20 smartphone series
Chinese smartphone manufacturer Techno has launched the new Camon 20 smartphone series in India starting at a price of 14,999 rupees. There are three variants of this smartphone. The lowest variant comes with 64 mega pixel triple camera setup, and a 32 megael selfie camera. Other variants have different camera specifications. All the variants sport 6.67 inch AMOLED screen and 5,000 mAh battery. Smartphones will be available in three different shades.
