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Airtel launches payment bank – offering 7.25% interest on Savings Account


Last updated : 24th November, 2016 Airtel has launched India’s first payment bank and is offering 7.25% p.a. interest on Saving Bank deposits. This is a pilot launch in Rajasthan and will be rolled out to other parts of the country soon. Customers across Rajasthan will now be able to open bank accounts at 10,000 Airtel retail outlets Only Aadhaar number required to open the account – No other documentation required Both airtel & non-airtel customers can open bank account with Airtel Payments bank Interest rate of 7.25% on the money depsoits in Savings Account Money transfer to any bank ... Read More »

Demonetisation- Latest rules on withdrawal and exchange of old notes


Last updated : 23rd November, 2016 Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day.  In this post, I am trying to capture the latest rules: Updated 23-Nov-2016 1) Now you can withdraw upto Rs 2000 from Big Bazaar stores –  From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 ... Read More »

GST slab rates fixed – Check the impact


Last updated : 20th November, 2016 GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax –  Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax –  mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax – Process food ... Read More »

How NRIs can exchange old Rs 500 / 1000 notes or convert / deposit them?


Last updated : 21st November, 2016   Many NRI are now stuck with the 500 / 1000 rupee notes and wondering what to do with these and how can they get it exchanged. Here are few tips:   1. Carry Cash with you if you are travelling to India : If you are travelling to India, you can take your cash with you. You can deposit or exchange these in banks before 31-Dec-2016. Make sure that you carry some form of ID (PAN etc). If you are travelling after 31-Dec-2016, you can deposit these at RBI offices till 31-Mar-2017.   ... Read More »

List of petrol pumps giving Cash


Last updated : 20th November, 2016 Government has now allowed selected petrol pumps to give cash upto Rs 2000 on swiping of your debit card. At present this facility is available to state run petrol pumps which has SBI POS Machine only.  This will be extended to other pumps within few days to other bank’s machine (ICICI, HDFC,Citibank)   Here is the list of 700 petrol pumps that are dispensing cash  –  petrol-pumps   Note that the daily limit for petrol pump is Rs 1 lakhs., which means they can only serve 50 customers in a day. In many petrol ... Read More »

What is Paytm? How to use Paytm to pay / receive money ?


Last updated : 20th November, 2016 When the whole country is struggling to exchange old currency notes & depositing cash into Bank, mobile payment wallets are coming handy. You can use these wallets to make payment for grocey, shopping , cab booking etc. Even your local kirana store man can use it for receiving payment. One of the most popular mobile wallet in India is Paytm. In this post, I am providing more details on paytm, how you can use it and get benefits now. What is Paytm? Paytm is the largest online payment platform in the country claiming to ... Read More »

Rs 500, Rs 1000 notes illegal now – What to do ? How to exchange ?


Last updated : 9th November, 2016               Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” On November 9 and in some places on November 10, ATMs will not work. Some Exceptions For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment: –Government hospitals ... Read More »

Debit Card Fraud, Data Breach – What to do?

Last updated : 26th October, 2016Have you heard of recently Debit card fraud last week that impacted more than 32 lakhs card? Are you worried about it? Do you want to ensure the security of your card? So the first step, you should do is check your bank transaction to see if there are any unexpected transactions. What actually happened? On Sep 5, some banks came across fraudulent transactions where debit cards were used in US & China while the cusotmers wewre in India. Cardholders also detected such fraud transactins. The banks complained to NPCS (National Payment Corporation of India ... Read More »

All Home buyers can get relief for delay by builders : Consumer Commission Judgement


Last updated : 7th October, 2016 National Consumer Disputes Redressal Commission (NCDRC) has issued a judment on Friday where all home buyers of a housing project will automatically be the party to a case filed against the builder irrespective of whether they have filed the case or not (under Section 12 (1) (c) of the Consumer Protection Act). The failure of the builder/ developer to deliver possession of the flat / plot sold to them and a complaint filed for the benefit of or on behalf of all such consumers and claiming same relief for all of them, would be ... Read More »

New EPF Form 11 – Employee Declaration form & Replacement for EPF Form No. 13 (PF Transfer)


Last updated : 7th October, 2016 When you change our employer, then you need to submit 2 forms – Form No. 11 (Declaration form) and Form No. 13 (for PF transfer from old EPF account to you new EPF account). However, EPFO has recently (23-Sep-2016) issued a notification which requires to submit one form only – new EPF Form 11. The new Form 11 is a one page declaration form and a simplified version of the existing Form 11. You do not need to submit Form 13. As per the notification, the Declaration Form (New Form No. 11) will replace ... Read More »

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