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Now, buy NSC, MIS from banksIncreased outlets for small savings schemes would result in higher mobilisation

Now, buy NSC, MIS from banks

Govt permits public banks, 3 private lenders to accept small savings deposits21 Oct 2017 | 12:14 AM

NEW DELHI: To encourage savings, the government has allowed banks, including top three private sector lenders — ICICI Bank, HDFC Bank and Axis Bank, to accept deposits under various small savings schemes such as National Savings Certificate (NSC), recurring deposits and monthly income scheme (MIS).

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New Delhi, October 20

To encourage savings, the government has allowed banks, including top three private sector lenders — ICICI Bank, HDFC Bank and Axis Bank, to accept deposits under various small savings schemes such as National Savings Certificate (NSC), recurring deposits and monthly income scheme (MIS).

Until now, most of the small savings schemes were sold through post offices.

According to a recent government notification, banks can also sell National Savings Time Deposit Scheme 1981, National Savings (Monthly Income Account) Scheme 1987, National Savings Recurring Deposit Scheme 1981 and NSC VIII issue. As per the notification, all public sector banks, ICICI Bank, HDFC Bank and Axis Bank to receive subscription from the expanded portfolios.

So far, these banks were allowed to receive subscription under Public Provident Fund, Kisan Vikas Patra-2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004.

Increased outlets for selling small savings schemes would result in higher mobilisation.

Last month, the government kept unchanged interest rates on small savings schemes for the October-December quarter. Since April last year, interest rates on all small saving schemes have been recalibrated on a quarterly basis.

Investments in the public provident fund (PPF) scheme will fetch annual rate of 7.8 per cent while Kisan Vikas Patra investments will yield 7.5 per cent and mature in 115 months.

The one for girl child savings, Sukanya Samriddhi Account Scheme, will offer 8.3 per cent annually. Similarly, the investment on the five-year Senior Citizens Savings Scheme will yield 8.3 per cent. The interest rate on the senior citizens scheme is paid quarterly.

On the basis of the government decision, interest rates for small savings schemes are to be notified on a quarterly basis since April 1, 2016, the ministry said while notifying the rates for the third quarter of the financial year 2017- 18. — PTI

Air India looks to mobilise Rs 1,500-cr short-term loans

Air India looks to mobilise Rs 1,500-cr short-term loans

21 Oct 2017 | 12:14 AM

NEW DELHI: Disinvestment-bound Air India has sought proposals for short-term loans worth Rs 1,500 crore to meet “urgent” working capital needs, according to a document.

Dutch workers oppose Tata-Thyssenkrupp merger

21 Oct 2017 | 3:37 PM

LONDON: Workers at Tata Steel's Netherlands unit have voiced their concern over a memorandum of understanding (MoU) signed between the Indian steel major and the German giant Thyssenkrupp to combine their European steel-making operations into a joint venture.

Apple, Foxconn to meet as iPhone X faces production issues: Report

Apple, Foxconn to meet as iPhone X faces production issues: Report

21 Oct 2017 | 6:17 PM

SAN FRANCISCO: Apple Chief Operating Officer (COO) Jeff Williams is scheduled to meet Foxconn Chairman Terry Gou during his visit to Taiwan later this month to discuss issues affecting the production of the “super premium” iPhone X, reports said on Saturday.

36.8 lakh businesses file GSTR-3B for Sept

21 Oct 2017 | 12:14 AM

NEW DELHI:Nearly 37 lakh GST returns for September have been filed till the evening and 75,000 sales data is being uploaded on the GSTN portal on an hourly basis, its Chairman Ajay Bhushan Pandey said today.

I-T unions warn of strike against software rollout

21 Oct 2017 | 12:14 AM

MUMBAI: Employees and officers unions of the Income Tax Department have warned of a nationwide stir against the implementation of the new advance software— IT Biz Application (ITBA) —from October 1, and asked the department to delay the same by at least three months.

Hero MotoCorp sells 3L units on Dhanteras

21 Oct 2017 | 12:14 AM

NEW DELHI: The country’s largest two-wheeler maker Hero MotoCorp today said it had sold a record over 3 lakh units in a single day on Dhanteras -- October 17.

Ministry notifies rules for registered valuers

21 Oct 2017 | 12:14 AM

NEW DELHI: The Ministry of Corporate Affairs has notified the commencement of Section 247 of the Companies Act, 2013, (valuation by registered valuers) with effect from October 18.

2,300 bank branches open Aadhaar centres

21 Oct 2017 | 12:14 AM

New Delhi: Only 2,300 branches of private and public sector banks have opened Aadhaar enrolment and updation centres on their premises as against the targeted 15,300 branches by this month end, an official source said on Friday.

Oil imports on high

Oil imports on high

21 Oct 2017 | 12:14 AM

During the first nine months of the year the country's oil imports rose 1.8 per cent to about 4.4 million bpd, with most supplies coming from the Middle East, followed by Africa and Latin America.

Air India looks for Rs 1,500 crore short-term loans

Air India looks for Rs 1,500 crore short-term loans

20 Oct 2017 | 7:47 PM

NEW DELHI: Disinvestment-bound Air India has sought proposals for short-term loans worth Rs 1,500 crore to meet “urgent” working capital needs, according to a document.

Monitory panel minutes suggest RBI to tread cautious path: Report

Monitory panel minutes suggest RBI to tread cautious path: Report

20 Oct 2017 | 6:04 PM

NEW DELHI: The minutes of the recent Monetary Policy Committee (MPC) meeting suggest that the Reserve Bank is likely to tread a cautious path and there is little chance of a rate cut in the near term as inflation is expected to inch upwards, says a report.

Hero MotoCorp sells over 3 lakh units on Dhanteras

20 Oct 2017 | 1:21 PM

NEW DELHI: Country’s largest two-wheeler maker Hero MotoCorp on Friday said it had sold a record over 3 lakh units in a single day on Dhanteras-October 17. The company claimed it is the first entity to have achieved such a sales milestone globally.

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