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Commercial Versus Residential Mortgages: What Are the Differences?

1Mar By AnkitaNo Comments

Market

Commercial Versus Residential Mortgages: What Are the Differences?

Owning your own business is a long-standing dream for many, but once you’ve accomplished it, the hard work doesn’t stop. Chances are you’ll want to see your venture grow, and the bigger it becomes, the more there is for you to consider. It may get to a point where you’re looking at purchasing rather than renting suitable business premises. It’s a big step to take, and one you should educate yourself on before going ahead. So what do you need to know? One of the biggest mistakes business owners make pre-purchase is assuming that commercial property mortgages function in much the same way as their residential counterparts. Unfortunately, this is not the case, and it’s something you ought to be aware of. Here are just a few of the ways the two differ. Lending criteria When yo...

20Sep By Gauri SinghNo Comments

INDIA

Indian Government Hikes the Interest Rate of Small Savings Schemes

The Indian government has come up with new hikes in the interest rate on small savings schemes including public provident fund or PPF and also on Kisan Vikas Patra or KVP. The interest rate of PPF has been altered to 8% interest rate for the October to December quarter, up from 7.6% in the current quarter. On the other hand, for the KVP, the interest rate has been taken to 7.7% from 7.3% in the current quarter. This means that KVP will now mature or double in 118 months as compared to 112 months earlier. The announcement regarding the change in these interest rates was made by the finance ministry today. The interest rate on small savings schemes, which are benchmarked to yields on government bonds, are revised on a quarterly basis. With the 10-year benchmark yield now above 8%, many...

No Change In Interest Rate Of Small Saving Schemes

2Jul By Gauri SinghNo Comments

Market

No Change In Interest Rate Of Small Saving Schemes

A large proportion of India’s population participates in the several government saving schemes. In this regard, a very important source of savings for the households in the country is made through the small saving schemes (SSSs) that include public provident fund, post office deposits, senior citizens savings scheme, time deposits and much more. The basic objective of the government through these schemes is to support the social security as well as help in resource mobilization for the government. Talking about the interest rate of these schemes, the rate of interest is slightly high as compared to that of other financial schemes. The interest rates were expected to be hiked but to the disappointment of the fixed income group and the savers, the government has not come up with any chang...

SBI Increases Interest rates on Fixed Deposits

29Mar By Lavina TolaniNo Comments

Market

SBI Increases Interest rates on Fixed Deposits

The largest public lending organisation in the country ,State Bank of India (SBI) has brought in a bundle of good news for investors as it has hiked interest rates on fixed deposits with different maturity tenures starting from 2 to 10 years. The new interest rate bracket for SBI fixed deposits ranges between 6.6 and 6.75 percent.For fixed deposits under Rs. 1 crore subjected for two-three years tenure, the new rate has been changed to 6.60% from earlier 6.50%.On similar lines, term deposits ranging between 3 to 5 years can now be availed at 6.70% interest than existing 6.50% People who are looking for long term investment i.e for 5 to 10 years, will now be able to avail interest rates of 6.75% from 6.50%.However,no change has been made for fixed deposits ranging from 7 days to 2 yea...

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

23May By AdityaNo Comments

News

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

New Delhi, May 23- Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement. Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years. Paytm is the third entity in the country to launch a payments bank after Airtel and India Post. "RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets," Paytm Payments Bank...

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

9Jun By AnkitaNo Comments

Entrepreneurs Talk

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

Financial technologies player Paytm Bank today ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead, it will focus on increasing revenue-accretive transactions. "Obviously, we do not want our customers to lose money if they are keeping their money with us, but at the same time we dont want to fight a war on interest rates," Shinjini Kumar, CEO of the Paytm payments bank venture, told reporters. Kumar, who just joined the bank from consultancy major Pricewaterhouse Coopers, explained that it is "counter intuitive" for a payments bank to offer higher interest rates as it has restrictions on how it uses the deposits. "It is very counter-intuitive for a payments bank to offer higher rate of interest on savings because they w...