To get new offer frm your HDFC bank credit card:on online shopping

Shop any product from STAR CJ Alive with your HDFC Bank Credit Card and get Rs. 250/- off. This Offer is valid up to 31st December, 2011.

Offer details:
 

1. Use promocode0202-201112 to avail discount on online shopping on www.starcj.com
2. Use promocode201112 for TV Orders – Call: 1860 500 1860 to avail the offer
3. Offer valid up to 31st December, 2011.

Terms & Conditions of Promotion:

The offer is valid on shopping done on www.starcj.com or on star cj IVR 1860 500 1860
The offer is valid on shopping made till 31st Dec 2011
Promocode has to be used while transacting to avail the discount, incase promocode is not used Cashback will not be posted at a later date.
This offer is valid for Indian residents and citizens only.
The terms and conditions of this promotion are subject to change without any prior notice.
Delinquent and over-limit HDFC Bank Credit Card members will not qualify for this promotion.
HDFC Bank Cardholders are not bound in anyway to participate in this offer. Any participation is voluntary and the offer is being made purely on a best effort basis.
HDFC Bank reserve the right at anytime, without prior notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly or in part, the above offer by another offer, whether similar to above offer or not, or to withdraw it altogether.
Nothing herein amounts to a commitment by HDFC Bank to conduct further, similar or other offers.
HDFC Bank is neither responsible nor guarantees the quality of gifts/ products /service provided by the vendor. The quality of the service / gift is the responsibility of the vendor / service provider.
Any Government levies / taxes like Sales Tax, TDS, Road Tax, Airport Tax, any Local Tax etc. arising out of the same will be borne by the HDFC Bank Credit Card customer.
.The above offer is by way of a special offer for select HDFC Bank Credit Cardholders only and nothing contained herein shall prejudice or affect the terms and conditions of the card member agreement. The terms of the above schemes shall be in addition to and not in derogation of the terms contained in the card member agreement.
All disputes, if any, arising out of or in connection with or as a result of above offers or otherwise relating hereto shall be subject to the exclusive jurisdiction of the competent courts / tribunals in Chennai only, irrespective of whether courts / tribunals in other areas have concurrent or similar jurisdiction.
.The participants will not hold HDFC Bank responsible or liable for any deficiency or defect in the product/services availed by Credit Card customer, any actions, claims, demands, losses, damages, costs, charges and expenses which a participant may suffer, sustain or incur by way of above offer.

For smarter Health Insurance planning we have some important suggetions

Apply for the Health Insurance:


Insurance is a very vital part of the overall financial plan for any individual. Ensuring that there is the right amount of insurance is important for the achievement of several financial objectives. This calls for specific attention to several features related to insurance, which are as under:
1. Make effective use of insurance
Insurance is a route that helps you achieve several financial objectives. One of them is to provide support for your dependants in times of need. The other is the tax benefit that one gets on the premium paid on insurance. At the same time, insurance can provide money in old age when the requirement for funds is high. By making effective use of insurance you can achieve either of the objectives.




2. Additional benefit possible
There are various types of insurance present in the market. Life insurance is one common area, and there is a tax benefit possible up to Rs 1 lakh on the premium paid in a financial year under Section 80C. At the same time, there is an additional benefit under Section 80D for the payment of premium of a medical insurance. Using insurance you can not only get proper cover but also ensure a higher tax benefit.
3. Determine amount of cover for self
There is an additional tax benefit attached to insurance that is not available in several other investment areas. In case of life insurance, you can get a deduction even for premium that you have paid for your spouse or children. In case of medical insurance, there is an additional limit that is available for cover of parents who are senior citizens. Such a facility enables adequate cover for the family, thus achieving your financial objectives.
4. Understand the time period of policy
The process of insurance is not onetime but has to be continued over a period of time. This requires you to make various changes to your amount of insurance cover and the types of policies when the conditions related to you change. For example, marriage or the birth of children will require a reevaluation of the entire position on the insurance front. This includes raising the amount of insurance cover and even changing of the insurance policy mix for getting the right kind of benefits.
5. Use relevant options
There is some additional work required on your part because just selecting a particular kind of insurance will not complete your need. Within that particular area you have to select a particular policy. Different policies achieve different objectives, and hence the one that suits your needs best is the one that has to be selected. If you require just an insurance cover at the lowest cost then a term policy is right for you, while if you require a savings element linked to market performance then you will select a unit-linked policy and so on.
6. Return and its importance
One thing that most people will find is that making the payment for an insurance policy is very easy and this can be suited to your requirements. You can opt for a monthly premium payment or even a half-yearly insurance premium payment, at your convenience. At the same time, there can be a one-time payment in the form of a single premium policy. Even direct deduction of money from your salary each month or from your account is possible. This reduces the pressure on you to remember and make the payments and eases the process.

A trip to the USA with your HDFC Bank Visa Card-Overview

Planning a trip to the U.S.? Looking for an affordable stay? With your HDFC Bank Visa Card, you can avail exclusive offers on hotel bookings! Valid till 31st December, 2011. 
A trip to the USA has never been so affordable! Visa cardholders can now enjoy fantastic hotel prices in New York, Las Vegas, Los Angeles, San Francisco and many more!


Overview of various deals:


Hotel
City
Star
Price From (USD)
Deal details
Park Central Hotel New York
New York
4
USD209
Save 30% on your stay!
The Helmsley Park Lane Hotel New York
New York
4
USD251
Save 25% on your stay!
Omni Houston Hotel
Houston
4
USD125
Room Only
Hotel Derek Houston
Houston
4
USD125
Room Only
The Standard Hotel Downtown Los Angeles
Los Angeles
4
USD120
20% Savings, Stay 3 Nights
Andaz West Hollywood Los Angeles
Los Angeles
4
USD300
Welcome Credit - $150 hotel credit per stay
Parc 55 Wyndham San Francisco Union Square Hotel
San Francisco
4
USD110
Room Only
Nikko Hotel San Francisco
San Francisco
4
USD155
Room Only
Paris Las Vegas Hotel
Las Vegas
4
USD76
Save 20% on 2 nights PLUS 2-for-1s & Discounts
Booking and stay period from now till 31 December 2011
Offer valid on all Visa cards
Bookings on www.hotelclub.com/visa


Terms & Conditions of Promotion
The privileges are available to all Visa cardholders
All relevant payments must be made with Visa card to enjoy the privilege
Prices may fluctuate due to currency fluctuation and room availability
Booking and cancellation terms and conditions apply
Details of terms and conditions for booking and staying periods can be found at www.hotelclub.com/visa

Home loan-long term financial commitment:at HSBC

At HSBC, we understand that buying a home is a long-term financial commitment. Smart Home is a simple way to use your savings smartly, by letting you decide how much interest to pay. Repay your loan sooner. Smart Home offers competitive home loan interest rates and more.
Smart Home Features & Benefits:
Save up to 50% on interest payments
With every Smart Home, you get a current account. All you need to do is put your usual savings, from other accounts, into the Smart Home Account. Depending on the savings you put into the Smart Home Account, you can reduce the quantum of interest paid by up to 50%.


Here's how Smart Home works to save you money
Your home loan interest is calculated, on the principal outstanding minus the savings deposited in your Smart Home Account every month, over and above your EMI. Calculate your savings:


Tax benefits
Smart Home customers are eligible for certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961*.


* Please consult your tax advisor/C.A. for specific details.




Exclusive Smart Home banking privileges for you:
You can even use the Smart Home Account as your main bank account for depositing and withdrawing money
Along with your Smart Home, get access to an HSBC Advance* Account, with the following benefits: 


Free access to 23,500 VISA ATMs across India, with your HSBC Advance Platinum Debit Card+ 
Free cheque payable at par facility 
Dedicated service desks and counters at HSBC branches in India
Financial planning services to help you plan your financial goals


* For a Mortgage relationship where loan amount is Rs. 15 lakh or more with HSBC India.


 The usage of the card is governed by applicable terms and conditions:


All loans at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Loans available for applicant and properties in and around the city limits of Mumbai, Pune, New Delhi(NCR), Bengaluru, Chennai, Ahmedabad, Chandigarh and Jaipur and are subject to change from time to time. 


Please be advised that vide Notification No. 8/2009 - ST dated February 24, 2009, a service tax of 10% + 2% education cess + 1% secondary and higher secondary education cess thereon will be applicable on our fees and charges

After Tsunami, a Baker Finds Purpose:owner of a traditional sweets family business

Every morning, Masayuki Kimura's eyes pop open at 3 a.m., and he can't get back to sleep. It has been the same ever since the day a tsunami ripped through his hometown and upended his life. It has been the same ever since the day a tsunami ripped through his hometown and upended his life. Even if the lost all but also is good to start from scratch. Is required there is the strong force, power and courage of the region, will be the cornerstone of the new region enormously. 

Reserve Bank of India (RBI) said the country's growth rate

"Since we had 7.7 per cent in first quarter of 2011-12, we should expect that average for the remaining part of the year to be 7.5-7.6 per cent. This is partly because we have been raising interest rates," RBI Deputy Governor Subir Gokarn told reporters. The economy, he said, has been slowing down since the last (January-March) quarter of 2010-11 when it recorded a growth rate of 7.8 per cent.


In its mid-year monetary policy review last month, RBI had lowered the growth projections to 7.6 per cent for 2011-12 from 8 per cent estimated earlier. In the previous fiscal economy grew by 8.5 per cent. The RBI Deputy Governor further said that slowdown in economy was impacting the overall investment scenario in the country. Slowing investments was getting reflected in the index of industrial production (IIP), which dipped to two year low of 1.9 per cent.


In the first half of the fiscal IIP grew by 5 per cent, lower than 8.2 per cent growth in the corresponding period last fiscal. The Reserve bank has raise interest rates by 375 basis points since March, 2010 in its bid to tame inflation, which is still hovering around 10 per cent.


Inflation, Gokarn said would start moderating from December onwards and dip below 7 per cent in April, 2012. "Downward trajectory of inflation begins in December and will continue... You can infer that it will come down below 7 per cent in April," he said.


Gokarn said the overall inflation is being driven mainly by food inflation, which account for 15 per cent in the basket. Food inflation stood at 11.81 per cent for the week ended October 29. Food inflation, he said is mainly being driven by protein based items, fruits and vegetables. "Food inflation at 11 per cent is not a healthy situation. Pressure on food inflation remains. The risk of it becoming endemic remains," Gokarn added.


As per the latest data for the week ended October 29, eggs, meat and fish became costlier by 12.74 per cent, vegetables by 26.05 per cent and fruits by 11.70 per cent. Gokarn said the deceleration in demand will actually help to stabilise inflation going ahead. "...since we see that in a visibility sense now, we think it was appropriate to give the guidance that we may have reached the peak of the interest rate cycle but it remains a guidance because we are not discounting the risk that inflation could re-emerge," he added.

Europe's financial stock market:United States bond downgrades and dollar plunge

In the market's attention toward Europe's financial problems, "it soloing so here also became a topic" and has been pulling in market is the U.S. budget cutting measures bipartisan talks. Also try and be agreed deadline of 23 once again selling pressure takes $. August revives nightmare--U.S. debt limit issue United States bond downgrades, and dollar plunge.
Shares in Europe fluctuated early Friday, swinging towards either sides of the flat line, as concerns over Italy's fiscal affairs continued to worry investors.


At the time of writing, the FTSE was off 0.1% in Britain, France's CAC was flat while Germany's DAX was trading 0.1% lower.
Shares rose in Asia following a positive close for U.S. stocks overnight after Italy carried out a successful treasury auction yesterday and the yield for its 10-year bond fell below the key 7% level.
On Friday, Italy's Senate is slated to vote on a emergency-funds package passed by the European Union that demands strict austerity measures.
Former European Commissioner Mario Monti has emerged as the frontrunner to replace Prime Minister Silvio Berlusconi who will resign after the vote after losing support of his backers.
While Greece's new prime minister, Lucas Papademos, is expected to roll out cabinet changes to tackle the debt crisis.
Financials traded broadly higher in early trade with Barclays, BNP Paribas, Credit Agricole and Deutsche Bank rising between 1% and 2.2%.
Shares of International Consolidated Airlines Group jumped 4.1% after a trading update.

Moody’s said-slow growth, both in domestic and foreign economies:Govt

Brushing aside the downgrade of Indian banks by Moody’s, the Government said the rating has no significance as domestic lenders are much stronger than their global peers.


“We are not concerned. We are not affected by the downgrade. Looking at how the global banks are faring, we are much stronger and the ratings have no significance,” Financial Services Secretary D K Mittal told PTI.


He was reacting to rating agency Moody’s lowering the outlook of the Indian banking system to “negative” from “stable”. A “negative” outlook is characterised by volatility and uncertain conditions. Moody’s said that slow growth, both in domestic and foreign economies, is putting stress on banks’ asset quality, capitalization and profitability.


“I don’t see any reason for the downgrade. Our banks are fully capitalised and the government will continue to capitalise it,” Mr. Mittal added.


As regards bad loans of Indian banks, Mr. Mittal said, “Our NPAs are better compared to other global banks. Indian economy is growing at eight per cent, so the stress that Moody’s has pointed out, is more outside India than within. We are growing better and our credit growth will also be good.” Reserve Bank Deputy Governor Subir Gokarn had also said that the non-performing assets (NPAs) of banks are not posing any threat to the banking system.


However, Moody’s said, “With asset quality, given the tightening environment, we anticipate that it will deteriorate over the next 12-18 months, thereby causing an increase in provisioning needs for the banks in FY’12 and FY’13.” Following the ratings downgrade, the BSE banking index declined over 2 per cent to 11,082 points at 1444 hrs.

NRIs will be able to avail a reduced TDS rate on incomes-in India-DTAA

click here

Now, what happens when the country you are resident in has a double taxation avoidance agreement with India. 


Currently, India has DTAA with around 80 countries.We will look at DTAA provisions that India has with UK and US. Broadly, NRIs will be able to avail a reduced TDS rate on certain incomes in India. If you are availing this lower rate, you would need to submit a tax residency certificate (issued by the country of your residence) to the payer. 


Interest on bank deposits, bonds etc 


What DTAA says: Interest arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State. However, such interest may also be taxed in the Contracting State in which it arises and accordingly to the law of that State, provided that where the resident of the other Contracting State is the beneficial owner of the interest the tax so charged shall not exceed 15 per cent of the gross amount of the interest. 


What it means for NRIs: It means that if the interest is earned by an NRI out of deposits in India, the country in which he is resident has the right to tax this income. But TDS will be deducted on the same in India at the lower rate of 15 per cent (as against TDS rate of 30 per cent in absence of any DTAA). So the TDS rate on this income will be at 15 per cent. As an NRI in these countries, you would have to add this income to your taxable income in the country of your residence. But you can get a tax credit for the tax paid in India. 


Dividends 


Dividend earned on equity shares traded on a recognized stock exchange in India are tax-free in the hands of the person earning the dividend. Therefore, there will be no tax deducted at source on your dividend earnings. 


Do remember however, that dividends are taxed in the US and the UK and this income will therefore be taxed in your country of residence. 


Capital gains on securities 


-Equity shares and equity mutual funds (mutual funds with more than 50 per cent in equities) 


Long term capital gains, that is profits made on sale after 1 year from date of purchase, on equity shares and equity mutual funds are exempt from tax. There will be no TDS applicable. Short term capital gains, that is, profits on sale within one year of date of purchase, will be subject to a TDS of 15 per cent. There is no reduction in TDS rate available in the DTAA. 


-Debt mutual funds, corporate debentures 


Long term capital gains from debt mutual funds and corporate debentures (when sold in the secondary market) will be subject to TDS at 10 per cent. Short term capital gains will be subject to a TDS of 30 per cent. There is no reduction of TDS rate available in the DTAA with respect to these gains. For US and UK residents, these gains will be taxed in the country of your residence. You will however, be able to claim a credit on the tax that has been deducted at source. 


Capital gains on other assets like house property, gold 


There is no reduction of TDS rate available in the DTAA with US and the UK. Therefore, long term capital gains will be subject to a TDS of 20 per cent and short term capital gains will be subject to a TDS of 30 per cent. Again, for UK and US residents, these incomes need to be added to the total taxable income in the country of your residence. You will be eligible to claim a credit on the TDS paid in India. 


Rent 


What DTAA says: Income derived by a resident of a Contracting State from immovable property (real property), including income from agriculture or forestry, situated in the other Contracting State may be taxed in that other State. What it means for NRIs: If you are an NRI and have given a property on rent in India, the income from rent will be charged to tax only in India. Therefore, TDS would be charged at 30 per cent. If the tenant does not deduct tax at source, you must file your tax returns and pay up the right amount of taxes as per your tax slab. You would still have to disclose this income in your tax return in the US or UK and claim the credit of tax paid in India. 


Professional services 


What DTAA says on Professional Services: Income derived by a person who is an individual or firm of individuals (other than a company) who is a resident of a Contracting State from, the performance in the other Contracting State of professional services or other independent activities of a similar character shall be taxable only in the first-mentioned State except in the following circumstances when such income may also be taxed in the other 


Contracting State: 


(a) if such person has a fixed base regularly available to him in the other Contracting State for the purpose of performing his activities; in that case, only so much of the income as is attributable to that fixed base may be taxed in that other State; or 


(b) if the person's stay in the other Contracting State is for a period or periods amounting to or exceeding in the aggregate 90 days in the relevant taxable year. 


What it means for NRIs: If you are an NRI providing professional services to a company or person in India, the income will be taxed only in your country of residence. Therefore, no tax would be deducted at source on this income. However, you will have to submit a tax residency certificate from the tax authorities of the country that you are a resident of. 


Royalty 


What DTAA says on Royalty: Royalties and fees for included services arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State. However, such royalties and fees for included services may also be taxed in the Contracting State in which they arise and according to the laws of that State; but if the beneficial owner of the royalties or fees for included services is a resident of the other Contracting State, the tax so charged shall not exceed: 


(a) in the case of royalties referred to in subparagraph (a) of paragraph 3 and fees for included services as defined in this Article (other than services described in subparagraph (b) of this paragraph): 


(i) during the first five taxable years for which this Convention has effect, 


(A) 15 percent of the gross amount of the royalties or fees for included services as defined in this Article, where the payer of the royalties or fees is the Government of that Contracting State, a political subdivision or a public sector company; and 


(B) 20 percent of the gross amount of the royalties or fees for included services in all other cases; and 


(ii) during the subsequent years, 15 percent of the gross amount of royalties or fees for included services; and 


(b) in the case of royalties referred to in subparagraph (b) of paragraph 3 and fees for included services as defined in this Article that are ancillary and subsidiary to the enjoyment of the property for which payment is received under paragraph 3(b) of this Article, 10 percent of the gross amount of the royalties or fees for included services. 


What it means for the NRI: If you are an NRI receiving royalty payments for services provided in India, you will be subject to TDS as per the rates mentioned above. You will however also be taxed in your country of residence but you can claim a credit of the TDS paid in India. 

The bast loans for your luxurious homes-have a dream home

click here for details

Life has been quite complicated where it is the case of survival of the fittest. And thus man desired to make survival easier and comfortable than what it was back then. And yes, we have come a long way achieving several endeavors. However, his desire hasn't rested has he seeks for more comforts. Everyone has a dream home. Sometimes they are content with their lives and thus dreams smaller when it comes to purchasing their dream homes. Although, everyone would still prefer to have all the luxuries one can afford to have and dream about the biggest and most luxurious home(see). And one also needs to make a hard living in order to earn so much. Homes are one among the most expensive properties one can ever own. And one needs to plan its purchase. It takes several years depending upon the income he/she earns to buy such a property. In order to make such purchase flexible, there are organizations and banks in the market that provides loans and funds for the purchase. However, even they provide only a limited amount depending upon the mortgage, the credits of the person applying for the loan and his/her monthly income to repay the loan along with its interests. 


For a common man, it is highly difficult to purchase luxurious home with all the facilities. Nonetheless, it just happens to be a dream that could never be realized. Gone are those days today. You do have institutions and organizations coming up in the market to provide luxurious loans. Jumbo mortgage lenders have become quite popular these days. They provide funds in millions for purchasing such luxurious homes and many well off people who cannot afford such a luxurious home at present make use of their services to purchase such a luxurious home. The repayment of these loans is also quite flexible as jumbo mortgage loan rates are quite affordable. Thus one need not for decades to save that kind of amount to realize their dream luxurious homes immediately. Instead, they could take a heavy loan, purchase the home and repay the loan along with its interests slowly within a decade or so. 


It all comes down to circumstances and the requirements of the customers. These organizations also provide financial advises and suggestions to help you realize your dreams. There is no one in the market at present to understand your requirements better when it comes to purchasing luxurious homes and realizing your dream come true. They assess your state better than anyone and provide feasible solutions which will both suit their needs as well as your requirements much better. They provide their services in the most professional manner and they are highly experienced in providing right and feasible solutions. Thus there is no doubt in the quality of their services. All the details about these jumbo mortgage lenders are available online across several websites. Do a thorough research before availing the services to purchase your luxurious home. Since large sum of money is involved in the picture, it is very crucial for you to assess and plan well and choose the right lender.    

International Monetary Fund chief Christine Lagarde warned-the world runs the risk

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International Monetary Fund chief Christine Lagarde warned the world was at risk of plunging into 'uncertainty and financial instability' and urged Asian economies to be on their guard. Speaking at the International Finance Forum in Beijing, Lagarde said Asia was not immune to problems currently sweeping the eurozone, as she began a two-day visit to China likely to focus on the deepening debt crisis in Europe.


"If we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability," she said at the forum in Beijing. It is unclear who Lagarde will meet in the Chinese capital, but talks are expected to touch on China's possible contribution to a bailout fund -- the European Financial Stability Facility -- to help the debt-laden eurozone.


European leaders have called on China, which has the world's largest foreign exchange reserves at $3.2 trillion, to invest in the fund. The head of the fund, Klaus Regling, has travelled to Beijing for talks about a possible contribution, but China has so far made no firm commitment to provide financial assistance for the troubled eurozone.


Europe has been discussing with China and other investors how to structure a special purpose investment vehicle and is exploring the possibility of linking it to the IMF. "We are all in it together and our fortune will rise or fall together," said Lagarde, fresh from a visit to Russia where she warned Moscow against complacency given the budget crises in eurozone states. "Asia is not immune. Whether it is the trade channel or whether it is the financial sector which can operate as a crisis accelerator, Asia needs to be prepared."


Lagarde also called for a stronger Chinese currency 'in real effective terms', adding to intense international pressure for a faster appreciation in the yuan. The United States and Europe -- major buyers of Chinese products -- have accused Beijing of deliberately keeping its currency undervalued to give its exporters an unfair advantage, though Beijing has rejected the charges. A move to help developed European countries out of the current crisis would be a hard sell for leaders of a country where millions of people still live in poverty, and inflation and housing costs are straining household budgets.


China has also been burned before on risky overseas investment. It bought stakes in investment bank Morgan Stanley and asset management firm Blackstone only to see values collapse in the 2008 global financial crisis. The losses led to severe criticism of the investment choices made by the $400 billion sovereign wealth fund -- China Investment Corp (CIC) -- only a year after it was established in 2007.


At the weekend, a top official at CIC accused Europe of 'indolence'. Jin Liqun, chairman of the board of supervisors of the fund, said in an interview with Al-Jazeera that Beijing would consider investing in Europe but any decision would be based on likely investment returns.

Get an opportunity to improve your credit score

see credit score growth

If you do want to avail loans to meet some of your emergency needs, despite your poor credit profile, then of course you are bound to face certain problems. On one hand, you do want to acquire the funds at a short notice and on the other; you have to apply for the loans. The entire process does seem to be chaotic, but it does not entirely mean that you do not have any other option. Well, for a change, you can acquire the provision of payday loans no faxing no credit check.

It is with these loans, where in you do get to procure the funds, without the necessity of involving any collateral. The lenders do further sanction the funds, without looking in to the credit profile. This is why; you get to procure the funds, despite your poor credit profile.


In context of these loans, to derive the funds, the entire application process takes place online. While applying online, you just need to fill in the details pertaining to your employment, income status, age, bank account number, address, contact number and so forth.  This will take only a few minutes and once the verification is complete, the amount you are in need of is then immediately made available. Before availing the loans, it would seem perfect to undertake a detailed and proper research, so as to check the terms and conditions. By doing so, you will be in a position to locate lenders offering these loans against suitable terms.

Once you do qualify for these loans, you will get to derive funds anywhere in the range of £100-£1500. The reimbursement term is short and it does span over a period of 15-30 days. With the amount derived you will be in a position to tackle expenses on needs pertaining to medical emergency, car repair, maintenance of home and so forth. 

On further successfully repaying the availed amount, within the stipulated time period, you will then get an opportunity to improve your credit score.

All banks are open branches in different locations with more population of 5,000

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The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September 2012. RBI has identified 296 districts, which are under-banked, spread across 18 states and union territories.


“Such branches could initially have lesser staff, say 2 persons, with ATM facilities,” Finance Ministry said in its recent guideline on financial inclusion. The staff strength could be increased as the business grows, it said.


The new bank branch opened would also provide banking services in the adjoining areas. “While planning for branch expansion, it may be seen that in the unbanked areas the branches are available within a radial distance of 5 km,” it said.


As per the branch authorisation policy of RBI, prior approval of the central bank is not required to open branches in Tier-III to Tier-VI areas. In fact, opening bank branches in the under banked districts of the under banked states would entitle the banks to seek branches in Tier-I towns under their annual branch authorization plan.


Such a branch would be assigned a service area by the State Level Bankers Committee covering one or more Gram Panchayats, it said. In other districts, it said, the banks must try to open as many brick and mortar branches, in their service areas, in habitations having population of 10,000 and above by September 2012.


It is to be noted that only about 5 per cent of the nearly six lakh villages in the country have bank branches.


With the Financial Inclusion Plan under implementation, around 73,000 villages, having population of 2000 and above, would be provided facilities for banking services by March 2012.


As of June 2011, banks have opened banking outlets in 1.07 lakh villages up from just 54,258 as on March 2010. Out of these, 22,870 villages have been covered through brick and mortar branches, 84,274 through business correspondents outlets and 460 through other modes like mobile vans, etc.

The seven companies witnessed whopping drop of Rs 28,960 crore- market capitalisation

Seven of the top 10 Indian companies have lost more than Rs 28,000 crore in their market capitalisation in just a week's time, and Coal India was the hardest hit with a loss of over Rs 7,000 crore.


The seven companies witnessed whopping drop of Rs 28,960 crore in their combined valuations amid a weak market which saw the 30-scrip benchmark Sensex losing 1.36 per cent.


"It is a highly volatile market because of eurozone crises. Stocks are reacting to their September quarter numbers and on any negative cue stocks are getting hammered, which in turn is impacting their market capitalisation," Ashika Stock Brokers Research Head Paras Bothra said.


But three companies -- Bharti Airtel, NTPC and SBI -- defied the broader market trend and witnessed improvement in their market capitalisation totalling to Rs 7,324 crore.


Commenting on these three stocks, Bothra said Bharti Airtel and NTPC surged after their September quarter results beat street expectations. While, SBI which has been beaten down quite sharply in the recent past saw buying activity at lower levels. Besides, the stock is also on an uptrend ahead of its results, Bothra said.


There was no change in the rankings of the top 10 listed companies, market leader RIL retained the top slot, while state-owned ONGC was the second most valued company, followed by country's largest software services exporter TCS.


State-owned Coal India was the fourth most valued company, followed by ITC, Infosys, Bharti, NTPC, SBI and HDFC Bank.


State-owned Coal India, which is facing drop in output, saw its market valuation falling from Rs 2,13,524 crore as on October 28, to Rs 2,06,134 crore as on Friday.


RIL was the second worst hit in terms of market valuation as it lost Rs 6,024 crore and its m-cap as on November 4 stood at Rs 2,88,001 crore.


During last week, ONGC's m-cap eroded by Rs 5,946 crore to Rs 2,37,543 crore, TCS' market valuation slipped by Rs 4,022 crore to Rs 2,15,118 crore, ITC m-cap fell Rs 3,731 crore to Rs 1,63,505 crore, Infosys fell by Rs 1,754 crore to Rs 1,62,447 crore and HDFC Bank's m-cap tanked by Rs 93 crore to Rs 1,12,594 crore.

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How to avoid the consequences of a default student loans, education loan

Bank offering savings and checking products, non-recourse loans for self-directed retirement plans, specialized loans for commercial and residential properties, and student loans for education. If you are taking loans to meet your expenses for education, you must comply with all the terms and conditions laid by your loan provider. If you fail to repay your loan within the delinquency period provided by your loan lender, you are bound to get categorized as a defaulter. The consequences of a defaulted student loan are extremely harsh. The more you get entangled, the tougher it will be to come out. Therefore, you should start hunting for the right initiative from the very day you are informed about your defaulted status.


The very first step is to contact your loan lender. Call him immediately and fix a date so that you can sit for a discussion with him. For obvious reasons, you will be asked to state valid reasons for your incapability to repay your loan in time. Make sure you state correct reasons and convince him or otherwise you might be asked further questions out of suspicion. As a result, you might be denied assistance. Remember, your lender can only arrange you a flexible repayment scheme and this can only help you make the repayment in the shortest possible time period. The sooner you release yourself from the chains of defaulted student loan, the safer you are for the rest of your life. 


Sometimes you are compelled to take multiple loans at a time. The problem arises during the time of repayment. You are required to keep in mind all the due dates along with the interest rates of each and every loan you need. Well, you don't need to take pains once you apply for defaulted student loan consolidation. With this option, you will be able to merge all loans and make a single payment. Moreover, the interest rates will be lowered and the time period to make the repayment also stretches. 


Defaulters can even join a loan rehabilitation program. Here the applicant having defaulted student loan will have to make a series of nine consecutive payments to the US Department of Education. Once the payments are made successfully, his/her credit score will improve and he will regain all the loan facilities enjoyed by a student. 


As far as the debt collection laws are concerned, any member from a debt collection company is not allowed to harass any student to obtain a collection agency student loan. If you are one of them who have faced ill treatments from debt collection agents, you can always forward complains to your respective departments. When it comes to obtaining a collection agency student loan, it should be done with patience. 

Takeover Code make a flurry of open offers from companies

Weeks before the new Takeover Code came into effect, there was a flurry of open offers from companies to buy back their shares. The new Takeover Code is more shareholder-friendly because it has increased the trigger for compulsory open offers and raised the minimum offer size. The minimum size is about 26% now, compared with 20% under the previous Code. Hence, many companies rushed to file their open offer documents under the old Takeover Code norms so that they could restrict their open offer size to 20%. 


Let's simplify this further. If you acquire a stake of 25% or more in a listed company, you are required to give an open offer to the remaining shareholders. This open offer means you are ready to buy 26% more shares of the company at the same price at which you acquired the original 25% stake. The open offer price is generally at a premium to the market price of the shares. This provides an opportunity to the remaining shareholders, especially external and minority shareholders, to tender their shares at the same acquisition price. 


Speculative buying: Open offers often trigger speculative buying and cause the share prices to shoot up temporarily. However, such offers can be tricky if you enter at the wrong time. If a company receives more shares than it plans to buy, it rejects the excess applications. If you have bought the shares, hoping to sell them to the company at a higher price, you may end up with losses after the offer closes and the share price recedes. So, before you decide to participate in the open offer, keep the following points in mind: 
Acceptance ratio: Its tells you how likely it is for your shares to be accepted by the company. This ratio is calculated as the percentage stake in the open offer divided by the percentage stake held by external shareholders. For instance, if the percentage stake in the open offer is 26% and the percentage stake held by external shareholders is 52%, then the acceptance ratio is 0.5. This means the company will accept one share for every two shares held by external shareholders. The higher the acceptance ratio, the more the chances of the shares being accepted in the open offer. 


Tax implications: If you sell your shares back to the company, the transaction will not be routed through a stock exchange and, hence, no securities transaction tax will be paid on it. So, the investor will not be eligible for the exemption available to equity investors who buy shares through a stock exchange. The transaction will be treated as a private deal between two entities and any short-term capital gain will be added to the income of the investor, while the longterm capital gain will be taxed at a flat rate of 10% or 20% after indexation. The investor can opt for any one of these methods. 


An open offer provides the existing shareholders an opportunity to exit at a premium to the market price. Non-shareholders can also gain by engaging in arbitrage buying of shares in the secondary market and tendering them in the open offer at a higher price. However, one must remember that this is a technical subject and any investment by retail investors should be done under the guidance of financial advisers. However, if played right, it can be a good chance for shareholders to make a neat profit in the season of open offers. 

IndusInd Bank:increase the pricing on savings account deposits by up to 200 basis points.

The mid-size private sector lender IndusInd Bank became the third bank to increase the pricing on savings account deposits by up to 200 basis points.
“The savings accounts balance up to Rs. 1 lakh will get 5.5 per cent per annum, while those above Rs. 1 lakh will attract 6 per cent. The new rates will be effective tomorrow,” the city-based bank said in a statement here this afternoon.
The Hinduja Group-promoted bank has also revised its base rate and BPLR upwards by 25 basis points to 10.75 per cent and 20.75 per cent respectively effective today in line with the increase in repo rates by the Reserve Bank.
While ‘Yes Bank’ was the first to hike pricing on savings deposits uniformly by 200 basis points irrespective of the size of the balance, on the very same day, when the Reserve Bank freed it, Kotak Mahindra Bank followed suit yesterday with a dual pricing in the similar manner as IndusInd has effected from today.
Began in 1994, IndusInd Bank has 350 branches and 666 ATMs spread across 247 locations, besides one representative office in London and Dubai.
Savings bank rate was the last of the regulated rates in the domestic banking industry. It was raised by 50 bps in May to four per cent after being unchanged for 8 long years.
Against this, term deposit rates are as high as 8-10 per cent.
While the RBI, for long, has been keen on freeing it, the industry body IBA was opposing it saying any such move would push up the costs of banking services like ATMs charges, money transfers and cheque books to protect margins.
The second largest private lender HDFC Bank head Aditya Puri was categorical in stating that “whether banks increased the SB rates or not, the cost of banking services would definitely go up following the RBI move“.
The RBI move is not good news for larger banks with high savings account balances like SBI, HDFC Bank, ICICI Bank, PNB and Axis Bank or any other state-run banks, Deutsch Bank said in a note.