What is a Debenture?
user friendly Monthly Plus Recurring deposit scheme
| A Novel User-friendly Recurring Deposit Scheme, with flexibility of Step Up and Step Down options, with monthly installment. by Union Bank of India |
| SALIENT FEATURES :- |
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| Step Up option : |
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| Step Down Option : |
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| UNION BANK OF INDIA RESERVES THE RIGHT TO CHANGE / ALTER / WITHDRAW TERMS AND CONDITIONS OF THE SCHEME |
Union Bank Unfixed Deposit Scheme for NRIs
Under the present NRE deposit scheme, if an NRI needs funds, he has the following options:
Both the above options involve a cost to the depositor either in the form of interest payable on loan or loss of interest on deposit. To mitigate these difficulties, the Union Unfixed Deposit Scheme was introduced, which facilitates withdrawal in units of deposits without affecting the interest due on the subsisting (continuing) portion of the deposit. IMPORTANT FEATURES OF THE SCHEME ELIGIBILITY Non Resident Indians of Indian nationality or origin. AMOUNT OF DEPOSIT Minimum Rs. 10,000/- or more in multiples of Rs. 5,000/- Deposits under the scheme will be sub-divided into units of Rs. 5,000/- each. Every unit will be treated as a separate deposit. Details of units will be mentioned on the face of the deposit receipt. |
| PERIOD OF DEPOSIT : |
|
Minimum 12 months, Maximum 36 months with following
maturities: 12 months, 24 months & 36 months. |
| RATE OF INTEREST: |
| Interest Rates applicable on NRE Term Deposits will be paid on deposits accepted under Unfixed Deposit Scheme. |
Requirements for vehicle loan by IOB
Eligibility conditions for vehicle loan Pushpak
Permanent employment in a...
A Government Office
A public sector undertaking
A reputed private enterprise or
A self-employed professional
The loan can be applied for in the name of the firm or company
Permanent employment in a...
A Government Office
A public sector undertaking
A reputed private enterprise or
A self-employed professional
The loan can be applied for in the name of the firm or company
Non Resident Indian can also apply.
(For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian
acceptable to the Bank)
Income eligibility
In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions
The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.
Purpose
For buying a new or used car (not more than 5 years old) or new two-wheeler.
Loan amount
New car - Upto 90% of the cost of the car.
Used car - Upto 75% of the market value of the car.
New two-wheeler - 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower.
Rate of interest
Please click Retail credit interest rates
Repayment
New car - repayable in 84 equated monthly installments
Used car - Flexi repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle.
acceptable to the Bank)
Income eligibility
In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions
The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.
Purpose
For buying a new or used car (not more than 5 years old) or new two-wheeler.
Loan amount
New car - Upto 90% of the cost of the car.
Used car - Upto 75% of the market value of the car.
New two-wheeler - 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower.
Rate of interest
Please click Retail credit interest rates
Repayment
New car - repayable in 84 equated monthly installments
Used car - Flexi repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle.
New Two-wheeler - repayable in 72 equated monthly installments
Security
Hypothecation of the vehicle purchased
The Banks lien on the vehicle should be marked in the R.C. book
Vehicle should be insured for the full value with the bank clause
Processing charges
For loan upto Rs. 2 lakh, Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change).
For loan above Rs. 2 lakh, Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change).
Documents
An application form
Salary certificate, IT return or assessment order as a proof of income
Quotation/proforma invoice - for a new car/ new two-wheeler
Valuation certificate from two reputed auto dealers - for used car
Download the application.
Security
Hypothecation of the vehicle purchased
The Banks lien on the vehicle should be marked in the R.C. book
Vehicle should be insured for the full value with the bank clause
Processing charges
For loan upto Rs. 2 lakh, Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change).
For loan above Rs. 2 lakh, Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change).
Documents
An application form
Salary certificate, IT return or assessment order as a proof of income
Quotation/proforma invoice - for a new car/ new two-wheeler
Valuation certificate from two reputed auto dealers - for used car
Download the application.
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How can a NRI open an account in indian banks
Today, there a number of
Indians working abroad. Therefore, the banking services catering to the
transfer of funds, savings, earnings, investments, and repatriation of
Non-Resident Indians have grown tremendously.
Banking laws for NRIs allow for the following deposit schemes, or simply put, accounts with authorized dealers -- banks and financial institutions authorized by Reserve Bank of India to deal in foreign exchange -- to be maintained in Indian rupees and in foreign currency:
FCNR Accounts
These accounts are only for term (fixed) deposits with the maturity ranging from one year to three years.
NRE Accounts
NRE accounts are opened in Indian rupees and all foreign exchange deposits received for credit of these accounts are first converted to Indian rupees at the buying rates by the banks.
NRO Accounts
A bank account, held by a person designated as NRI, in India is designated as an Ordinary Non-resident Account (NRO Account).
Some important facts that you should know about such accounts:
Banking laws for NRIs allow for the following deposit schemes, or simply put, accounts with authorized dealers -- banks and financial institutions authorized by Reserve Bank of India to deal in foreign exchange -- to be maintained in Indian rupees and in foreign currency:
- FCNR -- Foreign Currency Non-Resident Account
- NRE -- Non-Resident External Rupee Account
- NRO -- Non-Resident Ordinary Rupee Account
FCNR Accounts
These accounts are only for term (fixed) deposits with the maturity ranging from one year to three years.
NRE Accounts
NRE accounts are opened in Indian rupees and all foreign exchange deposits received for credit of these accounts are first converted to Indian rupees at the buying rates by the banks.
NRO Accounts
A bank account, held by a person designated as NRI, in India is designated as an Ordinary Non-resident Account (NRO Account).
FCNR Accounts
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NRE Accounts
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NRO Accounts
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| Currency used: Pounds Sterling US Dollars Japanese Yen Euro Features:
| Currency used: Indian rupees (all foreign exchange deposits received need to be first converted to Indian rupees at the buying rates by the banks) Features:
| Currency used: Indian rupees Features:
|
- NRI accounts cannot be opened/ operated by a Power-of-Attorney holder in India on behalf of the NRI: However, the latter can operate the accounts for the purpose of local payments to be made on behalf of the NRI account holder. The Power-of-Attorney holder is not permitted to make gifts from these accounts and is not allowed to make remittances outside India.
- NRIs can invest in shares and securities of Indian companies, government securities, etc.
NRIs can invest in units of domestic mutual funds and deposits with
Indian companies, immovable properties in India, and proprietorship/
partnership concerns in India.
These investments can be done using a NRO or NRE account. However, an important point to remember is that if you use an NRO account, the funds sourced from any investments cannot be repatriated. This problem is solved by using a NRE account.
How to file Income Tax by GOVT of India
File Income Tax Return
Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March).
When the total income of a person from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a few years back with a view to bring a larger number of persons in the tax net. Now if any person satisfies any one of the following six conditions:
- owns a vehicle
- occupies a specified floor area of an immovable property
- incurs expenditure for himself or for any other person on foreign-travel
- subscribes to a telephone
- subscribes to a Credit Card
- is a Club member
The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the various exemptions for which the individual/entity is eligible for. In the case of an assessee earning income primarily from salary, the due date for filing the Income Tax Return is normally 31st July of the assessment year, unless extended by the Income Tax Department.
Individuals can file their Income Tax Returns by filling the requisite forms ITR 1, ITR 2, ITR 3 or ITR 4.
Income tax Return SAHAJ (ITR-1) (1.18 MB)  |
For Individuals having Income from Salary/ Pension/ family pension & Interest |
| Income Tax Return Form 2 (162 KB) |
For Individuals and HUFs not having Income from Business or Profession |
| Income Tax Return Form 3 (164 KB) |
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship |
| Income Tax Return Form 4 (275 KB) |
For individuals & HUFs having income from a proprietary business or profession |
| ITR Acknowledgment Form/Income Tax Return 5 (470 KB) |
ITR Acknowledgement Form |
Under Electronic Furnising of Return of Income Scheme, 2004, eligible assessees can file their returns of income electronically through persons authorised to act as e-return intermediaries. The intermediaries digitises the data of such returns and transmit the same electronically to the e-filing server of the Income Tax Department under the digital signatures.
Wealth TAX in brief by GOVT of INDIA
Wealth Tax
Wealth
tax is a direct tax, which is charged on the net wealth of the
assessee. It is a tax on the benefits derived from ownership of
property. The tax is to be paid year after year on the same property on
its market value, whether or not such property yields any income.
Wealth tax, in India, is levied under Wealth-tax Act, 1957. The Income tax department under the Department of Revenue in the Ministry of Finance administers the Wealth Tax Act, 1957 as well as the Wealth Tax Rules framed there under.
Under the Act, the tax is charged in respect of the wealth held during the assessment year by the following persons :-
- Individual
- Hindu Undivided Family(HUF)
- Company
Chargeability
to tax also depends upon the residential status of the assessee same
as the residential status for the purpose of the Income Tax Act.
Wealth
tax is not levied on productive assets, hence investments in shares,
debentures, UTI, mutual funds, etc are exempt from it. The assets
chargeable to wealth tax are :-
- Guest house, residential house, commercial building
- Motor car
- Jewellery, bullion, utensils of gold, silver etc
- Yachts, boats and aircrafts
- Urban land
- Cash in hand(in excess of 50,000), only for Individual & HUF
- Any of the above if held as Stock in trade.
- A house held for business or profession.
- Any property in nature of commercial complex.
- A house let out for more than 300 days in a year.
- Gold deposit bond.
- A residential house allotted by a Company to an employee, or an Officer, or a Whole Time Director ( Gross salary i.e. excluding perquisites and before Standard Deduction of such Employee, Officer, Director should be less than Rs. 5,00,000).
The Assets exempt from Wealth tax are :-
- Property held under a trust.
- Interest of the assessee in the coparcenary property of a HUF of which he is a member.
- Residential building of a former ruler.
- Assets belonging to Indian repatriates.
- One house or a part of house or a plot of land not exceeding 500sq.mts,for individual & HUF assessee.
Wealth
tax is chargeable in respect of Net wealth corresponding to Valuation
date.(Net wealth means all assets less loans taken to acquire those
assets. Valuation date means 31st March of immediately preceding the
assessment year). In other words, the value of the taxable assets on the
valuation date is clubbed together and is reduced by the amount of
debt owed by the assessee. The net wealth so arrived at is charged to
tax at the specified rates. Wealth tax is charged @ 1% of the amount
by which the net wealth exceeds Rs. 15 Lakhs.
How to get money back when your travel trip is cancelled ?
Travel
trips are expensive, especially tours and trips. Once you’ve paid your full payment, what will happen if
- You cancel or interrupt your trip because you or your family member or travel companion gets sick, injured or dies?
- You need to cancel for any reason, such as:
- Your sudden business conflict
- Your son's unexpected state playoff game
- You changed your mind
- An unexpected delay in processing your Visa or Passport.
A
cancellation or interruption of your trip may cause you to lose some or all of
your prepaid trip expenses.
Trip
Cancellation and Trip Interruption benefits can provide reimbursement of
prepaid non refundable trip costs when you cancel or interrupt a trip due to a
covered reason.
Travel insurances are packages of insurance coverages and
travel assistance services and provide comprehensive travel protection for you
and your family before and during your trip. Expected incidents can occur and
often do occur before or during your trip that would cause you financial loss.
You need to buy travel insurance to protect you against the unexpected.If you
have already paid for your trip, full or partial, and you need to cancel the
trip or return home early by interrupting the trip, travel insurance provides
trip cancellation and trip interruption coverage for the pre-paid and
non-refundable portion of your trip for a covered reason.
- Lowest EMI/1 Lakh RS 874
- Fast Granting
- No penalty for Total Repay before tenure
- Easy Take over
|
Loan Period
(in years)
|
Up to Rs 30
Lakh @ 9.95% (anum)
|
More than Rs
30 Lakh @ 10.10% (anum)
|
|
30
|
874
|
885
|
|
25
|
905
|
916
|
|
20
|
962
|
972
|
|
15
|
1,072
|
1,081
|
|
EMI
RS/Lakhs/Months
|
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