Savers turn investors as bank deposits fall to 42% in 2024 from 53% in 2020: Uday Kotak

Savers turn investors as bank deposits fall to 42% in 2024 from 53% in 2020: Uday Kotak

Savers have turned investors in 2024 as their exposure to bank deposits has fallen to 42% from 53% in 2020, Kotak Mahindra Bank Founder & Director Uday Kotak tweeted. Calling it a rebalancing of household financial assets, Kotak advised investors to change their mindset as the future called for a holistic approach to financial services. … Read more

Suryoday Small Finance Bank’s 20+ year fixed deposit scheme: What we know so far

Suryoday Small Finance Bank’s 20+ year fixed deposit scheme: What we know so far

Earlier this week, Union Finance Minister Nirmala Sitharaman encouraged financial institutions to develop innovative deposit products to enhance customer attraction. In the latest RBI Bulletin, released on Monday, Governor Shaktikanta Das also highlighted that the share of bank deposits has declined with households allocating savings to mutual funds and pension funds. “It is observed that … Read more

What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more

Credit-deposit ratio: A key metric for India’s bankers is sending out a red signal

Credit-deposit ratio: A key metric for India’s bankers is sending out a red signal

Banks have been facing hurdles in deposit growth as they are not keeping pace with their lending activities.  During the fortnight ending March 22, 2024, deposits saw a 13.5% increase, reaching Rs 204.8 lakh crore compared to previous year. However, lending during the same period surged by 20.2%, reaching Rs 164.3 lakh crore, as per … Read more