Current Repo Rate & Reverse Repo RateCurrent repo rate is at 6.50%Current reverse repo rate is at 3.35%Latest Update: 9th October 2024 – The RBI has kept the Repo rate unchanged at 6.50% for the tenth time.Reserve Bank of India Lends money to Commercial Banks at Repo rate, i.e. Reserve Bank of India (RBI) to maintain liquidity, in case of shortage of funds or due to some statutory measures. It is one of the main tools of RBI to keep inflation under control.Click here to read about: Cash Reserve Ratio (CRR) & Statutory Liquidity Ratio (SLR)What is BPS or Basis Point?Basis points, also referred to as “bps” are a unit of measurement used in finance to express the rate of change in an index or other benchmark or the percentage change in the value of financial instruments. In decimal notation, one basis point is equal to 0.0001 or 0.01% (1/100th of a percent).How Does Repo Rate Work?When you borrow money from the bank, the transaction attracts interest on the principal amount. This is referred to as the cost of credit.

Ujjivan Small Finance Bank offers FD interest rates of up to 8.25% p.a. to the general public and up to 8.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. For tax-saving fixed deposits, the interest rate offered is 7.20% p.a. for the general public and up to 7.70% p.a.

The National Payments Corporation of India (NPCI) developed the Unified Payment Interface (UPI). UPI allows real-time transfers between personnel accounts, banks and merchant accounts through mobile devices. It also facilitates instant bank-to-bank payments, making online payments convenient and easy. It is the most preferred payment system in India.What is a Prepaid Payment Instrument (PPI) in UPI?The Prepaid Payment Instrument (PPI) in UPI means digital wallets that allow a person to store money and make real-time payments online. Wallets, smart cards, preloaded gift cards, vouchers and magnetised chips also come under PPIs.Payments through PPI are made when a transaction is done via a wallet, like a PhonePe wallet, by scanning a UPI QR code. A few more examples of wallets are the Paytm wallet, SODEXO vouchers, Amazon Pay, Freecharge wallet, etc. UPI transfer limit per dayThe UPI transaction limit per day is Rs.1 lakh as per NPCI. However, the limit is Rs.2 lakh for transactions related to capital markets, insurance, collections and foreign inward remittances.The UPI limit is Rs.5 lakh for the following transactions:Tax paymentsPayments to educational institutions and hospitalsPayments to IPORBI retail direct schemes payment  The maximum UPI daily transfer limit can change from bank to bank between Rs.25,000 to Rs.1 lakh.

In India, there is a growing demand for investing in the stock market. The stock market is an inclusive place where people of all ages can invest to grow their wealth. However, when it comes to government employees, the main question that arises is: “Can a government employee invest in the stock market?”The answer is yes, an Indian government employee can invest in stocks, but they cannot take part in trading. There are also other rules that they need to be aware of. Continue reading this blog and gain detailed insights about government employee’s investment and trading. Can a Government Employee Do Trading?According to Section 16 of the Central Civil Services, a government employee is restricted from trading in the stock market.

In comparison with other consumer loans, a home loan is a big loan, and even a slight difference in the interest rate can lead to a significant difference in the total interest cost of the loan borrower. Hence, prospective borrowers should compare the interest rates offered by as many lenders as possible before applying for a home loan. However, final interest rates offered to home loan applicants would depend on their credit score, loan amount, occupation profile, employer’s profile, etc. Currently, Union Bank of India and Bank of Maharashtra offer the lowest home loan interest rates, starting from 8.35% p.a. Keep reading to know the home loan interest rates offered by lenders in India in 2024. Top 10 Banks Offering Lowest Home Loan Interest Rates in 2024 Here are the top 10 banks offering cheapest home loan interest rates in India. The table is in ascending order:Name of the Bank Interest Rate Per Annum*Union Bank of India8.35% - 12.65%Bank of Maharashtra 8.35% - 10.90%Bank of Baroda8.40% - 11.60%State Bank of India 8.50% - 9.85%Canara Bank8.50% - 11.95%Karnataka Bank 8.75% - 11.45%HDFC Bank 8.75% - 9.95%ICICI Bank8.90% - 12.05%Punjab National Bank9.40% - 12.10%Tamilnad Mercantile Bank9.45% - 9.95%*Interest rates are valid as of 31 July 2024.Types of Home Loan Interest RatesThere are three types of home loan interest rates in India.

Finance Minister Nirmala Sitharaman unveiled a series of reductions in customs duties as part of Budget 2024 and also announced which items are going to be costlier in financial year 2024-25.Among the notable changes, customs duties on essential items such as cancer medicines and mobile phones have been substantially lowered, promising to bring down their retail prices and make them more accessible to the general public. This measure is expected to provide much-needed relief to patients requiring expensive cancer treatments and to consumers looking to purchase mobile devices and accessories. Furthermore, the reduction in import duties extends to other key items, including gold, silver, and leather goods. These changes are anticipated to invigorate retail demand, particularly in the bullion market, while also addressing issues such as smuggling. Here we are providing detailed information about what gets cheaper and what gets costlier after Union Budget 2024.Items Getting Cheaper:Cancer medicines: Major reduction in customs duty, with 3 more cancer treatment drugs exempt from customs duty.Mobile phones, chargers, and other mobile parts: Basic customs duty reduced.Imported gold and silver: Import duties slashed to 6%.Platinum: Customs duty reduced to 6.4%Leather goods and seafood: Prices reduced due to lower customs duties.Ferro nickel and blister copper: Basic customs duties removedCapital goods for solar panel manufacturing: Expanded list of exemptions25 critical minerals: Customs duties fully removedShrimp and fish feed: Customs duty reduced to 5%Items Getting Costlier:Ammonium nitrate: Customs duty increased by 10%Non-biodegradable plastics: Customs duty increased by 25%Telecom products: Basic customs duty on certain equipment raised from 10% to 15%Plastic products: Customs duty increasedIndustry Impact:Gold and silver: Reduction in import duties expected to boost retail demand and help curtail smuggling.Global gold prices: Higher demand from India could support global prices but may increase India's trade deficit and affect the rupee.List of Items That Will Cheaper and Costlier After Budget 2024Here is the full list of items that will get cheaper and costlier in FY 2024-25:What’s CostlierWhat’s CheaperCancer MedicineAmmonium nitrateTelecom productsNon-biodegradable plasticsImported Gold and SilverMobile Phone and Mobile PartsPlatinumPlastic productsLeather Goods Seafood Ferro nickel and blister copper Capital goods for solar panel manufacturing 25 critical minerals Shrimp and fish feed Gold Rate After Budget 2024Today, gold prices faced significant selling pressure following the announcement of the Union Budget 2024. Finance Minister Nirmala Sitharaman revealed a reduction in customs duty on gold and silver from 15 percent to 6 percent. This led to a sharp decline in gold prices.

The Union Budget 2024-25 did not include a provision for the formation of the 8th Central Pay Commission. However, employees and pensioners of the Central Government eagerly await an announcement about the commission, which would recommend guidelines for revising the basic salary and allowances. This commission promises a host of benefits, including enhanced retirement benefits, not only for government employees but also for military personnel and pensioners. With its implementation, the 8th Pay Commission aims to bridge salary disparities among various employee groups and mitigate the impact of inflation. To learn more about what’s the purpose and expectations from the 8th CPC, read through this blog.What is the 8th Pay Commission?First reported in 2020, the 8th Pay Commission is India’s proposed initiative that is mainly aimed at updating the salaries, allowances, and pension benefits for employees of the Central Government. However, it is important to note that the commission has not yet been officially established, and there is no specific implementation date.

The 7th Pay Matrix presents a detailed yet straightforward table that shows all pay levels of government employees in a single table. The 7th Pay Matrix is a new way to organise salaries for central government employees in India, introduced by the 7th Pay Commission. It looks like a grid with 18 horizontal rows and 40 vertical columns. Each row represents different job ranks in government service, and each column shows yearly increments or advancements employees can achieve within their respective levels. The salary for each rank starts at a base amount, which was set following the recommendations of the 7th Pay Commission and an updated calculation method called the fitment factor.7th Pay Commission Pay MatrixCentral government employees received a hike on their pay scale from 6th to 7th CPC. The Government designed a pay matrix table to make the new pay scale accessible and understandable for the employees.

Aadhaar is a 12-digit unique number that acts as an identity proof of residents in India. It is unique to each resident and can be obtained voluntarily by providing basic biometric and demographic data to the UIDAI or the Unique Identification Authority of India. However, one must note that Aadhaar is just proof of residence and not citizenship of India. There can be many reasons to change your address in Aadhaar, such as relocating, spelling, or pincode errors. Although demographic and biometric details can only be updated at Aadhaar registered centres, you can update only your address online without visiting any centre. The guide for Aadhaar card address change online is shared further. Aadhaar Card Address Change FormThe form to update your Aadhaar address is available on the myAdhaar portal, if you are choosing the online mode of updation.

Having the correct Date of Birth in Aadhaar is important, as it is one of the most crucial documents in India. it helps in access government schemes, easy financial transactions, and for verifications. Unique Identification of India (UIDAI) has made this process easy for Aadhaar card holders. Details are given below.Update DOB in Aadhaar CardTo update the Date of Birth on your Aadhaar Card, you need to visit the nearest Enrollment Centre with the required documents. You can find a list of these documents on this page.