Finance Yogi

05/12/2024

Sensex Stocks List

15/11/2024

Stock Market believe in India # be a part of India's growth story

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Dividend Kings

14/11/2024

Divident Stocks List

14/11/2024

Tata

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Adani

13/11/2024

Cost of printing Note

20/12/2022

PARCEL Delivery Scam - Ye Scam Bahut ho rhe hai Bach ke rahiye ...

27/11/2022

New House lene Par Income Tax lag gya | Ap ye galti mat karna.

Income Tax Rule for Residential Property and Rental Income.

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25/11/2022

Bank डूब गई तो क्या होगा।

RBI Insurance

1. Which banks are insured by the DICGC?

Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.

Cooperative Banks : All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all co-operative banks are covered by the DICGC.

Primary cooperative societies are not insured by the DICGC.

2. What does the DICGC insure?

The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits

Deposits of foreign Governments;

Deposits of Central/State Governments;

Inter-bank deposits;

Deposits of the State Land Development Banks with the State co-operative bank;

Any amount due on account of and deposit received outside India

Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

3. What is the maximum deposit amount insured by the DICGC?

Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Source - RBI website - https://m.rbi.org.in//Scripts/FAQView.aspx?Id=64

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24/11/2022

http://thefinanceyogi.blogspot.com/2022/11/term-life-insurance-is-complete-waste.html

Visit my YouTube Channel Term life insurance is a complete waste of money… Shocked? Touted as the greatest insurance because the premium i...

20/11/2022

HRA Calculation for Income Tax Return

House Rent Allowance (HRA) is the allowance provided by an employer to their employee as a compensation for house rental expenses paid by the employee. It forms part of the salary paid by the employer to their employee.
HOW IS EXEMPTION ON HRA CALCULATED ?

The exemption on HRA is calculated as per 2A of Income Tax Rules. As per Rule 2A, the least of the following is exempted from salary under Section 10(13A) and does not form part of the taxable income.

Actual HRA received from employer
For those living in metro cities: 50% of (Basic salary + Dearness allowance)
For those living in non-metro cities: 40% of (Basic salary + Dearness allowance)
Actual rent paid minus 10% of (Basic salary + Dearness allowance)

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