High-value cheques to cost more

Planning to write a high-value cheque? Well, it's going to cost you more from now on, as the RBI has allowed banks to levy higher service charges for clearing high-value and outstation cheques.

As per a RBI circular, with effect from April 1, banks would be free to fix service charges on speed clearing of cheques of value above Rs 1 lakh. Presently, the RBI doesn't allow banks to charge more than Rs 150 per cheque for speed clearing of cheques worth over Rs 1 lakh. There however are no charges for value up to Rs 1 lakh.

HDFC's platinum deposit

Those who haven't yet made fresh deposits even as banks hike interest rates, here's another chance. HDFC has already launched its own version of special deposit schemes by way of platinum deposits. This limited period offer is available in 15, 22 and 33 month time buckets. The rate of interest on these cumulative options is 9.5, 9.3 and 9.5 per cent respectively, an attractive offer considering its low risk profile. An additional 0.25 per cent is tacked on for senior citizens.

There are also monthly, quarterly, half-yearly and annual payouts. The minimum investment on these deposits is Rs 20,000 (except monthly payout where minimum is at Rs 40,000). For every Rs 10,000 invested in a 15-month instrument, investors get Rs 11,210. Regular deposits from HDFC, on the other hand, are available at 9 per cent for 1 year.

Alerts on transactions

If you have not put in place the useful tool of filtering and labelling your e-mails, it's probably time you did, with your inbox set to receive a steady stream of alerts. According to the latest missive by the Reserve Bank of India, banks are required to send their card customers an email alert for all transactions done through credit or debit cards, irrespective of the transaction amount. The guidelines are meant to help check fraudulent transactions and encourage card usage. Banks have been given up to June 30 this year to implement the ruling.

ULIP for HNIs

Targeting high net worth individuals, IDBI Federal Life has launched a new unit linked insurance plan, called Wealthsurance Premier Insurance. This ULIP offers as many as 13 different fund options. The policy also insures an individual against death, 13 accidental injuries, 17 major diseases and serious illnesses requiring hospitalisation or disablement. Individuals have to invest a minimum of Rs 5 lakh while top-ups are at Rs 10,000. The minimum policy term is for five years and the maximum at 75 years less the age of entry.

New fund managers for PF soon

The EPFO has, of late, been announcing a series of measures, from launching an online tracker for PF transfers to increasing the interest on the accumulated funds in the PF account to 9.5 per cent. And now, fund managers may be set to change soon.

Previously, EPFO had allowed three private asset managers - ICICI Prudential, HSBC and Reliance Capital. The tenure of the three private managers comes to an end this month and the EPFO does not intend to extend their term.

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