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In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

<keyword id="20079495" type="General" weightage="100" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> released its Q1FY25 results today, witnessing a 31% year-on-year (YoY) growth in <keyword id="22418232" type="General" weightage="20" keywordseo="individual-APE" source="keywords">individual APE</keyword> (Annualized Premium Equivalent), while the total assets managed by the insurer crossed Rs 3 lakh crore. Notably, APE is a common indicator of sales undertaken in the life insurance industry and is the sum of regular annualized premiums from new businesses, along with 10% of the first single premium received within a specific period. The company's <keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword> (asset under management) saw a 22% <keyword id="21782807" type="General" weightage="20" keywordseo="YoY-growth" source="keywords">YoY growth</keyword>, jumping from Rs 2,53,301 crore in Q1FY24 to Rs 3,10,244 crore in Q1FY25. HDFC Life also saw a 15% YoY increase in its <keyword id="20298212" type="General" weightage="20" keywordseo="profit-after-tax" source="keywords">profit after tax</keyword> (PAT), inching up from Rs 415 crore in Q1FY24 to Rs 478 crore during April-June 2025. The <keyword id="21440628" type="General" weightage="20" keywordseo="value-of-new-business" source="keywords">value of new business</keyword> (VNB), which is calculated as the present value of the future profits that the firm is expected to earn in the future, thanks to the business that the company earns during the current year, also grew 18% from Rs 6.1 billion in Q1FY24 to Rs 7.2 billion in Q1FY25. The insurer also declared a staggering bonus of Rs 3,722 crore to more than 22 lakh of its shareholders. As per its report, the company covered around 13.9 million lives in Q1 FY25 The company also managed to retain its number 1 ranking in the industry, in terms of overall <keyword id="22418233" type="General" weightage="20" keywordseo="sum-assured" source="keywords">sum assured</keyword>. In Q1FY25, the company's overall sum assured stood at Rs 3,365 billion, up from Rs 3,340 billion in Q1FY24. <h2>Increasing need for life insurance and retirement planning </h2>The scope of insurance penetration in India remains immense, given that India's insurable population is set to burgeon to around 1 billion by 2035, and at 85%, India's sum assured (SA) as a % of its GDP remains the lowest amongst its peers, which include Singapore (332%), Thailand (143%), US (251%). Moreover, India's retirement savings gap is only set to grow annually at 10% to touch $96 trillion by 2050. At 3% of the GDP, India's pension market remains largely under penetrated, as compared to 98.3% of GDP in <keyword id="19916592" type="General" weightage="20" keywordseo="usa" source="keywords">USA</keyword> and 146.2% of the GDP in Australia.

HDFC Life Q1 results: Profit after tax surges to Rs 478 crore, AUM crosses Rs 3 lakh crore

The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh. She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less. This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now. Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added. The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front. <keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings." "We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent. Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free. The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said. The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained. <keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

<ul><li><keyword id="5951789" type="General" weightage="20" keywordseo="co-branded-credit-cards" source="Orion">Co-branded credit cards</keyword> are offered by banks in partnership with popular brands that offer unique rewards and benefits tailored to specific interests.</li><li><keyword id="6746898" type="General" weightage="20" keywordseo="cardholders" source="Orion">Cardholders</keyword> can enjoy exclusive discounts, promotions, and faster rewards redemption, making these cards more rewarding than standard ones. </li><li>Evaluate the benefits offered by a co-branded credit card by carefully considering your spending habits, preferences, and the specific rewards and perks provided by the card.</li></ul>Like many Millennials, Reena Singh wants to pick a credit card but is spoilt for choice as there are several options to choose from. There are travel cards that promise air miles and then there are <keyword id="6967577" type="General" weightage="20" keywordseo="shopping-cards" source="Orion">shopping cards</keyword>, which can help her save money on shopping. Finally, there are cards that will help her save money every time she eats out and earn loyalty points too. As a consumer, it can be very confusing to choose the right card. From travel enthusiasts to avid shoppers, they cater to diverse lifestyles. But with a plethora of options available, making an informed choice is crucial. Business Insider dived deep into the world of rewards and found some key factors that consumers should consider while choosing a card. <cmsannotation type="cmsannotation" annotationid="How co-branded credit cards work" comment="Subhead" text="How co-branded credit cards work">How co-branded <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> work</cmsannotation> Co-branded credit cards offer personalised benefits tailored to lifestyles of users, which include discounts and offers aligned with the partnering brand. They integrate with loyalty programs for faster reward collection. These perks enhance the overall cardholder experience. Cardholders can enjoy exclusive discounts, promotions, and faster rewards redemption, making these cards more rewarding than standard ones. “Additionally, co-branded cards foster brand loyalty, especially with travel-related perks, everyday expense savings like fuel discounts, and access to exclusive products, all enhancing the overall customer experience,” says Gaurav Chopra, Founder and CEO of IndiaLends, an online marketplace for credit products. Here, we will look at four popular co-branded credit cards, how they work and whether they make sense for you based on your lifestyle. Evaluating any co-branded credit card on these parameters will help you make an informed decision. <cmsannotation type="cmsannotation" annotationid="Amazon Pay ICICI Bank credit card" comment="subhead" text="Amazon Pay ICICI Bank credit card">Amazon Pay ICICI Bank credit card</cmsannotation> The Amazon Pay ICICI Bank Credit Card offers several advantages for frequent Amazon shoppers. It provides robust cashback rewards on Amazon purchases, offering up to 5% cashback for Prime members and 3% for non-Prime members. Additionally, it offers other benefits like three- months prime membership at no cost and cashback offers on prepaid recharge, postpaid bill payments, electricity bill payment, gas cylinder payment and so on. There are no joining or annual fees. However, it does have some disadvantages. The cashback is primarily beneficial for Amazon shopping, and the rewards structure may not be as competitive for other spending categories. The card also lacks travel and lifestyle benefits commonly found in premium credit cards. Whether one should go for it depends on their spending habits. If you're a frequent Amazon shopper and value cashback rewards, it's a good choice. However, if you're looking for a more versatile card with broader benefits, you may want to consider other options. <cmsannotation type="cmsannotation" annotationid="Swiggy HDFC Bank credit card" comment="subhead" text="Swiggy HDFC Bank credit card">Swiggy HDFC Bank credit card</cmsannotation> The Swiggy HDFC Bank Credit Card is tailored for passionate food enthusiasts, especially those who frequently indulge in food delivery and dining out experiences. Its advantages include enticing rewards on dining expenditures, encompassing both online and offline transactions, with a substantial focus on Swiggy orders. Cardholders can enjoy 10% cashback on the Swiggy application (food ordering, Instamart, Dineout and Genie) and 5% cashback with certain category merchants, and 1% cash back on other categories, making it an especially appealing choice for foodies. However, it's essential to consider the card's limitations, primarily its narrow utility, as its benefits primarily revolve around food-related expenses. If you aren't a regular diner or Swiggy user, the card's value proposition may be limited. Therefore, your decision to opt for this card should align with your dining habits and lifestyle to maximise its advantages effectively. <cmsannotation type="cmsannotation" annotationid="IndianOil Axis Bank credit card" comment="subhead" text="IndianOil Axis Bank credit card">IndianOil Axis Bank credit card</cmsannotation> The IndianOil Axis Bank Credit Card is tailored for individuals who frequently use fuel services and desire to maximise their savings at IndianOil outlets. Its advantages are evident, with fuel benefits such as a 4% cashback on fuel expenses at IndianOil pumps, along with a 1% fuel surcharge waiver. The card also extends its rewards to dining and online shopping, with 15% discount at partner restaurants and 1% value back at online shopping with 5 reward points on every ₹100 spent. Furthermore, you can get 10% off on booking movie tickets with bookmyshow.com. However, this card's utility is primarily focused on fuel-related benefits, potentially limiting its appeal for those who do not own a vehicle or have alternative fuel preferences. Before acquiring the IndianOil Axis Bank Credit Card, ensure that your fuel expenditures align with the card's rewards structure. <cmsannotation type="cmsannotation" annotationid="Standard Chartered EaseMyTrip Credit Card" comment="subhead" text="Standard Chartered EaseMyTrip Credit Card">Standard Chartered EaseMyTrip Credit Card</cmsannotation> The Standard Chartered EaseMyTrip Credit Card caters to avid travellers, offering numerous advantages. You can get a 20% instant discount on your domestic and international hotel bookings, saving up to ₹5000 and ₹10000, respectively. For your flight reservations, there's a flat 10% discount available, with maximum savings of ₹1000 for domestic flights and ₹5000 for international flights. Additionally, if you're planning a bus trip and your ticket costs over ₹500, you can enjoy a discount of ₹125. You also get to enjoy one domestic lounge access per calendar quarter and two international lounge access per year. The card's reward program allows users to earn 10x rewards on every ₹100 spent at standalone hotel and airline websites/apps/outlets. Before getting the Standard Chartered EaseMyTrip Credit Card, it's crucial to evaluate your travel habits and determine if the benefits outweigh the annual fee, especially if you're a frequent traveller looking to maximise savings on your journeys. <cmsannotation type="cmsannotation" annotationid="How to pick a co-branded credit card" comment="Subhead" text="How to pick a co-branded credit card">How to pick a co-branded credit card</cmsannotation> Evaluate the benefits offered by a co-branded credit card by carefully considering your spending habits, preferences, and the specific rewards and perks provided by the card. “The value of a co-branded credit card depends on how well the rewards and benefits align with your lifestyle and preferences,” says Adhil Shetty, CEO, BankBazaar, an online financial marketplace. It's important to choose a card that complements your spending habits and offers benefits you'll actually use. To assess a co-branded credit card, analyse spending in categories like groceries, dining, and travel. Consider rewards, bonuses, and redemption options. Ensure that benefits outweigh the annual fee, maximising value from the card based on your spending habits and needs.

Do co-branded credit cards actually help you save money?

As India enters the festive season, <keyword id="6354427" type="General" weightage="100" keywordseo="apple" source="Orion">Apple</keyword> Store Online has announced several attractive offers on its new product line-up of <keyword id="6354606" type="General" weightage="50" keywordseo="iphone" source="Orion">iPhone</keyword> 14 series, Watch Series 8, <keyword id="8233031" type="General" weightage="50" keywordseo="airpods-pro" source="Orion">AirPods Pro</keyword> (2nd Gen) and more for the fans in the country, along with free customised engraving on devices and 'Today at Apple free educational sessions. The consumers can get Rs 7,000 instant savings on orders over Rs 41,900 across all products with <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> or American Express credit cards. This season, Apple is offering more flexible ways to pay. When you use eligible HDFC Bank credit cards and American Express cards, you'll get 7 per cent instant savings up to Rs 7,000 across all products. The users also have low monthly instalments options with EMI and can get upfront savings to cover interest with 'No Cost EMI' for three or six months. "And, if you're buying a new iPhone, you can exchange your current smartphone for instant credit" according to the Apple Store Online in India. Customers can also personalise iPad, AirPods, AirTag or Apple Pencil (2nd Gen) by engraving a unique mix of emoji, numbers and text in Hindi, Bengali, Marathi, Tamil, Kannada, Gujarati, Telugu and English for free only at Apple Store Online. The company also has 'Today at Apple' educational sessions, ranging in topics from photo and video to music, coding, art, design and more. These sessions are held all over the world and are led by 'Creative Pros', and at times world-class artists, photographers and musicians, teaching sessions from basics and how-to lessons to professional-level programmes. On October 5, Canadian-born artist and architect Keerat Kaur will bring your favourite memory to life on iPad in a session on <keyword id="15088940" type="General" weightage="50" keywordseo="india-apple-store-online" source="Orion">India Apple Store Online</keyword>. Guided by her, "you'll explore colour, characters, motifs and more to make a piece as personal as the memory that inspired it". SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nifty50-sensex-start-on-a-negative-note-ahead-of-rbi-policy-meeting-this-week/articleshow/94445282.cms">Sensex down 1.2%, Nifty50 slips below 17,000 briefly – Analysts expect steeper fall if global weakness persists</a> <a href="https://www.businessinsider.in/business/startups/the-zepto-boys-competition-that-amazon-never-saw-coming/articleshow/94399979.cms">The Zepto Boys: Competition that Amazon never saw coming</a> <a href="https://www.businessinsider.in/finance/news/samsung-announces-co-branded-credit-card-in-partnership-with-axis-bank-and-visa/articleshow/94451732.cms">Samsung announces co-branded credit card in partnership with Axis Bank and Visa</a>

Apple announces offers on iPhone 14 series, AirPods Pro

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

<ul><li><keyword id="115182" type="General" weightage="100" keywordseo="hra" source="Orion">HRA</keyword> exemption is available only if you are living in a rented house and opt for the old tax regime. </li><li>If the rent is more than ₹1 lakh per annum, then the PAN of the landlord must be submitted. </li><li>You can claim both HRA and deduction on home loan interest if you fulfil certain conditions.</li></ul> If you are a salaried employee, you may be receiving a house rent allowance (HRA) as part of your salary. If you live in a rented house, you can claim an HRA exemption from taxes. However, remember that the tax exemption is available only if you choose the old tax regime. <cmsannotation type="cmsannotation" annotationid="How is tax exemption under HRA calculated" comment="subhead" text="How is tax exemption under HRA calculated">How is tax exemption under HRA calculated</cmsannotation> The deduction available is the minimum of the following: <ul><li>Actual HRA received</li><li>50% of basic salary for those living in metro cities (Delhi, Kolkata, Mumbai or Chennai) and 40% for those living in non metros</li><li>Actual rent paid minus 10% of basic salary </li></ul>To calculate your HRA deduction, you may use the HRA deduction <a href="https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx">calculator </a>available on the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> website. <cmsannotation type="cmsannotation" annotationid="Documents required to claim HRA tax exemption" comment="subhead" text="Documents required to claim HRA tax exemption">Documents required to claim HRA tax exemption</cmsannotation> In order to claim a deduction for house rent allowance, the employee needs to provide her employer with documents such as rental agreements and rent receipts. “If the payment of rent is more than ₹1 lakh per annum, then the permanent account number (PAN) of the landlord must be submitted. Based on these proofs, employers will provide exemption for HRA in Form 16,” says Archit <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword>, founder and chief executive officer of fintech company Clear. <cmsannotation type="cmsannotation" annotationid="You can claim deduction even when your employer doesn’t pay HRA" comment="subhead" text="You can claim deduction even when your employer doesn’t pay HRA">You can claim deduction even when your employer doesn’t pay HRA</cmsannotation> If an individual pays rent for living in a residential accommodation but does not receive an HRA from her employer, she can still claim the deduction under section 80GG of the <keyword id="6354751" type="General" weightage="50" keywordseo="income-tax" source="Orion">Income Tax</keyword> Act. However, some conditions need to be fulfilled to claim this deduction. First, you must be self employed or salaried and must not have received HRA any time during the year in which you are claiming 80GG. “The other condition is that you or your spouse or your minor child do not own any residential accommodation at the place where you currently reside, perform duties of office, or employment or carry on business or profession,” says Gupta. <cmsannotation type="cmsannotation" annotationid="You can claim HRA if you live with parents" comment="subhead" text="You can claim HRA if you live with parents">You can claim HRA if you live with parents</cmsannotation> If you are living in your parent’s house, you can also claim HRA. “To claim HRA, you have to enter into a rental agreement with your parents and transfer money to them every month as rent. Your parents need to report the rent received from you as income in their income tax returns,” says Gupta. If their other income is below the basic exemption limit or taxable at a lower tax slab, they can save tax on the family income. <cmsannotation type="cmsannotation" annotationid="You can claim both HRA and deduction of home loan interest" comment="subhead" text="You can claim both HRA and deduction of home loan interest">You can claim both HRA and deduction of home loan interest</cmsannotation> If you have a home loan, you can claim both HRA and also the tax benefits that you are eligible to claim if you have a home loan, even if both the houses are in the same city. “For this, you need to prove that the house for which you are paying rent and the house for which you are paying home loan are at different places,” says <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder and CEO, EZtax.in, a tax portal. There must be sufficient reasons for not residing in a self-owned house. The possible reasons could be that you have availed a loan for a house but live in a rented accommodation in another city. You may also live in the same city in a rented accommodation for reasons such as work or children’s schooling. Also, the home you have purchased can be under construction and you may be living on rent elsewhere. You may also have rented out your own house and live elsewhere. Such claims are frequently scrutinised by Income Tax officials, who may reject part of the claim if they are dissatisfied, particularly if the claimed amount is relatively high. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a>

How HRA exemption can help you save tax in 2023-24

Mumbai, Apr 20 () Benchmarks Sensex and Nifty stepped back from the day's highs to settle on a flat note on Monday, with gains in HDFC twins, RIL and IT shares pausing slide on the indices, as investors look for a new direction amid continued uncertainty surrounding Covid-19. The 30-share BSE Sensex closed higher for the third consecutive session, after swinging between gains and losses during the day. At close, the Sensex was up 59.28 points or 0.19 per cent at 31,648. While, the NSE barometer Nifty was down 4.90 points or 0.05 per cent at 9,261.85. Index heavyweights HDFC twins and Reliance Industries mainly saved the day. IT stocks also closed with gains. HDFC Bank was the top gainer in the Sensex pack, rallying nearly 4 per cent, after the lender posted a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the March quarter on healthy interest income. Infosys jumped over 3 per cent ahead of its quarterly earnings, scheduled to be announced later in the day. Sun Pharma, NTPC, HCL Tech, Tech Mahindra, HDFC, RIL and TCS also closed with gains. On the other hand, Axis Bank was the top laggard, followed by ITC, ICICI Bank, IndusInd Bank and Maruti Suzuki. Sectorally, BSE IT, energy, teck, oil and gas, power and realty indices ended up to 2.67 per cent higher, while metal, telecom, FMCG and auto indices fell up to 3.4 per cent. Broader BSE midcap closed 0.21 per cent lower, while smallcap index finished 0.80 per cent higher. "Uncertainty ruled the markets and lack of direction from earnings results or the global markets meant that the Indian benchmark indices ended flat after a volatile trading day," Vinod Nair, Head of Research at Geojit Financial Services, said. Sentiments were mixed regarding the recovery in corporate earnings, post easing of lockdown measures, and effectiveness of RBI measures to infuse liquidity into the financial system, he said adding that the rate of spread of virus infections and stock specific earnings guidance will be in focus. Elsewhere in Asia, Hong Kong, Tokyo and Seoul ended in the red, while Shanghai closed on a positive note. Stock exchanges in Europe were also trading on a mixed note. Brent crude futures, the global oil benchmark, fell 3.53 per cent to USD 27.09 per barrel. Meanwhile, the rupee declined by 14 paise to 76.53 against the US dollar amid strengthening of the American currency overseas and a sharp rise in coronavirus cases in the country. The death toll due to Covid-19 rose to 543, while the number of cases in the country climbed to 17,265. Global tally of the infections has crossed 24 lakh, with over 1.65 lakh deaths. ANS MKJ

Indices erase most gains; HDFC twins, RIL save the day

<ul><li>Shares of <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, gained close to 2% on Monday’s trade to ₹1,625 apiece on rural banking expansion plans.</li><li>As part of the plan, the lender also plans to hire 2,500 people over the next six months.</li><li>The bank’s management, in its July earnings call, had also indicated that the lender is looking at “solid growth” in the ongoing financial year. </li></ul>Shares of private sector lender, HDFC Bank, gained close to 2% on Monday’s trade to ₹1,625 apiece as its management looked to double the bank’s rural reach to over two lakh villages over the next two years. "India's rural and semi-urban markets are under-served in credit extension. They present sustainable long-term growth opportunities for the Indian banking system,” said Rahul Shukla, group head – commercial and rural banking at HDFC Bank in a press <a href="https://www.hdfcbank.com/personal/about-us/news-room/press-release/2021/q3/hdfc-bank-to-double-its-rural-reach-to-2-lakh-villages-in-2-years">statement</a> on Sunday. The statement was issued by the bank on the same day when Finance minister Nirmala Sitharaman prodded banks to expand their rural presence at an Indian Banks' Association event. "Even today many panchayats don't have a bank branch. I am not saying that you need to have a physical presence everywhere, digitisation has saved a lot of costs without compromising the service banks provide," she said on Sunday. As part of the plan, the lender also plans to hire 2,500 people over the next six months. The move, it said, will help the lender to expand its reach to one-third of rural India, while extending its leadership in lending to micro, small and medium enterprises. Currently, HDFC Bank offers its products and services to micro, small and medium enterprises (MSMEs) in over 550 districts. As of June 30, the bank had close to half of its 5,653 branches in semi-urban and rural India, along with 15,912 banking correspondents. Of its total retail advances worth ₹5.23 lakh crore, Kisan Gold card formed close to 9% at ₹46,868 crore. The bank’s commercial and rural banking loan book, as of June 30, rose 25% year-on-year to ₹3.86 lakh crore. HDFC Bank: Rural Banking Portfolio On A Steady Rise <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">In Rs Lakh Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30-Jun-20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31-Mar-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30-Jun-21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Loans </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.61 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.58 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial &amp; Rural Banking Loans </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 3.08 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.71 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.86 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other Wholesale Banking Loans </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.86 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.09 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 11.43 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.59 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Public disclosures The rise in HDFC Bank stock prices in today’s trade, said Siji Philip, senior research analyst at Axis Securities, is a function of its management’s positive commentary on future growth, as well as its announcement to expand rural banking in the country. <div type="image" title="snapshot-1632724722101" msid="86549824" hostid="261"></div> “HDFC Bank management has been indicating positive growth in the current financial year with a strong comeback on the operating performance front. The growth in HDFC Bank’s stock price is also partly led by a strong market sentiment that has prevailed as the fear of an impending third COVID wave has weakened,” she said. The bank’s management, in its July earnings call, had also indicated that the lender is looking at “solid growth” in the ongoing financial year. “If I were to take any insights and share with you for the first 15 days trends for the month of July '21, HDFC Bank is echoing the projection of almost 100% of pre-COVID levels on the disbursement. And that gives me the optimism that in quarter two, which is July, August and September, we should be in a position to scale up rapidly on our growth rates,” said Arvind Kapil, the bank's country head for retail assets at HDFC Bank’s earning call in July. “...our assessment and our belief is that we should be back on course to achieve the original financial year plans and should close the year on a solid growth for the financial year,” he said. Last week, the bank said it would launch co-branded credit cards in partnership with Paytm. The launch, planned in October, it said will coincide with the festive season as the lender looks to tap into potentially higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options, with the full suite of products to be on offer by the end of December. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/scientists-say-this-new-smartphone-sensor-can-detect-when-someone-consumes-marijuana/articleshow/86547421.cms">Scientists say this new smartphone sensor can detect when someone consumes marijuana</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-hit-record-high-trading-at-over-2500/articleshow/86547883.cms">Reliance Industries’ shares hit record high, trading at over ₹2500 in early morning trade</a>

HDFC Bank is looking to hire 2,500 people in the next six months across India to double its rural cover

<ul><li>With the proposed buyout deal, <keyword id="268065" type="General" weightage="20" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword> is said to enhance its agency business and benefit from Exide Life's strong presence in south Indian cities.</li><li>Shares of HDFC Life Insurance were down 3% after the announcement of the <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> as investors were not pleased with the huge deal.</li><li>Meanwhile, shares of Exide Industries were up 7%.</li></ul>HDFC Life Insurance has made plans to consolidate its business by acquiring another life insurance company <keyword id="2226848" type="General" weightage="20" keywordseo="exide-life-insurance" source="Orion">Exide Life Insurance</keyword> for ₹6,687 crore. This is said to be one of the largest acquisitions in India’s life insurance space, which has 23 private insurers. However, this deal has not impressed investors given the shares of the company slipped 3% and those of Exide Industries were up 7% as of 11:35 a.m., on September 3. <div type="image" title="HDFC Life chart" height="900" width="1200" msid="85891332" hostid="261"></div> On Thursday, September 2, shares of HDFC Life Insurance had surged 6% hitting a record high on expectation that the private insurer is likely to raise <a href="https://economictimes.indiatimes.com/markets/stocks/news/market-movers-what-sparked-a-stunning-rally-in-hdfc-life-insurance/articleshow/85866337.cms">₹1 billion</a> from investors as per a report by Economic Times. This was because on Tuesday HDFC Life had announced that its board will meet on Friday to raise funds through issue of equity shares on a preferential basis. Analysts feel that it is a good deal for Exide Life in terms of valuation, but a not-so-good deal for HDFC Life as it might be paying more. “There is little as such to gain for HDFC Life in the short term (in terms of this deal) and it will have to turn it around [towards] profitability over the next 12-15 months, which is why the stock (HDFC Life) has corrected. Market feels HDFC Life is clearly paying more, which is also why Exide’s stock is higher,” said an analyst at a broking firm on condition of anonymity. HDFC Life has a market share of 8% as of 31 July in terms of new business premium while Exide has a market share of 0.34%. New business premium is the premium acquired from new policies in a particular year. <div type="image" title="market share" height="900" width="1200" msid="85891352" hostid="261"></div> HDFC Life expects Exide Life to add 40% of topline agency business and 35% of agency pays, said a report by CNBC-TV18. Exide’s strong foothold in south India, especially in tier 2 and 3 towns will provide access to a wider market. In the past, HDFC Life had reportedly intended to acquire Max Life Insurance, but the deal did not go through because of regulatory hurdles. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">Market hopes Vodafone Idea will be saved and these are the rescue options</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/if-you-contribute-more-than-2-5-lakh-yearly-to-provident-fund-it-will-now-be-taxed-all-you-need-to-know/articleshow/85890029.cms">If you contribute more than ₹2.5 lakh yearly to provident fund, it will now be taxed — All you need to know</a>

You Searched For "hdfc savings" and got 10 results

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