Personal Finance

One-stop shop for complaints

BL RESEARCH BUREAU | Updated on June 11, 2011 Published on June 11, 2011

Market watchdog SEBI has just instituted a new centralised system called SCOREs (Sebi Complaints Redressal System) to track whether companies are addressing investor complaints in time. All complaints against a listed company will be shown at one point in the SCORE system. Companies will be required to file Action Taken reports to show how quickly they are addressing the complaints. Investors too will be allowed to view the status of their complaint through this window.

‘Canmobile' banking service

Customers of Canara Bank can now access their bank at any time and at any place, thanks to ‘CanMobile'. This mobile banking product launched last week enables transactions such as inter-bank funds transfer, funds transfer through IMPS (transfer using mobile numbers), balance enquiry and obtaining of the mini-statement. The service is supported in SMS, USSD, GPRS and WAP modes. While those opting for the GPRS and WAP based services can transfer up to Rs 50,000, others enjoy a lower limit of Rs 5,000 only. The transactions are secured by two-factor authentication. So hurry! Register for mobile banking with the bank right now!

Fast track your investments

An insurance policy to catch up on lost time? Well, almost. Max New York Life Insurance's new ULIP, Fast Track Plan, offers to help it customers ‘catch up on lost time' by helping them plan their savings in a faster and more efficient manner. The product offers a wide range of protection multiple ranging from 1.25 times to 20 times the annual premium depending on the payment term and age. The customer has the option to go for a Single pay, 5 pay or a 10 pay term. It also allows an entry age of up to 60 years with a coverage up to age 70, and the flexibility to choose policy tenure and protection multiple to the consumers. Choice of seven in-house investment funds, options of systematic fund transfer, free switching up to 12 times a year and partial withdrawal feature once the policy completes 5 years are among its other features.

Tweaks to small savings

Those of you planning to invest in Kisan Vikas Patras or Public Provident Fund (PPF) should probably wait a bit. A government committee has suggested several changes to the offerings and interest rates under small savings schemes. Among the suggestions are – a 4 per cent interest rate on the post office savings deposit, withdrawal of Kisan Vikas Patra and an annual investment limit of Rs.1 lakh for PPF instead of the present Rs.70,000. It has also recommended that the interest rates on the small savings schemes be pegged to the yields on government securities of similar maturity. These proposals however are yet to be accepted by the government.

‘Mobile Money' phones from Nokia

Nokia has launched two phones in the sub-Rs 3,000 category with an inbuilt application, Mobile Money. Targeting the lower middle class and rural areas, this phone will take care of customers' mobile banking needs. Using this application, users can transfer money or withdraw cash from designated business correspondents and cash-outlets of Nokia. They can also pay utility bills and recharge their mobile phones. Nokia has initially tied up with YES Bank and Union Bank of India to launch this service.

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