Alerts: Aadhaar linking deadline extended





The deadline for linking your Aadhaar with PAN and bank accounts has been extended till March 31, 2018. It was earlier fixed at December 31, 2017. The deadline for linking insurance policies, mobile phones, small savings schemes and mutual funds with Aadhaar has also been extended to March 31, 2018. This deadline could be a temporary one, though, as the Supreme Court will decide in January 2018 on whether making Aadhaar mandatory violates the right to privacy.

Ujjivan senior citizen account



Ujjivan Small Finance Bank has launched customised senior citizen account product in 11 cities across India — Mumbai, Delhi, Bengaluru, Pune, Kolkata, Mysore, Puducherrry, Kochi, Haridwar, Ahmedabad and Surat. The ‘Ujjivan Senior Citizen Account’ offers services like door-step banking, priority service and personal assistance to senior people. It also offers features such as no minimum balance, no monthly average balance criteria and unlimited free transaction across Ujjivan’s biometric-enabled ATMs. The account will earn 4 per cent interest per annum, calculated on the daily day end balance.

Change in deposit rates



ICICI Bank has reduced the interest rates on certain deposits by 15 basis points (bps) to 6.6 per cent per annum from 6.75 per cent. This rate will apply to deposits less than ₹1 crore with a tenure between a year and 389 days. The bank has also reduced interest rates on bulk deposits with maturities of 18 months or more by 10 bps to 6.4 per cent from 6.5 per cent. Interest on other deposits remains unchanged. Bank of India, on the other hand, has increased interest on bulk term deposits with a tenure of one to 10 years by 50 basis points. Earlier, SBI had increased bulk deposit rates by 100 bps across all categories.

Kotak SmartLife Plan launched



Kotak Insurance Company has launched Kotak SmartLife Plan, a limited pay participating endowment plan. This plan will provide you with the option to either receive cash bonus payouts every year right from the end of the first policy year onwards (to take care of interim financial requirements) or utilise such cash bonuses for accumulating and creating a corpus to fulfil bigger goals. Entry age of life insured is three years. Basic sum assured is ₹2,50,000 and there is no maximum limit. The policy offers protection up to the age of 75 years.

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