Keeping track of transactions :: Business Line

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Mutual fund investors, take note. You will now get a consolidated statement of all your transactions across fund houses on a monthly basis.

This statement is in addition to the individual account statements you will receive from the mutual fund houses. The consolidation of folios is done using your PAN.

You will however receive them only if you have made transactions during the month. This AMFI directive is applicable from October 2011 onwards.

Lending rate hike

Interest and EMI woes aren't going to go away soon. State Bank of Bikaner and Jaipur has increased its base rate to 10.5 per cent with effect from November 14.

It was previously 10.25 per cent. The bank has also raised BPLR by a similar margin; from 15 to 15.25 per cent.

Co-operative bank insolvent

The RBI cancelled the license of Gujarat Industrial Co-operative Bank as it ceased to be solvent. An earlier merger proposal from Saraswat Bank failed to materialise.

However, if you are a depositor, don't panic! On liquidation of the bank, depositors will be entitled to repayment of their deposits up to Rs 1lakh from the Deposit Insurance and Credit Guarantee Corporation.

A plan to secure your income

Secure Income Plan, the new insurance product from Future Generali Life Insurance, is a traditional endowment plan with an additional benefit of receiving annual income.

The plan is available for customers in the age group of 0-60 years.

The policy term can be between 15 and 65 years. After completion of the premium payments, the policy would provide a cash-back of 5.5 per cent of the sum assured besides a cash bonus component every year.

On maturity, the policyholder will receive the sum assured plus a terminal bonus.

SBI ties up with MoneyGram

Residents of Chennai and Mumbai can now receive money sent by friends/relatives living abroad in any of SBI's 100 branches in the two cities.

The bank has now joined hands with MoneyGram to provide this service where NRIs can deposit money either through MoneyGram's locations or online.

To receive a money transfer, Indian nationals have to show a secure passcode of the transaction, along with a valid photo-identification and proof of residency.

Indian nationals can draw up to Rs 50,000 in cash immediately. In case the amount exceeds Rs 50,000 a cheque would be issued. Foreign nationals can withdraw cash up to the equivalent of $2,500 after producing a valid passport and visa.

ULIPs from Bharti AXA

Bharti AXA Life has launched ‘Future Invest', a limited payment plan focused on wealth creation.

This unit-linked plan lets you accrue the benefits for the policy term of 10 years while you pay premium only for 5 years. This plan boasts of zero allocation charges too.

The company has also launched a ‘Power Kid' plan which is designed to ensure that a child's key life stage needs are met, while also protecting against any unforeseen events.

Some of its features include a career development allowance, emergency allowance and education allowance.

In case something unfortunate were to happen to the policyholder, all the future premiums will be paid by Bharti AXA Life into the investment fund and the policy will remain in force.