Express Publication (Madurai) Ltd’s fixed deposits are accepted from public and its has revised new interest rates of the FDs
Express Publication (Madurai) Ltd which owns major newspapers like The New Indian Express, Dinamani, Sakhi, Cinema Express and Malayalam Vaarika has been coming up with regular FD schemes for public. Fixed deposits are accepted from public and it has revised new interest rates of its FDs.
There are two schemes available with the Indian Express FD namely Scheme A- which is a non-cumulative deposit schemed and Scheme B-which is a cumulative deposit scheme. The Scheme A fixed deposit interest rate will be paid out quarterly. The minimum duration or period of deposit for this scheme is two years and maximum three years. The minimum deposit amount is Rs21,000. The interest rate for the two years period is 9.75% and for three years period it is 10% p.a.
In the Scheme B, the interest rate will be calculated on quarterly rests basis and the interest along with the initial investment amount will be paid out at the end of the tenure. The period of investment is two years and three years. The minimum deposit is Rs21,000. While the rate of interest for this cumulative deposit is 10.25% p.a. and 10.50% p.a. for the two years and three years period. The Rs21,000 invested in these schemes will yield Rs25,711 and Rs28,658 respectively for the two years and three years deposits.
Birla Sun Life Mutual Fund new issue opens on 26th April
Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CY, a close ended income scheme. The tenor of the plan is 366 days. The new issue opens for subscription on 26th April and closes on 27th April.
The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.
The scheme will have only dividend and growth option. The scheme will allocate 100% of assets in debt securities and money market instruments with low to medium risk profile.
The minimum investment amount is Rs5,000. CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager of the scheme.
IRDA announced a 60-70% hike in the premium of third party motor insurance with effect from 25th April
The Insurance Regulatory and Development Authority (IRDA) on 15 April 2011 released the new premium rate structure of third party motor insurance. IRDA announced a 60-70% hike in the premium of third party motor insurance with effect from 25th April.
Transport associations who are against the IRDA's decision to increase the rates, have planned for a nation wide strike. Nearly 70 lakh commercial vehicles and about 400 transport associations all over the country may take part in the strike. The transport associations are also planning to start their own general insurance company for the third party vehicles.
Third party motor premium for commercial vehicles has been increased for the first time in the last four years. The rates were not increased because of the opposition from the transport unions. Since the premium rates remained stagnant for four years, general insurance companies faced loss and it adversely impacted their solvency margin.