Latest news with #TaxSaver
Irish Independent
4 days ago
- Business
- Irish Independent
Calls for Government to extend tax saver scheme to more sustainable options
Mobility Partnership Ireland (MPI), which represents businesses such as bike-share company Bleeper, GoCar and Aircoach, has said extending the tax relief would help to take private cars off the road. The current tax saver scheme reduces the cost of using public transport for commuters, but MPI has written to the Department of Transport asking for it to be expanded to other modes of transport, including bike share, e-scooters, car-share and car rental, and taxis. The organisation said this would give commuters greater flexibility, and incentivise more sustainable travel. The proposal is to include a digital travel account in the State's TaxSaver scheme. An employee would be able to assign up to €100 per month tax-free through their salary to this digital travel account. They could then pay for Leap Card top-ups, shared bikes, e-scooters and car shares and taxis. MPI has said the proposal would benefit people living in rural areas, who often miss out on transport options included in the scheme because there are fewer public services available. Hugh Cooney, chair of MPI and founder of bike share company Bleeper, said just 25,000 commuters are using the current tax scheme. He believes the proposal would benefit more people across a greater spread of the country. 'Ireland needs to encourage more commuters onto sustainable transport. The TaxSaver scheme should offer a incentive to achieve this, but only about 25,000 commuters are participating,' Mr Cooney said. 'Unlike the current set-price TaxSaver ticket model, MPI's proposal for a digital sustainable TaxSaver Account would provide a flexible, pay-as-you-go approach covering a much wider range of transport options, benefitting more commuters in more counties.' Last month, the Department of Finance's Tax Strategy Group published papers outlining a list of options to be considered as part of the budgetary process, including the treatment of Vat on bicycles and e-bikes. According to the group, 'a number of representations' were received in relation to reducing the Vat rate for bicycles and e-bikes, to which the standard rate of 23pc currently applies. Reducing the Vat rate to 13.5pc would cost the exchequer €8m, the report said. However, the group said it was not possible for a lower Vat rate to apply to a subset of bikes, such as e-bikes or cargo bikes. It also pointed out that a reduction in the rate might not be passed to the consumer, 'because there is no obligation for a retailer to do so'.
Time of India
30-04-2025
- Business
- Time of India
Mixed signals from private banks: IndusInd raises, cuts FD interest rate on select tenures and Kotak reduces Fd rate on select tenures
Two prominent private sector banks—IndusInd Bank and Kotak Mahindra Bank—have recently revised their fixed deposit (FD) interest rates. These changes reflect evolving market dynamics and potential shifts in liquidity and interest rate expectations. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats IndusInd Bank has revised its FD interest rates for deposits less than Rs 3 crore, marking its first rate change since February 2025. The new rates, effective April 29, 2025, apply to both general and senior citizen depositors and show a mixed trend of increases and reductions across various tenures. Kotak Mahindra Bank, meanwhile, has opted for a more agile approach, implementing its third rate revision in April 2025 . The latest change, effective April 30, 2025, involves a marginal 10 basis point cut on a specific tenure, along with the introduction of a new short-term FD option. Also read: FD rates revised: Union Bank offers up to 7.85%, RBL Bank up to 8.5% after revision for these customers IndusInd Bank FD rates After revision, the bank offers FD interest rate between 3.50% and 7.75% for general citizens for amounts less than Rs 3 crore and FD interest rate between 4% and 8.25% for senior citizens. The highest FD interest rate of 7.75% and 8.25% is offered on tenure of 1 Year 3 months (15 months) to below 1 Year 4 months (16 months). The new rates are applicable from April 29, 2025. Live Events Increases in FD interest rates on these tenures For fixed deposits with a tenure of 61 to 90 days, IndusInd Bank has increased the interest rate from 4.75% to 5%. For the 61 to 90 days tenure, the rate has been raised significantly from 4.75% to 7%. For FDs with a tenure of 121 to 180 days, the rate has been increased from 5% to 7%. For FDs with a tenure of 181 to 210 days, the interest rate has gone up from 5.85% to 7%. For fixed deposits with a tenure of 211 to 269 days, the rate has risen from 6.1% to 7%. For fixed deposits with a tenure of 270 to 354 days tenure, the rate has increased from 6.35% to 7%. For fixed deposits with a tenure of 355 to 364 days tenure, the rate has been revised upward from 6.5% to 7%. Also read: Ujjivan Small Finance Bank cuts FD rates by up to 20 bps, senior citizens can still get 8.55% interest on fixed deposits FD interest rate reductions For tenures of 1 year to below 1 year 3 months, 1 year 4 months to below 1 year 5 months, 1 year 5 months to below 1 year 6 months, and 1 year 6 months up to 2 years, the interest rate has been reduced from 7.75% to 7.5%. For the tenure above 3 years 3 months to below 61 months and the Tax Saver (5 years) scheme, the rate has been reduced from 7.25% to 7.1%. General Senior citizens Tenure Rate Rate 7 days to 14 days 3.5 4 15 days to 30 days 3.5 4 31 days to 45 days 3.75 4.25 46 days to 60 days 4.75 5.25 61 days to 90 days 5 5.5 91 days to 120 days 7 7.5 121 days to 180 days 7 7.5 181 days to 210 days 7 7.5 211 days to 269 days 7 7.5 270 days to 354 days 7 7.5 355 days to 364 days 7 7.5 1 Year to below 1 Year 3 months 7.5 8 1 Year 3 months (15 months) to below 1 Year 4 months (16 months) 7.75 8.25 1 Year 4 months to below 1 Year 5 months 7.5 8 1 Year 5 months to below 1 Year 6 months 7.5 8 1 Year 6 Months up to 2 Years 7.5 8 Above 2 Years to below 2 Years 6 Month 7.25 7.75 2 years 6 Months (30 months) to below 2 years 7 months (31 months) 7.25 7.75 2 year 7 months to 3 years 3 months 7.25 7.75 Above 3 years 3 months to below 61 month 7.1 7.6 61 month and above 7 7.5 Indus Tax Saver Scheme (5 years) 7.1 7.6 Kotak Mahindra Bank FD rates After revision, the bank offers FD interest rate between 2.75% and 7.15% for general citizens for amounts below Rs 3 crore and for senior citizens FD interest rate between 3.25% and 7.65%. The new rates are applicable from April 30, 2025. This time, the bank has reduced only one tenure by 10 bps on tenure of 390 Days (12 months 25 days) from 7% to 6.9%. The bank has introduced a new tenure of 91 days offering 5% FD interest rates for general citizens, for senior citizens the bank offers 5.50% on the same tenure. Maturity Periods - Premature Withdrawal Allowed Less than Rs.3 Crore# Less than Rs.3 Crore# 7 - 14 Days 2.75% 3.25% 15 - 30 Days 3.00% 3.50% 31 - 45 Days 3.25% 3.75% 46 - 90 Days 3.50% 4.00% 91 Days 5.00% 5.50% 92 Days - 179 Days 4.25% 4.75% 180 Days 7.00% 7.50% 181 Days to 269 Days 6.00% 6.50% 270 Days 6.00% 6.50% 271 Days to 363 Days 6.00% 6.50% 364 Days 6.50% 7.00% 365 Days to 389 Days 6.80% 7.30% 390 Days (12 months 25 days) 6.90% 7.40% 391 Days - Less than 23 Months 7.15% 7.65% 23 Months 7.15% 7.65% 23 months 1 Day- less than 2 years 7.05% 7.55% 2 years- less than 3 years 6.90% 7.40% 3 years and above but less than 4 years 6.90% 7.40% 4 years and above but less than 5 years 6.90% 7.40% 5 years and above upto and inclusive of 10 years 6.20% 6.70%
