Jet Airways launches landmark flights to Dammam, Dubai
India’s premier international airline, Jet Airways is introducing two new daily flights to the Gulf – Dammam and Dubai - to emerge as the first private Indian airline to operate 100 daily flights to international destinations across the globe. The new Mumbai-Dammam service represents the fourth daily service from India to Saudi Arabia. The airline currently operates daily flights from Mumbai to Riyadh and Jeddah and from Thiruvananthapuram to Dammam.
Jet Airways is also launching a third daily flight between Mumbai and Dubai. The sources in the airlines claim that with three flights between these two points, business and leisure customers of Jet Airways have a wide choice of timings throughout the day. The flights are conveniently timed to connect with Jet Airways' domestic network and fast-growing network to SAARC/ASEAN points. The airline also operates daily direct flights to Dubai from Chennai, Delhi and Hyderabad, which makes the additional flight from Mumbai to Dubai the sixth daily direct service on this sector.
The flight 9W 564 will depart Mumbai at 14:00 hours reaching Dammam at 15:45 hours local time. On the return sector, flight 9W 563 will depart Dammam at 16:45 hours and reach Mumbai at 22:55 hours. Flight 9W 538 will depart Mumbai at 15:10 hours and arrive in Dubai at 16:50 hours local time. The return flight 9W 537 will depart Dubai at 1830 hours, arriving in Mumbai at 2255 hours.
The airline says that it is deploying its state-of-the-art Boeing 737-800 aircraft on these two additional routes, offering Premiere and Economy configurations. “We are confident that the additional services from Mumbai to Dubai and Dammam will prove immensely popular with our guests”, says Jet Airways CEO, Nikos Kardassis.
Sunday, February 20, 2011
Thursday, February 3, 2011
Hike in NRO Term Deposits: Time to Take Advantage
Hike in NRO Term Deposits: Time to Take Advantage
These are best times for the non-resident Indians who have placed or are keen to park their money in ordinary Non-Resident Rupee (NRO) accounts in Indian banks as interest rates have gone up significantly in last few months. It is now at least 9% for over 500 days term deposits in most of the banks and therefore the new entrants as well as the old account holders need to ponder over the change in interest rate structure that slightly varies slightly from bank to bank. On the other hand interest rates for Non Resident (External) Rupee (NRE) and Foreign Currency Non Resident (FCNR) accounts are around 2.5% for two year term. NRE and FCNR accounts are tax free but the tax is deducted at source on the interest earned on NRO accounts. For example, in case of NRO deposits tax is levied at 30.90% for the interest earned up to INR one million in a year.
Just last January, interest on NRO used to be around 7% or less. “Those who have parked their money for less interest should consider pre-mature closing of their term deposits and open new deposits to take advantage immediately”, says a banking official pointing out that now more banks may start imposing the penalty if the money is withdrawn before completion of the maturity period. Banks are being compelled to take such a step to minimize any impact on their liquidity position at a time when rising interest rates are pushing up the cost of funds for them.
At present many banks – mostly those in private sector - do not impose any penalty to lure the customers. Some pay interest rate applicable for the period for which the deposits have been maintained while some already have mechanism in place to penalize early withdrawals in a small way. The investors who want to take advantage of continuous rise in interest rates over recent months should calculate the actual gain in case their bank imposes penalty on premature withdrawal. In most cases recalculations should work-out in favor of customers. Moreover, for online users it is hassle free and just takes a few minutes to get out of their existing term deposits and reinvest.
Gopal Sutar
These are best times for the non-resident Indians who have placed or are keen to park their money in ordinary Non-Resident Rupee (NRO) accounts in Indian banks as interest rates have gone up significantly in last few months. It is now at least 9% for over 500 days term deposits in most of the banks and therefore the new entrants as well as the old account holders need to ponder over the change in interest rate structure that slightly varies slightly from bank to bank. On the other hand interest rates for Non Resident (External) Rupee (NRE) and Foreign Currency Non Resident (FCNR) accounts are around 2.5% for two year term. NRE and FCNR accounts are tax free but the tax is deducted at source on the interest earned on NRO accounts. For example, in case of NRO deposits tax is levied at 30.90% for the interest earned up to INR one million in a year.
Just last January, interest on NRO used to be around 7% or less. “Those who have parked their money for less interest should consider pre-mature closing of their term deposits and open new deposits to take advantage immediately”, says a banking official pointing out that now more banks may start imposing the penalty if the money is withdrawn before completion of the maturity period. Banks are being compelled to take such a step to minimize any impact on their liquidity position at a time when rising interest rates are pushing up the cost of funds for them.
At present many banks – mostly those in private sector - do not impose any penalty to lure the customers. Some pay interest rate applicable for the period for which the deposits have been maintained while some already have mechanism in place to penalize early withdrawals in a small way. The investors who want to take advantage of continuous rise in interest rates over recent months should calculate the actual gain in case their bank imposes penalty on premature withdrawal. In most cases recalculations should work-out in favor of customers. Moreover, for online users it is hassle free and just takes a few minutes to get out of their existing term deposits and reinvest.
Gopal Sutar
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