BIKINIGIRLS AND BIKINI BABES: April 2010

Monday, April 12, 2010

How daily interest on savings bank a/cs is calculated

From April 1, 2010, interest on all savings bank account deposits is being calculated on a daily basis, thereby earning account holdres higher interest income. This is due to the fact that the Reserve Bank of India [ Get Quote ] has instructed banks to change the mechanism of interest income calculation. The calculation is done on the 'daily balance method', with the rate of interest remaining the same at 3.5% p.a.

Earlier method of interest rate calculation

Earlier, banks would pay interest at the rate of 3.5% p.a. on the lowest available balance in the account between the tenth and the last day of the month.

Any deposit in the account between the tenth and the end of the month, would not earn the account holder any interest as it is not part of the interest rate calculation.

Any withdrawal between the same period would result in lower interest income as the lowest balance would be taken into account for the calculation.

Example: Ashwin had an account balance of Rs 85,000 on April 10. He received a payment of Rs 300,000 on April 15 from the sale of some mutual fund units.

On April 29, he made a down payment of Rs 320,000 to a builder for a property. This resulted in his account balance reducing to Rs 65,000. For the interest income calculation for the month of April, the bank would take Rs 65,000 as the base and pay him interest on that amount. So interest due to Ashwin would be on Rs 65,000 for 30 days @ 3.5% p.a. which would be Rs 187.

In spite of having a high account balance for most period of the month, Ashwin lost interest income for the month.

Under this method of interest rate calculation, the best thing Ashwin could do is ensure that all transactions are done between the first and ninth of any month so that he would get benefit of interest. This required proper planning.

New method of interest rate calculation

Interest will be paid @3.5% p.a. on the daily balance in the account at the end of the day. Here, the account holder will get interest on the actual day end balance.

Under this method, Ashwin's interest income calculation would be:

For the first 14 days of April, interest to be paid would be calculated on Rs 85,000;

For the next 14 days of April, interest to be paid would be calculated on Rs 385,000 and;

For the balance 2 days, interest to be paid would be calculated on Rs 65,000.

So the total interest due to Ashwin would be Rs 643.

Under this method, Ashwin's interest income is higher by Rs 456!

Besides, he did not have to plan his withdrawals and deposits as he would receive interest on the actual account balance.

As a savings bank account holder, you should be pleased with the latest change. Who would not like to see higher balance on account of higher interest income?

PS: Interest rate calculation Formula

Daily interest = Amount (Daily balance) * Interest (3.5/100) / days in the year.

Sania, give us a break!

Whenever a Tiger Woods , a Jude Law .a Salman Khan or a Sania Mirza pleads with the media to respect his/her privacy, they have only to look into the mirror to see who is responsible for the camera crew crowding the driveway.

How many of us have been caught with the nanny, sent raunchy text messages to New York hostesses, shot black bucks or married Pakistani cricketers who have an earlier telephonic alliance? Not many. It's time the rich and famous realise that the cameras hound them because they ask for it.

Privacy is possible if celebrities live normal lives in spite of being rich, successful and famous. Kajol and Ajay Devgan [ got married with minimum fuss at the peak of their respective careers. There was no hoopla, no ex-spouses popping out of the woodwork, just a regular wedding, after which they released a photograph to a news agency.

Besides, Sania is not the first tennis player to decide to marry another famous sportsman. It can't get bigger than Steffi Graf and Andre Agassi , who moved from dating to marriage to parenthood with admirable poise.

The Sania-Shoaib story is grist to the 24-hour "news" mill. However, they can only share part of the blame for invasions of privacy. There is no polite way of saying this: some celebrities simply deserve to be hounded by the media.

While the growth spurt in the media is recent, celebrities and adoring fans have been part of popular culture for years now. Most celebrities readily make use of the perks of success, when it comes to jumping queues, not paying bills at restaurants or getting free access to restricted areas.

At the recent National Film Awards function in New Delhi , one half of a side entrance to Vigyan Bhavan was kept open for the awardees. In an impossibly long queue were the winners of the top awards. Most of them were not from the Hindi film industry and were uncomplainingly standing in line. There was no sign of some of the awardees though.

Obviously Priyanka Chopra , Farhan Akhtar , Kangna Ranaut and Arjun Rampal had been ushered in through another entrance. It is understandable when such preferential treatment is given to avoid being mobbed. However, it's unlikely that the other national award winners would have mobbed this winsome foursome.

Sania is a creation of the media, and she has thrived on it by winning a kitty of endorsements that is disproportionate to her sporting prowess. Today, if she is shunning the media and pining for privacy, she should be aware that being the media's darling has a flipside too.

She was not complaining when her first-round wins at innumerable Grand Slams were being hailed as sporting achievements, only to be followed two days later by a discreet mention of her second-round exit. However, she has complained incessantly about getting a raw deal from the media, and even sat out of a tournament in Bangalore on that pretext.

Instead of whining, Sania should admit that her current situation does read like a soap opera. She would do well to realise that normal is boring, but it does ensure a quiet, uncluttered existence even for the famous.

Hopefully, she has not taken a leaf out of her Western counterparts' books and sold rights to photographs of the event and video footage to some media house or glossy magazine. Even if she does not want one, we certainly need a breaK....

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Sania-Shoaib wed, reception on Thursday

MULTI-MILLION HEARTS BROKEN TODAY AS INDIAN TENNIS STAR MARRIED THE STUPID USELESS PAKISTANI CRICKTER SHOIBH MALIK........WHY DID YOU DO SO SANIA....? A QUESTION THAT EVERY INDIAN WANTS TO ASK SANIA MIRZA...

Indian tennis ace Sania Mirza and Pakistan cricketer Shoaib Malik tied the knot on Monday, ending days of controversy and drama surrounding their high-profile wedding that took place three days ahead of the original schedule.

The 23-year-old Sania and 28-year-old Shoaib had originally planned to marry on April 15, but there was speculation that the date would be advanced after the tumultuous build-up.

"The nikaah is now completed. Please pray for the couple," Sania's spokesperson, Rucha Nayak, said in Hyderabad.

Decked in a red saree, which her mother Nasima wore for her nikaah 25 years ago, Sania thus became the second wife of the Pakistani cricketer, who divorced first wife Ayesha Siddiqui last week after much mud-slinging.

Shoaib, a former Pakistan captain, wore a black sherwani, designed by Shantanu and Nikhil, for the nikaah ceremony, held at hotel Taj Krishna.

The two families surprised everyone on Monday morning by announcing through the spokesperson that marriage has been advanced.

The mehandi ceremony is now scheduled for Tuesday, the sangeet will take place on April 14 and reception on April 15, as scheduled, the spokesperson added.

All the papers were in place before the arrival of the bride and groom, and the ceremony was over within five minutes. The Qutbah was read by the head Qazi.

The couple married at around 1315 IST, immediately after Zohar prayers by the head Qazi of Dar-ul-Qazzat.

Shoaib paid Rs 61 lakh as meher amount to Sania at the time of the nikaah and also presented her a car.

According to family sources, the wedding was advanced due to the fatwas being issued by various ulemas against Shoaib living in Sania's house before marriage, which was termed un-Islamic.

The nikaah ceremony was held in the presence of close relatives, while lunch was hosted for about 500 guests, sources in Sania's family said.

The build-up to their marriage was highly controversial due to Shoaib's 'first' marriage with another Hyderabad girl, Ayesha.

Ayesha had alleged that Shoaib married her over the phone before dumping her without a divorce due to her weight problems.

Shoaib initially denied the allegations and claimed that Ayesha duped him into a phone marriage by sending photographs of a different woman.

Ayesha went ahead and filed an FIR against Shoaib, alleging fraud and criminal intimidation, which led to the cricketer's passport being seized by the police.

The all-rounder agreed to divorce Ayesha after being pressurised by community leaders.

The FIRs were subsequently withdrawn, but he is yet to get his passport back.

Sania is currently ranked 89 in the WTA chart and out of action, nursing a wrist injury.

Shoaib, on the other hand, is serving a one-year ban for indiscipline during Pakistan's tour of Australia earlier...

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