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04 KALEIDOSCOPE ERGO Monday, April 27, 2009

Ask your query

My friend’s car met with an accident a
few days ago. A bus rammed into the rear
side of the car. He has been going to the
police station to get an FIR so that he can
claim the damage from his insurance
company. Is there a faster way to get
things moving?

T. Somasundaram, Vellore
Dear Somasundaram,
Your friend does not need any police
FIR or complaint letter for claiming the
insurance. All that he/she needs to do is to
call up the insurance company and inform
about the accident and fill up a claim form
describing the incident. It is as simple as
that. All general insurance companies fol-
low the same policy. The insurance policy
will have a call center number where you
need to inform. They will arrange for a
surveyor to come and inspect the vehicle.
RBI directs banks to calculate interest rate
In fact they will send the surveyor to your
garage at their own cost. A police com- on a daily basis from 01 April 2010
plaint or FIR is only needed if there is any
third party damage to property or life. Also
in case there is any loss of life in the in-
cident an FIR will surely be needed for
claiming both the general insurance as
well as Life insurance damages. PRADEEP YUVARAJ current inflation and what
Do you need some unbiased and other investments return. But,
professional solutions to your personal any interest on idle money is a

finance issues related problems? Ask Doctor n a “small investor” friend- bonus and especially since all
Finergo. Mail your queries to ly move, the Reserve Bank of us need to have some liquid, Put subject as Doctor. of India in its Annual Pol- cash at our disposal.
icy Statement for 2009- Benefits to the banks: the
2010 has instructed banks to new system will initially lead
calculate interest rates on to a higher cost of payout for
your money kept in savings banks, but on the long run
accounts on a daily basis rath- more and more customers
Mini Quiz er than the current practice of
calculating interest on savings
will retain money in savings
account thus reducing the de-
bank accounts on the mini- pendence of banks on
mum balances held in the ac- deposits.
Q1: Which agency frames the Annual Pol- counts during the period from The second benefit would
icy document relating to the Economy? the 10th day to the last day of also be that NRI accounts
a.RBI each calendar month. could see higher inflows and
b.Finance Ministry Benefit to you: the current banks in most countries do
c.Economic Affairs committee rate of interest prescribed by not even give 2% interest.
d.State Bank of India the RBI is 3.5% per annum. Why now? This decision by
Q2: Which blue chip company recently But most of the account hol- the RBI has been easily ac-
declared a 1:1 bonus? ders rarely get to earn this in- cepted by banks and IBA (In-
a.Wipro terest as the minimum dian Bank’s Association) as
b.Satyam balance is the basis of interest the level of automation is very
c.Indian Oil
calculation. Thus for example
even if your account had a
The decision by the high now and it’s easier to ex-
ecute the calculations.
Send your answers to or
SMS your answers to 92813 98889. For
balance of Rs. 75,000 from RBI has been easily What should you do? Com-
10th to 29th and you withdrew bined with that fact that you
example if you choose A as the answer to Rs 74,500/- on 30th and re-de- accepted by banks and can use any bank’s ATM free
question 1 and B as the answer to question 2
type it as 1A2B and send it. Winner will be
posited it on 31st, the interest IBA (Indian Bank’s of cost, this new directive can
would be calculated only on help you earn some money on
chosen by lucky draw from all correct Rs 500. If you had not with- Association) as the level idle cash lying at your house.
Answers for last week’s mini-quiz
drawn you would have re-
ceived Rs 218.75 as interest
of automation is very It even makes sense to de-
posit you piggy bank money
2.National Stock Exchange
but what you actually get is high now and it’s into an SB account and just
only Rs 17.5. keep a bare minimum in cash
Although on a broad basis, easier to execute in hand.
both the amounts look ridicu- the calculations. After all better something
lously low; considering the than nothing. ■