Non-Resident Indians (NRIs) are actively utilizing FCNR (B) deposits at Equitas to transfer funds to their loved ones, as the yield has reached a record high of 7.52% per annum. These revised rates present an attractive opportunity for capital creation, as they offer tax-free returns, no currency risks, and full repatriation capability.
NRIs aim to accumulate wealth for their families globally, using funds for children's education, parents' retirement, wedding planning, or establishing long-term family funds. However, finding a suitable investment instrument that protects capital while generating high returns without currency or tax complications remains a complex task. The FCNR (B) deposit serves as a favorable option here.
By allowing NRIs to invest in the same foreign currency through FCNR (B) deposits, the risk of exchange rate fluctuations can be eliminated, while guaranteeing a stable income. Thus, NRIs are protected from losses due to currency exchange rate changes.
To support the capital creation process among NRIs, Equitas Small Finance Bank has increased the interest rates on USD FCNR (B) deposits. NRIs can now receive a leading industry rate of 7.52% per annum* on deposits ranging from 3 to 5 years (for amounts starting from USD 10,000). Key advantages include 100% tax exemption in India, no currency risk, full repatriation of principal and interest, and flexible tenures from 3 to 5 years.
This updated percentage creates a unique chance for NRIs to multiply their foreign earnings and build targeted savings funds for important family events and future plans. FCNR (B) deposits are viewed as a new form of value that NRIs pass on to family members, enabling them to benefit from tax incentives and capital protection.
The increase in Equitas FCNR (B) rates occurs against the backdrop of the special FCNR (B) swap scheme introduced by the Reserve Bank of India in June 2026. This measure aims to stimulate the inflow of foreign currency into India. This program applies to new FCNR (B) deposits and significantly reduces the hedging costs that banks typically incur when attracting such deposits. By lowering these expenses, banks gain the ability to offer more attractive terms to customers, leading to higher rates for NRIs.
Beyond attractive yields and protection against currency risks, a successful financial journey depends on convenience, accessibility, and specialized support. Equitas provides NRIs with virtual customer relationship manager support across different time zones, offering personalized assistance with banking and investment matters. Complementing this service is the Equitas 2.0 mobile application, which ensures a secure, seamless, and intuitive banking experience, allowing NRIs to manage finances effectively from anywhere in the world.
In the context of capital creation, timing is crucial. With the strengthening US dollar, the special RBI swap window, and attractive tax-advantaged FCNR (B) rates, NRIs currently have a compelling opportunity to increase the value of their foreign earnings.
As the war in the Middle East escalates, oil prices continue to rise. Hopes that a significant drop in fuel prices in July would mark the beginning of a downward trend were dashed by the resumption of military actions in the Middle East on July 7th, leading to a sharp increase in international oil prices.
Although current prices remain below levels seen before the ceasefire, the price of Brent crude has significantly increased, rising from approximately $72 per barrel at the beginning of July to around $85.
However, this carries negative forecasts for diesel fuel, as an increase of approximately 98 cents for 50ppm and 1.10 South African Rand for 500ppm is expected. These forecasts are accompanied by an important condition: the situation in the Middle East remains unstable, and much more could happen during the remainder of the month.
Currently, a liter of unleaded petrol 95 costs 25.23 South African Rand on the coast and 26.11 South African Rand in Gauteng, while petrol 93 sells for 25.94 South African Rand. The wholesale price of 500ppm diesel fuel is currently 23.91 South African Rand on the coast and 24.78 South African Rand inland, and 50ppm costs 24.41 and 25.16 South African Rand, respectively.
Although petrol is still showing overspending within a range of 1.14 to 1.18 South African Rand per month, according to data from the Central Energy Fund (CEF), the latest daily data indicates an underspend of about 50 cents per liter. If current oil prices persist, these daily underspends are likely to continue lowering the monthly average, reducing the expected price decrease to about 50 cents or less.
The main takeaway is that any further sustained decline in fuel prices will depend on the resumption of the ceasefire regime between the US and Iran. Over the past week, the US resumed airstrikes against Iranian military targets, while Iran continues to threaten shipping in the Strait of Hormuz and also strikes other targets in the Middle East.
Oil prices rose as the international benchmark Brent North Sea exceeded $85 per barrel following exchanges of attacks between the United States and Iran. On Friday, the US and Iran exchanged attacks, with Tehran striking American assets in the Middle East in the largest escalation since the two adversaries returned to open warfare.
A month after signing a memorandum of understanding aimed at ending the conflict that began in February, Iran accused US forces of striking civilian and energy infrastructure on Friday, including an airport, railway station, and two bridges. State media reported the deaths of at least eight people and injuries to 20 as a result of the night attacks.
This signaled a possible expansion of American strikes focusing on Iranian infrastructure, which President Donald Trump had previously threatened to attack, although no immediate comments followed from US officials.
Nevertheless, given the rapidly growing economic costs for all parties, there is a willingness to avoid a protracted war. US officials have stated their readiness for negotiations, while regional mediators continue attempts to resume dialogue, according to Al Jazeera.
But as long as the two sides continue to exchange strikes, fuel prices are likely to remain elevated in the foreseeable future. Asian and European stock markets followed Wall Street's lead, where a sharp drop in Nvidia and Amazon shares contributed to a decline of the Nasdaq index by more than one percent on Thursday.
Netflix, meanwhile, fell by more than nine percent in after-hours trading, warning of slowing sales growth in the second quarter. While South Korea celebrated a holiday on Friday, Tokyo and Taipei—both heavily tech-oriented—led the recent sell-off in Asia ahead of the weekend.
The Nikkei Japan closed the day down four percent, with shares of companies such as Advantest, Tokyo Electron, and technology giant SoftBank falling by more than seven percent. Chip manufacturer Kioxia plummeted by 16 percent, representing a loss of about half its value since briefly becoming Japan's largest company by market capitalization last month.
Taiwan's Taiex fell by 6.5 percent by the close on Friday, as chip maker TSMC retreated more than seven percent—a day after announcing record second-quarter profits and plans to invest another $100 billion in Arizona, USA. Sharp declines were also observed in Hong Kong, Shanghai, Singapore, and Sydney, although Bangkok, Manila, and Mumbai rose.
Major European stock markets were in the red, although London remained relatively stable as Britain prepared for a new Prime Minister, Andy Burnham. Shares of British energy giants Shell and BP rose due to rising oil prices, but the luxury fashion brand Burberry fell by more than five percent as investors felt the company's latest trading report did not show sufficient improvement.
Accessibility continues to be a key factor determining the use of ride-sharing services by residents of South Africa, although new data indicates that some users are willing to pay slightly more for an improved experience.
According to new data from Bolt, over 90% of trips in Johannesburg, Cape Town, and Durban are still booked through the Standard and Wait & Save categories. This highlights that for most passengers, cost remains the primary consideration.
This situation is not surprising, as households face budget pressure due to the rising cost of living. Transport remains one of the expenses that many South Africans try to control, preferring services that offer the best balance between price and convenience, whether for commuting, running errands, or social outings.
However, Bolt's data indicates that consumers are willing to pay a small premium if the benefits of the service are clear. Following the expansion of driver offerings in the Comfort category in April 2026, demand for it increased threefold to fivefold. Currently, Comfort accounts for about 6%–7% of all trips in the three metropolises, with this figure reaching 6.9% in Durban.
In Johannesburg, the average fare for a Comfort trip is approximately 63 Rand, compared to 54 Rand for Standard, representing a 16% difference. These figures suggest that passengers are beginning to consider options beyond the cheapest choice, provided the extra cost is acceptable. For some customers, features such as newer vehicles, extra space, and a more comfortable ride are enough to justify a slightly higher rate. The Premium category, in turn, serves a relatively small market segment, indicating that luxury is currently inaccessible or unnecessary for most passengers.
Simo Kaladjizich, Senior Operations Manager at Bolt South Africa, noted that these results reflect changing consumer expectations. He stated that South Africans remain highly price-sensitive, evidenced by the fact that over 90% of trips are taken in the most budget-friendly categories. However, he added that this does not mean people are unwilling to pay for a better experience. If the price difference is small, passengers are increasingly opting for Comfort because it offers newer vehicles, more space, and an improved overall ride experience without exceeding their budgets.
Bolt links the growth of the Comfort category to the increase in available drivers, which enhances the broad availability of the service and reduces waiting times. This data demonstrates that accessibility plays a vital role in consumer behavior. Kaladjizich emphasized that improving access was a central element of this category's growth. He added: 'It's not about consumers moving towards luxury; it's about affordable quality. The rapid growth we observed in Comfort proves that when you improve accessibility while keeping prices within reach, people respond. This strengthens our belief that mobility should offer both accessibility and choice.'
The findings also reflect a broader trend in purchasing decisions among South Africans. Across all sectors, consumers are increasingly seeking products and services that provide measurable value, rather than simply choosing the cheapest or the most expensive option. Small price differences are often acceptable if they lead to better quality, greater convenience, or a more reliable experience.
For ride-sharing platforms, this opens up opportunities to expand their offerings without neglecting accessibility. While budget options continue to dominate demand, there is evidence that a portion of the market is willing to spend a little more if the additional cost is justified. Nevertheless, at present, accessibility remains the defining characteristic of the South African ride-sharing market, as more than nine out of every ten Bolt trips fall into the company's lowest-budget categories, confirming that for most passengers, price remains the decisive factor. As long as economic pressure persists, the price-to-quality ratio is likely to remain the strongest driver of consumer choice.
Most people throw away mango seeds without thinking about it, but Jasmit Singh Arora collects them. This man, known as the 'Guthi Man of India,' is contributing to the development of fruit orchards and the restoration of green cover across India.
During his travels through the villages of West Bengal, he met farmers who were facing issues with poor soil, declining incomes, and unpredictable harvests. He was looking for a long-term solution that could benefit future generations.
He considered what would happen if every discarded mango seed turned into a fruit tree. Farmers could earn income from the orchards for many years, and new trees would begin to grow across the country.
When Jasmit started collecting mango seeds in 2019, people laughed at him. As he recalls, even his friends did not understand why he was collecting mango seeds, but he had his own vision.
The situation changed after a video featuring his daughter. Soon, schools, families, soldiers, and juice vendors from all over India began sending mango seeds. In one season, more than 1.1 million seeds were collected.
These seeds germinate, grow into healthy saplings, and are grafted with local mango varieties. This approach allows each tree to adapt to where it will be grown. The saplings are given to farmers free of charge along with consultations on organic farming.
This improves soil condition, reduces the use of chemicals, and provides farmers with an additional source of income. From a small number of collected guthis to over eight hundred thousand fruit tree saplings, Jasmit's idea has turned into a nationwide movement supported by thousands of ordinary people.
The mango tree provides fruit, shade, and shelter for birds. It also sequesters carbon and supports farming families for decades. One seed has the potential to have an impact far beyond a single season.
Next time you eat a mango, do not throw away the seed. By donating it to the Guthi Man, you help turn it into a fruit tree for a farmer. To participate, you can contact 9831459390. Every guthi has the potential to become a forest.
