On March 31, 2020, the government announced a steep cut in the interest rates on small saving schemes. Public Provident Fund (PPF) will now fetch 7.1% interest rate for Q1 2020-21 (April to June). Likewise, interest rates on other saving schemes like Sukanya Samriddhi Yojana and National Savings Certificate also dropped by 0.8% and 1.1%…
Pension receivable under EPS is set to increase significantly for private employees after the Supreme Court verdict dismissed a special leave petition filed by the EPFO (Employees Provident Fund Organisation). The special leave petition from EPFO was made against a Kerala high court judgement that instructed that pension pay out under EPS (Employees’ Pension Scheme)…
The Post Office has launched an online investment facility for several of the schemes and accounts that you can open with it. The facility has been made available for Post Office Savings Account, Post Office Term Deposit, Recurring Deposit, Public Provident Fund (PPF) and National Savings Certificate (NSC). Eligibility for starting online Post Office Investments…
Widely used as one of its kind investment instruments for tax saving and long-term growth in terms of returns generated, Public Provident Fund has become a popular choice amongst the salaried individuals. PPF scheme is a long-term investment option offering returns on the invested amount. All you should know about PPF Account A PPF account…
Employee Pension Scheme (EPS) is a social security measure which has provisions of a government guaranteed pension for the employees working in the organized sector. EPS is provided by Employee Provident Fund Organization (EPFO) after the retirement of the employee at the age of 58 years. The scheme first came in existence in 1995 and…
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Central Government. It renders an extended coverage to under localised risks, post-harvest losses, etc., focuses on generalising technology for estimation of crops and of course, encouraging crop insurance. The scheme has replaced all the other crop insurance schemes in India. Nonetheless,…
Witnessing the universal spread of N Covid-19 or Coronavirus, as people call it, the Indian government has started to ramp up efforts to contain the spread of this disease. On 26 March 2020, Nirmala Sitharaman, the Union Finance Minister of India announced a Gareeb Kalyan Yojana with a budget of Rs. 1.7 Lakh Crore in…
In her maiden budget speech, the finance minister, Nirmala Sitharaman, while presenting Union Budget 2019, has announced for a number of changes to the National Pension System (NPS) scheme. National Pension System is a government-backed pension scheme which voluntarily pools resources and invests in various securities including equity, corporate bonds and government bonds. Here is…
The Central Government has decided to pay for the employer’s contribution towards EPF and EPS accounts of the members to boost job creation in the formal sector under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY). However, this facility can be availed for only three years by the employers. Even if an employee changes his job,…
Do you feel that you are paying a huge chunk from your income on taxes? There are high chances that you do not have an efficient tax plan! A defined tax saving plan can help you benefit from tax exemption and earn tax-free income. The tax-saving season, starting from 1st April, is approaching for both salaried…
