Investment oi-Vipul Das | Posted: Saturday March 19th 2022, 02:58 PM [IST] Having an investment plan that allows you to earn returns while providing you with adequate liquidity to weather financial crises is a must in your portfolio. Accordingly, salaried and non-salaried persons must open a savings account. Interest rates for savings bank accounts are […]
Ujjivan Small Finance Bank The Classic Savings Account is a standard savings account offered by Ujjivan Small Finance Bank. Any resident aged 18 or over can open this account, but they must maintain a minimum average balance of Rs 5,000 for the account to remain operational. Greater savings with interest rates up to 7%, issuance […]
Indian Overseas Bank (IOB) has revised interest rates on savings accounts effective March 10, 2022. According to the bank’s website, savings account holders would now get a maximum annual interest rate of 2.90% for balances above Rs 1 crore, and for balances below Rs 1 crore, the rate interest rate was set at 2.75%. Indian […]
A national term deposit account can be opened with a minimum of Rs 1000. Postal Savings Plan. The post office offers popular formulas. One of them is the National Savings Time Deposit Account (TD). It is like the traditional fixed deposit (FD). Investors have the option of opening one-year, two-year, three-year and five-year accounts. INVESTMENT […]
Canara Bank This public sector bank recently updated its interest rates on savings bank deposits; the new interest rates are effective from 01.03.2022, and the bank now grants a maximum interest rate of 3.50% on savings accounts with outstanding balances of Rs 1000 Cr and above. See the bank’s most recent interest rates on savings […]
Investment oi-Vipul Das | Posted: Friday March 4th 2022, 9:59 AM [IST] Canara Bank, a public sector lender, has revised interest rates on National Savings Accounts, NRO and NRE. The revised rates come into effect on March 1, 2022. Following the recent change, the bank now grants an interest rate of 2.90% on outstanding savings […]
Investment oi-Vipul Das | Posted: Wednesday March 2nd 2022, 12:49 PM [IST] A savings account is a financial product that allows risk-averse investors with short-term goals or in need of emergency funds and provides security for their funds while generating decent returns. The DICGC insures your funds up to Rs. 5 lakhs, and savings accounts, […]
Airtel Payments Bank Airtel Payments Bank has announced an interest rate of 6% per annum on savings account deposits of over Rs. 1 lakh from 3 May 2021. As a result of this initiative, Airtel Payments Bank became first payments bank to adopt Reserve Bank of India’s (RBI) higher end-of-day savings cap of Rs 2 […]
Bank of Baroda Savings Account Interest Rates Effective Feb 25, 2022, BoB is granting an interest rate of 2.75% on savings bank accounts with an outstanding balance of up to Rs. 1.00 lakh. The bank currently grants an interest rate of 2.85% on outstanding balances ranging from Rs 1.00 lakh to Rs 200 crores. The […]
Business oi-Vipul Das | Updated: Friday, February 18, 2022, 10:33 AM [IST] Private sector lender IDFC First Bank has revised interest rates on deposits in savings accounts. According to the bank’s official website, the new rates come into effect on February 18, 2022 and the bank now offers a maximum return of 5.00% on deposits […]
Yes Bank savings account interest rate From 8 February 2022, the bank will offer an annual interest rate of 4.00% on daily savings account balances up to Rs 1 lakh. Previously, the bank offered an interest rate of 4.50% on savings account balances above Rs 1 lac and below Rs 10 lac; however, the bank […]
Investment oi-Vipul Das | Posted: Tuesday February 8th 2022, 12:23 PM [IST] Private sector lender DCB Bank has revised interest rates on savings bank deposits. The revised rates come into effect on February 7, 2022 and apply to resident, non-resident and non-resident foreign savings bank accounts. The Elite Savings Account, Family Savings Account, Shubh Labh […]
India Post Payments Bank (IPPB) has introduced a digital savings account closure fee of Rs 150 + GST effective March 5, 2022. The fee will only apply if the digital savings account is closed after one year due to lack of KYC update. Otherwise, there is no charge for closing the account. The India Post […]
HDFC bank account: Amid a positive trend among banks to increase interest rates on various deposit accounts, HDFC Bank has revised its interest rates on its savings accounts for its customers. The lender, which is India’s largest private sector, has raised interest rates on HDFC bank savings accounts. The move was notified on the HDFC […]
Investment oi-Vipul Das | Posted: Wednesday February 2nd 2022, 04:48 PM [IST] The country’s largest private sector lender, HDFC Bank, has adjusted interest rates on its savings accounts. The new rates, according to the bank’s official website, are effective as of today, February 2, 2022, and apply to National Savings Accounts, NRO and NRE. HDFC […]
Postal Savings Plan: Investing in a good savings plan has always been a priority for the middle class in India, who mainly seek to invest in a policy with a high interest rate and guaranteed returns. While fixed deposits in banks meet this need, the interest rate and tax benefits are not as high as […]
Postal Savings Plan: Citizens of India, largely in the lower middle class and middle class sections, still rely on savings schemes that guarantee an assured return at maturity so that none of their hard-earned money is lost . Therefore, they tend to invest their money in government supported programs. The post, in this regard, is […]
Postal Savings Plan: Senior citizens in India are not yet too digitally compliant as they are not tech savvy. Due to this, postal savings plans are still particularly popular among them, except for others. Several savings schemes offered by India Post are among the most popular risk-free savings schemes in the country. For the average […]
Every day, Ram goes to the office and works hard for his money. He acts responsibly and saves his money in various financial instruments. Some of his money is invested in stocks, some in mutual funds, while some is kept in term deposits (in case of emergency). He doesn’t save a lot of money in […]
Investment oi-Vipul Das | Posted: Thursday January 20th 2022, 12:58 PM [IST] Suryoday Small Finance Bank (SFB) has changed interest rates on domestic, non-resident and non-resident savings accounts. The new rates are effective as of today, January 20, 2022, according to the bank’s official website. Savings Ujjwal, Savings Aditya, Savings Classic, Savings Supreme, Savings Health […]
Budget 2022 Expectations for the Elderly: SBI Research suggests tax exemption of Rs1 lakh for the elderly under Section 80TTB. Expectations of the 2022 budget for seniors: SBI Research has suggested that the government should promote savings by increasing the tax exemption for the elderly under Section 80TTB to Rs 1 lakh. Currently, under this […]
The Punjab National Bank (PNB) has announced an increase in general banking service charges (non-credit related service charges). The same will be applicable from January 15, 2022 and will include services such as quarterly average balance, no minimum balance maintenance, locker fees, among others. Here is the list of all the loads to hike by […]
Classroom oi-Vipul Das | Posted: Tuesday January 11th, 2022 10:27 AM [IST] India Post Payments Bank (IPPB) customers can increase their IPPB savings account balance limit online. The IPPB now allows a maximum savings account balance limit of Rs. 2 lakh, however, customers can increase it by using the swipe in and out feature. Regular […]
Investment oi-Vipul Das | Posted: Friday January 7th, 2022 03:12 PM [IST] The Punjab National Bank and Suryoday Small Finance Bank, two of the country’s well-known lenders, have revised the interest rates on their savings accounts. On January 1, 2022, the Punjab National Bank changed the interest rates on its savings accounts, while the new […]
Postal savings plan: convert Rs 10 lakh into Rs 14 lakh in 60 months and benefit from tax advantages under section 80C New Delhi: The National Savings Certificate (NSC) is one of the most popular postal savings programs that offers guaranteed returns as well as tax benefits under section 80C. Financial planners often advise risk-averse […]
The savings account is a safe place where you can set aside a portion of your income for emergencies in the near future. An added benefit of the savings account is that we receive interest on our money. It is very beneficial for people who work with regular monthly income. At any time, money can […]
Investment oi-Vipul Das | Posted: Wednesday December 22nd, 2021 01:22 PM [IST] Suryoday Small Finance Bank (SFB) revised its interest rates on domestic savings accounts / NRE / NRO. The bank is currently promising an interest rate of 4.00% on daily closing balances up to Rs. 1 lakh, 6.25% on daily closing balances above Rs. […]
Much like term deposit (FD) investors, customers of savings accounts have complained about low and low interest rates on savings. Over the past two years, banks have reduced interest rates on savings accounts. More recently, for example, the Punjab National Bank (PNB) recently lowered interest rates on national savings accounts and NRIs. According to the […]
The Post Office, via a notification dated November 22, 2021, said it had “received statements from the Senior Citizens’ Savings Scheme (SCSS) account holder (s) that the TDS amount has been deducted from their payments of interest even after submission of form 15G / 15H for the current fiscal year. The department stated that “the […]
Investment oi-Vipul Das | Posted: Friday December 3rd, 2021 01:02 PM [IST] RBL Bank, one of the leading private sector banks in India, has revised its interest rates on savings accounts. According to the bank’s official website, the new rates are in effect from December 1, 2021, and savings account holders will now be eligible […]
At a time when the interest rates on large bank savings accounts are below 3%, some smaller banks are offering higher rates. For example, RBL Bank offers interest rates ranging from 4.25% to 6% on their savings account. According to an email sent to clients, RBL Bank’s interest rate on savings accounts with a balance […]
Punjab National Bank Savings Accounts Punjab National Bank offers the following (General) Savings Deposit Accounts to serve all kinds of customers and meet their basic personal financial needs. PNB Unnati savings fund account PNB savings account product for Premium customers PNB Saving Fund Prudential deposit plan for individuals PNB Caisse d’Epargne Prudent Sweep For Establishment […]
The Punjab National Bank is ready to give a big shock to its account holders. The bank decided to change the interest rate on savings accounts. The Punjab National Bank has decided to cut interest rates on savings accounts from December 1. According to information published on the official Punjab National Bank website, interest rates […]
Bandhan Bank Savings Account Interest Rate: Bank customers, here’s an important update for you. Bank Bandhan recently revised its interest rate for its customers on savings accounts. In order to attract new customers to its savings options, the bank offers interest rates of up to 6%.Also Read – RBI Lifts Restriction on Bandhan Bank MD […]
Bandhan Bank revised its interest rate offer on savings accounts. In an effort to attract new customers to its savings options, the bank revised its interest rates to 6%. Although there has been a slow decline in interest rate offers lately, the current interest rate on Bandhan’s savings bank is one of the highest in […]
CSB Bank FD rate CSB Bank offers several fixed deposit systems to its customers and, under the ordinary fixed deposit system, the bank allows a minimum deposit amount of Rs 1000 up to Rs 2 Cr for a maturity period of 7 days at 10 years. The bank currently offers the highest interest rate of […]
Investment oi-Vipul Das | Posted: Thursday November 4th, 2021 03:44 PM [IST] Bandhan Bank offers a variety of savings accounts including Elite Savings Account, Premium Savings Account, Advantage Savings Account, Respect Program – For Seniors, Standard Savings Account, Special Savings Account, Sanchay Savings Account, Company Salary Accounts, BSBDA Savings Account and BSBDA-Small Savings Account for […]
NEW DELHI: By keeping small savings rates stable for six quarters, the government pays between 47 and 178 basis points (100 basis points equals one percentage point) higher than the parking funds in the public provident fund , the national savings certificate or office term deposits, the Reserve Bank of India (RBI) announced on Monday. […]
Pune (Maharashtra) [India], Oct. 18 (ANI / NewsView): Investing in a strong financial tool that is unlikely to be affected by market fluctuations is a great option for protecting your income. As an investor, you may find it best suited to deposit your savings in the bank. However, this is not the smartest option as […]
Airtel Payments Bank Savings Account Interest Rate Opening a savings account with Airtel Payments Bank is a fully digital process via a KYC video process from the Airtel Thanks app and you will get over 5 Lac bank points to manage your accounts, coverage for Rs. 1 Lac personal accident insurance, no minimum balance requirement, […]
Planning oi-Kuntala Sarkar | Posted: Thursday October 7th, 2021 12:39 PM [IST] A savings account is a bank account that benefits employees with regular monthly income. A savings account is insured up to Rs. 1 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), Ministry of Finance. Besides a bank, you can also open […]
When you leave your money lying around, you might be tempted to spend it. By guaranteeing it in a savings account, you make it grow regularly by earning interest on it. You can choose to open a savings account for a number of personal reasons – to secure your money, set aside an emergency fund, […]
October 1 is celebrated as the International Day of Older Persons around the world. The day is celebrated to raise awareness of issues affecting the elderly. On this international day of the elderly, here is how an elderly person can secure their finances by investing in the Savings Plan for Seniors (SCSS). India Post used […]
Amid the quest to achieve various crucial life goals through wealth creation and also reduce their income tax through tax saving instruments, many people often have to compromise on one of these two aspects when planning financial. While some financial instruments are sufficient on the wealth creation front but do not offer enough or no […]
New Delhi | Jagran Business Office: Since banks have reduced the interest rate offered on Fixed Deposits (FDs), people have started to keep their money in a savings account as they get a higher interest rate from them compared to FD. There are many advantages to having a savings account. These include cash, high interest, […]
When thinking of investing money in a safe and reliable way, the first thing that often comes to mind is the use of term deposit accounts or savings accounts with your banks. However, there is an equally effective alternative. You should consider investing your money through the Post’s Savings Plan, or more specifically, the Post’s […]
Since maintaining a minimum balance in a savings bank account is a difficult task, many people prefer a zero balance savings account where they are not required to maintain a minimum balance. Most banks require their customers to maintain a minimum balance in their savings accounts and this has become difficult due to the ongoing […]
New Delhi: If you are over 60 and are planning to invest your hard-earned savings in a secure investment vehicle, you may consider placing your money in the Seniors Savings Program or term deposits. India Post launched the Elderly Savings Program for Elderly Investors in 2004. The program is also run by public sector banks […]
Most of the time, seniors place their retirement savings in risk-free areas. They don’t want to risk their savings in uncharted territory. For a safe bet, they deposit their money in the mail, government-related programs, or opt for term deposit programs to earn regular income after retirement. LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) and […]
Saving money for the future is one of the most important things a person should do as soon as they start making money, especially for financial security in old age and after retirement. . If it is not planned, retirement is a source of uncertainty. However, there are savings products that are safe and provide […]
Five investment plans for seniors with regular income | Photo credit: BCCL New Delhi: Due to the onslaught of the Covid-19 pandemic, central banks around the world have been pushing to cut interest rates to avoid liquidity pressures. While lower interest rates can be a tonic for a struggling economy, they can negatively impact seniors […]
Representation image Highlights ICICI Bank has published a notice on its revised limits on cash transactions, ATM exchange and checkbook fees for domestic savings account holders on its website. Customers of ICICI Bank regular savings accounts will get the first 3 transactions (including financial and non-financial) for free at 6 metro stations in one month. […]
Giving great relief to applicants for a depositor of the Seniors Savings Program (SCSS), the Association of Indian Banks (IBA) has asked its member banks not to impose a penalty for withdrawing from the program by a candidate or legal heir after death. of the account holder. In a circular, IBA says it has come […]
Savings account holders of this bank can benefit from a monthly interest credit Highlights The bank will credit interest to customers’ savings accounts monthly The bank has activated the monthly credit facility for all its savings account customers from July 1, 2021 Interest on savings balances will be credited by the Bank on the 1st […]
The Seniors Savings Plan can be opened before the age of 60; here is how | Photo credit: PTI Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme designed to provide a stable, low-risk income stream for seniors along with tax benefits. Retirees can invest up to Rs 15 lakh as a lump sum […]
NEW DELHI: A Savings Plan for Seniors (SCSS) is a government-supported retirement scheme. A senior can invest in the scheme on a lump sum basis, individually or jointly, and access regular income as well as tax benefits. Here are the following three criteria that can help an Indian resident to invest in the program. 1. […]
Almost everyone has a savings account. But do you know how much balance you can keep in your account that will not be taxed? Account holders should be aware that banks pay annual interest on the savings account. However, all banks have different interest rates. Few account holders also don’t know how much money they […]
IDFC First Bank was the only bank that offered 6% interest rates to small depositors – those who maintained a balance below ₹1,000,000. The bank would offer it to all depositors maintaining a balance of up to ₹1 crore. But from May 1, the bank lowered its interest rates on the savings account. Taking inspiration […]
Calculation of SCSS Fixed Income Securities The interest rate provided for under the Senior Savings Plan is adjusted quarterly. The interest rate announced at the time of investment remains unchanged for the duration of the maturity period and is not affected by changes in the coming quarter. For example, Mr. A deposited Rs 1 lakh […]
SCSS vs PMVVY New Delhi: Seniors mainly prefer risk-free instruments to park their retirement savings. This is the reason why they mainly opt for fixed bank deposits to get regular income after retirement. However, since interest rates on term deposits have fallen significantly due to the RBI’s 115 basis point repo rate cut by the […]
Options for Seniors as FD Loses its Luster with Negative Real Interest Rate | Photo credit: Thinkstock In an age when interest rates on fixed income assets are at historically low levels, investors, especially those who depend on interest income, are being left behind. On top of that, rising inflation levels reduce the meager returns […]
Equity savings plan: ELSS mutual funds have a three-year blocking period A stock linked savings plan or ELSS is one of the most popular categories of mutual funds that offer tax benefits. Under the provisions of section 80C of the Income Tax Act 1961, a person can claim tax deductions of up to Rs 1.5 […]
Personal finance oi-Roshni Agarwal | Posted: Saturday April 3rd, 2021 01:04 PM [IST] A sharp sharp drop in interest rates announced for the new quarter starting in April on the Post’s savings plan, then an overnight withdrawal has left many wondering how long the rates that are currently at. the hike given the low interest […]
How much money can you put in and withdraw from a savings account over the course of a fiscal year to stay off the tax radar? In order to meet their banking needs, people from all walks of life, including salaried people, are required to have at least one savings account, while many also maintain […]
Savings Plan for Seniors vs PMVVY: Knowing the Best Investment Option for You New Delhi: Seniors have become the biggest victim of this drop in repo rates as FD bank rates have fallen. As seniors mainly depend on their own income, their income has dropped by up to 30% over the past year, making it […]
Pradhan Mantri Vaya Vandana Yojana (PMVVY) and Senior Citizen Savings Scheme (SCSS) are preferable fixed income options for the elderly. The central government supports both programs and they offer better long-term returns compared to other safe options. But if seniors have to choose one of the two, which one to choose? SCSS offers rates of […]
Planning oi-Vipul Das | Posted: Tuesday March 9th, 2021 04:53 PM [IST] Senior Citizens Savings Scheme is a large, small savings program for seniors, with a current interest rate of 7.4 percent per year. The SCSS, which has a maturity of five years, allows them to have a stable income at retirement age. A natural […]
Of all the section 80C options, ELSS comes with the lowest lockout period of just 3 years. Most taxpayers are considering various tax-saving investment options as they approach the last quarter of the fiscal year. However, with limited financial literacy and several options available under section 80C, investors often end up investing in suboptimal tax […]
SBI special FD vs Senior Citizen Savings Scheme: which one to choose New Delhi: Planning for retirement is one of the key financial steps everyone should take to ensure they are financially stable after retirement. You need to save and invest enough to ensure that your retirement corpus is large enough that you can maintain […]
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Investment oi-Vipul Das | Posted: Saturday December 12th, 2020 01:27 PM [IST] Many older people are currently looking for safe ways of investing to get a decent return on them at the same time. The preferred investment option of the elderly, the Senior Citizens Savings Scheme (SCSS), not only provides a steady stream of income, […]
Investment oi-Vipul Das | Updated: Monday 23 November 2020, 16:14 [IST] The SCSS, a public scheme, allows seniors to invest funds in or for retirement benefits and earn 7.4% interest income on the deposit on a quarterly basis. An SCSS account can be opened individually or jointly with your spouse at any bank or post […]
The minimum amount for opening a SCSS account and the maximum balance are set at Rs 1,000 and Rs 15 lakhs respectively. The Seniors Savings Plan is one of the most popular investment options for people over the age of 60. People after retirement typically look for places to keep their savings safe, while still […]
The Seniors Savings Plan (SCSS) is a government-backed plan that offers seniors a great way to invest a portion of their retirement corpus and earn quarterly interest. Security of capital and assured periodic returns play a key role in choosing an investment program, especially in the case of the elderly. This scheme, which offers guaranteed […]
The Seniors Savings Plan (SCSS) is a government plan that allows seniors to save retirement funds and earn quarterly interest on the deposit. This account can be opened at any bank or post office and has a lifespan of 5 years which can be extended up to 8 years. Eligibility criteria A person who has […]
To get the best return while building wealth, you need to combine both high risk and high return funds as well as low risk and fixed return investment options. People over the age of 60 and looking for places to keep their savings safe after retirement while earning a moderate rate of return, typically land […]
The senior savings plan was set up in 2004 with the aim of offering seniors a stable and secure source of income for their post-retirement. How to open a Seniors Savings account The Seniors Savings Plan (SCSS) is a government-funded savings plan for people over 60. The SCSS is a government-backed plan. Payment to the […]
SCSS: Interest on deposits under this scheme is announced by the government for each quarter in advance. All retired seniors struggle to meet both goals due to the double whammy of constant inflation accompanied by falling interest rates all around. Interest rates offered by banks on term deposits have fallen to around 6%. Although private […]
A person aged 60 and over can open a SCSS account with SBI. The State Bank of India (SBI) offers the opportunity to open a Seniors Savings Scheme (SCSS) – an investment avenue that helps generate wealth for a successful retirement life. According to the SBI-sbi.co.in website, a depositor can open the SCSS account either […]
Postal savings: The Caisse d’Epargne Senior (SCSS) account has a maturity of 5 years. In the provisional budget for 2019-2020, the government proposed to raise the threshold for withholding tax (TDS) on interest received on bank and postal deposits from Rs 10,000 to Rs 40,000. With this announcement , depositors are likely to save more […]
For a fiscal year, the minimum deposit amount is Rs. 5,000 under SBI’s Flexi deposit program. The State Bank of India (SBI) offers various deposit systems as part of its personal banking book. SBI’s 2006 Tax Savings Program offers tax benefits of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act […]