The most common mistake is investing without assessing suitability and long-term implications.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
The amendments to the SCSS will help many retirees within the senior citizens segment who had earlier been left out.
If you are a senior citizen who is looking at earning regular returns without taking on too much risk, the Senior Citizens Savings Scheme is the place to be.
Extend your scheme by three years, especially if you have not crossed the limit of Rs 15 lakh.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The scheme is available for citizens above 60 years of age; however a provision has been put in place for individuals who have crossed 55 years of age. Such individuals may invest subject to the conditions that,
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The interest rate on these schemes have remained unchanged for over a year now.
Here's a formula that helps you understand how much money you will need to retire early in India and simple steps to achieve it.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
'Young investors should focus more on equity, while retired senior citizens should prioritise fixed income.' 'Mid-career investors should aim for a balanced allocation.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent, Sitharaman announced.
It is a good option for parents of girl children who want a debt product and do not mind its low liquidity.
'The global situation is not very good.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
rediffGURU Kirtan A Shah answers your personal finance queries.
The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy. While the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively, there has been an increase between 0.1 per cent and 0.7 per cent in other saving schemes, a finance ministry statement said. The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.7 per cent, up from 7 per cent, for the April 1 to June 30, 2023 period.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
The government on Thursday kept interest rates unchanged on small savings schemes, including NSC and PPF, for the second quarter of 2022-23 amid high inflation and rising interest rate. The interest rate on small savings schemes has not been revised since the first quarter of 2020-21. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter of this fiscal.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Be wary of co-operative banks which have historically been most vulnerable.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Senior Citizens' Savings Scheme 2004 offers 9 per cent rate of interest on deposits. But most banks offer 9 per cent or more interest rate these days.
Senior citizens should avoid putting their entire retirement corpus in SCSS.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
In a relief to savers, the government on Wednesday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the COVID-19 pandemic. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter as well. "The rates of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021, and ending on September 30, 2021, shall remain unchanged from the current rates applicable for the first quarter (April 1, 2021 to June 30, 2021) for FY 2021-22," the finance ministry said in a notification.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
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