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.
The popular Five-Year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
With the reduction, term deposits of 1-3 years will now fetch an interest rate of 5.5 per cent from the existing 6.9 per cent.
Finance Minister Nirmala Sitharaman on Thursday said the government will roll back a steep interest rate cut on small saving schemes such as PPF and NSC -- saying it was an oversight, a move being seen as an attempt by the ruling Bharatiya Janata Party to contain the fallout of a decision hitting the common man in the ongoing elections in West Bengal, Assam and three other states.
'The BJP lacks a credible mass leader who matches Mamata Banerjee's popularity.' 'Given the division of votes among Opposition parties, the West Bengal government's dole-giving strategy, and the consolidation of the poor, significant sections of scheduled caste groups and Muslim minorities behind the ruling party, it will be difficult to dislodge the Trinamool from power.'
Here are some tips for salaried class to reduce their tax burden as the financial year is nearing its close come March 31.
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.
Wing Commander Raveendran and flight steward Sargeant Iyer, though shaken and injured, managed to open the rear door of the aircraft and shouted for Prime Minister Morarji Desai and the passengers in the forward cabin to exit in haste since they suspected that fire would engulf the aircraft.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
By following the path of Kula Dharma as mentioned in the Bhagavad Gita, you will not only be securing your child's future but also contributing to your own early sukoon (peace and well-being), says Vatsal Ramaiya
There are reasons to limit your exposure, even with the rise in rates of small savings schemes.
Pension plans by mutual funds have a three-year lock-in like ELSS.
People are increasingly being drawn to trusty small savings instruments
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
Individuals could soon lose tax benefits available on fixed deposits with an over five-year term once the direct taxes code comes into force from April 2011.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
Asserting that the JD-S does not practice opportunistic politics, Gowda while defending the decision to ally with the BJP said, "This party has to be saved, which has been his pain and struggle for decades, and there is no selfishness in this....I took the decision."
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.
Want to invest in National Savings Certificate? Read this first.
SBI has twice hiked interest rates on fixed deposits within a month, but an investor still gets better returns at the post office.
Financial Planner Suresh Sadagopan chalks out a financial plan for Business Standard reader Rahul Lad.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
Prime Minister Narendra Modi owns assets worth over Rs 2.23 crore, mostly as bank deposits, but has no immovable properties as he has donated his share in a piece of land in Gandhinagar, according to his latest disclosure about assets.
After dematerialising crores of shares over the past seven years, the National Securities Depository Ltd is set to extend the service to other financial instruments.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Tax incentives are given to encourage savings / investments. Savings form part of your overall financial plan which in effect means tax planning is a subset of financial planning. Your financial plan will set objectives for you based on your aspirations, your life style, your age group, size of family, et cetera.
You get a tax benefit when you invest in an ELSS scheme, dividends are tax free and when you sell the units after three years, you pay no tax. And it has the lowest lock-in period when compared to the other options under Section 80C.
This is the first in a series of articles dealing with planning for children's future.
Before you start planning for taxation, you must understand that at the end of the day, it is just another investment you are making.
Nearly two million postcards and eight million letters pass through India's post offices daily.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
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