There is a new idea around that there is no compounding benefit in mutual fund investment. This seems to have started as one of those social media attention-getting statements and has taken on a life of its own. I see ‘finfluencer’ types repeating this as a great piece of revealed wisdom, implying that this is…
The Reserve Bank of India (RBI) recently announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. The banks will start the campaign on June 1. What are unclaimed deposits? The balances in savings or…
The Unique Identification Authority of India (UIDAI) has made online updation of Aadhar documents free till June 14, 2023. Usually, it costs a fee of ₹50 to update the Aadhaar details. However, till 14 June, updating demographic details online via UIDAI’s official website will be free of cost. It is important to note that this…
Society of Manufacturers of Electric Vehicles on Tuesday said the sudden reduction of subsidy of electric two-wheelers may lead to a major decline in EV adoption, impacting the entire industry for a considerable period of time. Startup players in the electric mobility space, however, welcomed the government’s decision saying it was time for the EV…
After releasing the Excel utility of income tax return (ITR) forms 1 and 4 on April 25, 2023, the income tax department has now enabled the online forms for ITR-1 and 4. As per the income tax website, “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with…
Public Provident Fund (PPF), the popular long-term savings scheme, which matures in 15 years is currently giving 7.1% interest annually. A PPF account can be opened in a Post Office. Even some banks like the State Bank of India (SBI) also provide the option of opening a PPF account. The account can be opened either…
Government employees in Chattisgarh have reportedly expressed grievances pertaining to Old Pension Scheme that the state adopted in 2022. According to a report by India Today, several government employees have not received any benefit from the OPS scheme. Citing a class 3 Employee Association union leader, who spent 40 years in a government job, said…
Thiruvananthapurambased software professional Sruthi Suresh pays a high tax because her pay structure is not very tax friendly and she does not claim all the deductions available to her. Taxspanner estimates that Suresh can save nearly Rs.63,000 in tax if her company rejigs her salary package, she opts for the NPS benefit from her company…
The Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) are two tax-effi cient government savings schemes that offer good interest rates. Both are suitable for creating a corpus over a long term, though SSY offers higher interest rates than PPF. Here’s how to choose between them. PreconditionOnly parents of a girl under the age…
PPF account: Public Provident Fund (PPF) is a popular long-term savings scheme in India. At present, it offers a 7.1% interest rate effective 1 April 2023. Like every other savings scheme, PPF also has some disadvantages that you should consider before investing. Top 5 reasons not to invest in PPF 1)Lower than the EPF interest…