After the tax exemption, now the government can take a big decision regarding the interest rate of Employees Provident Fund (PF). The meeting of the Central Board of Trustees of EPFO ​​​​is going to be held on 28 February, in which there can be a discussion on increasing the interest rate on PF for 2024-25.

The official agenda of this meeting has not been released yet. At the same time, this meeting will be chaired by the Union Labor Minister and representatives of employer associations and trade unions will also attend it.

PF interest rate may increase

The main focus of the Government of India at this time is to increase the demand in the market and many steps are being taken for this. After not taking tax on income up to 12 lakhs, the government wants people to increase domestic consumption as much as possible by increasing their additional income. In such a situation, it is being speculated that the interest rate on PF for 2024-25 can be increased.

EPFO has so many account holders

The government did the same in the last two years. The interest rate of PF was made 8.15% in 2022-23 and 8.25% in 2023-24. Now looking at the base rate of banks, it can be said that there may be a slight increase in the interest rates of PF. Let us tell you that EPFO ​​has accounts of more than seven crore people in the country. At the same time, according to the annual report of the year 2023-24, EPFO ​​has seven crore 37 lakh account holders. Apart from this, the number of people depositing money in the pension fund of EPFO ​​has also increased to about eight lakh.

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The last date for KYC update in PNB is 31 August 2023. In such a situation, the bank is appealing to its customers for KYC update through messages and social media, so that people can get their account KYC updated in time. Bank to ascertain that the customers having account with PNB are genuine and there is no deficiency in its operations.

Even after repeated appeals, if a customer does not update the KYC in time, then the bank may freeze the account without taking KYC update, taking strict action in such a situation. If a customer’s account is frozen, he will have to visit his home branch to get the account reopened.

PNB also issued an alert for KYC

PNB said the bank is encouraging its customers to update Know Your Customer (KYC) information before August 31, 2023, in line with RBI guidelines. For this process, the bank has sent two notices to the registered address of the customers. Also, information has also been sent through SMS. Apart from this, KY is also appealing for updates through the social media handles of the bank.

The fridge will eat up if it is not updated

The bank said that it is mandatory for all customers to update KYC. If your account has become due for KYC update by 31.03.2023, you are requested to do your KYC through PNB One/IBS/Registered E-mail/Post or in person at any branch before 31.08.2023 Go and get it updated. Failure to do so may result in a ban on the operation of your account.

Find out like this update information

Customers can also find out whether their KYC has been done or not. For this, the customer has to call the custom care number of the bank. Customer can call 18001802222 or 18001032222 to know whether the KYC process of your account is complete or not. Both these are troll free numbers. That is, you can get information for free.

These things will be needed for the update

PNB said customers are requested to provide their updated details like identity proof, address proof, recent photograph, PAN, income proof, mobile number (if not available) or any other KYC information through PNB One/. IBS/Registered email/Post or visit in person at any PNB branch for smooth functioning of your bank account.

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Through the scheme, a fixed amount is deposited annually by opening an account in the name of the daughter, which is received in the form of huge returns along with hefty interest at the time of maturity of the daughter. A large number of people invest through Sukanya in the country. The government has made PAN and Aadhaar number mandatory for Sukanya investors. Those who have not yet linked Sukanya account with PAN and Aadhaar must do so, otherwise, along with account freeze, they may have to face many other losses.

The objective of Sukanya Yojana is to cover the expenses of school education and marriage of the girl child. The scheme encourages parents to save for the cost of their daughter’s future education and marriage. The Finance Ministry has announced interest rates on Sukanya and other small savings schemes for the July-September quarter. The government has fixed the interest rate on Sukanya Samriddhi Yojana at 8% for the July-September 2023 quarter.

It has been said in the notification of the Ministry of Finance that PAN or Form 60 will need to be submitted while opening the account for investment. If PAN is not given at the time of account opening, then in any one of these cases the Aadhaar number will have to be given within two months. Sukanya account holders who have opened investment accounts after March 31 will have to link Aadhaar and PAN by submitting them to the concerned post office. The last date for submission of Aadhaar and PAN is September 2023.

According to the notification, if the amount deposited in the account of the investor is more than Rs 50 thousand at any point of time or if more than one lakh rupees are deposited in the account in any financial year, or if the amount deposited or withdrawn from the account in any month is more than Rs 10 thousand.

In such a situation, if the PAN is not given within two months, then the account will be frozen till the PAN number is made available.

Benefits of Sukanya Yojana

• The annual minimum investment in Sukanya Yojana is Rs 250, while the maximum investment is fixed at Rs 1,50,000. The tenure of Sukanya Yojana is 21 years.
• Interest is calculated on the lowest balance in the account between the 5th day of the calendar month and the end of the month. Interest is credited to the account at the end of each financial year.
• Under Section 80C of the Income Tax Act, the amount received on maturity along with the principal amount and interest is tax free.
• Account can be transferred anywhere in India from post office or bank to another. At the same time, even after maturity, interest is earned if the account is not closed.

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Investing in PPF earns interest at the rate of 7.1 percent. Explain that this interest rate available on PPF is likely to cross 8 percent in the July-September quarter. In such a situation, investing in PPF is very beneficial, but before that it is very important to know about the rules related to it.

Who can open PPF account?

Public Provident Fund, the most popular investment scheme of small savings schemes, can be opened by any Indian resident in his own name. At the same time, one of the parents can open a PPF account for a minor son or daughter. In case of death of both parents, grandparents can open PPF account as guardians of grandchildren.

How much can a person open PPF account?

According to PPF rules, a person can open only one PPF account. No person is allowed to open more than one PPF account. However, in some cases it has been seen that investors open PPF accounts in the name of wife and minor child to avail the benefits of PPF.

Know what is PPF account rule

It is worth noting that if the PPF account holder does not deposit a minimum of Rs 500 in his account at the end of the financial year, then there is a provision to impose a fine of Rs 50 per year as a default. At the same time, the investment period of PPF account is fixed at 15 years. Investors can withdraw once every year from the 7th financial year, but this amount cannot exceed 50 percent. Also, the minimum deposit amount for PPF investment is Rs 500 per year and the maximum limit is Rs 1,50,000 per year.

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The government has decided to privatize many banks and companies, on which work is going on fast. Presently government employees are opposing it.

All banks except SBI can be private

At the same time, two leading economists of the country say that the government should hand over all government banks except State Bank of India to private hands. Apart from this, NITI Aayog has told that 6 government banks of the country will not be privatised.

NITI Aayog had released the list

In the list issued by NITI Aayog, it has been told that the government will not privatize Punjab National Bank, Union Bank, Canara Bank, SBI, Bank of Baroda and Indian Bank. The government has told that these 6 banks will not be privatised. According to the information received from the government official, all those who were part of the government bank consolidation have been kept out of privatization.

The merger of banks took place in August 2019.

Let us tell you that in August 2019, 4 out of 10 banks were merged by the government, after which the number of public sector banks in the country has come down from 27 to 12. At present, there is no planning regarding the privatization of these banks. Giving opinion, the Finance Ministry has said that all these banks should be kept out of privatization.

The Finance Minister had announced that the Finance Minister had announced in last year’s budget that IDBI Bank would be privatised. The government has made a plan to sell its stake in this bank. The process has moved forward regarding this. Despite the continuous protest, the government has already cleared its stand regarding privatization. Along with this, the Finance Minister had also said that it will be sold to an insurance company.

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RBI said in a statement that this action has been taken on the basis of deficiencies in regulatory compliance. The central bank had conducted a statutory inspection regarding the monitoring investigation in the context of the financial position of the bank as on March 31, 2021. In the context of this investigation, non-compliance of rules came to light.

The bank, in violation of RBI rules, gave wrong information in respect of many expired credit cards with zero balance to all the four ‘credit’ information companies.

Notice sent to the bank

Reserve Bank of India has sent a notice to HSBC asking why penalty should not be imposed on you for violation of the aforesaid provisions of the CIC Rules. However, after this, the notice sent by the RBI was replied to by the bank.

Penalty was required

The Bank, while replying to the RBI notice and making oral submissions during the personal hearing, came to the conclusion that the allegation of violation of the aforesaid CIC Rules was warranted and monetary penalty was warranted.

These banks were also fined

In addition, the central bank has imposed a monetary penalty of Rs 2 lakh on Thrissur Urban Co-operative Bank Ltd., Thrissur, Kerala. Which was for non-adherence to the instructions issued by the central bank on the management of advances. In another statement, RBI said that it has imposed a penalty of Rs 1.25 lakh on hilai Nagarik Sahakari Bank Maryadit, Bhilai (Chhattisgarh).

The RBI had imposed these penalties on these banks for violation/non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014.

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Linking KYC documents has been made mandatory for account holders investing in Sukanya Samriddhi Yojana to get interest rate and maturity amount. The Finance Ministry has made it mandatory for Sukanya investors to link their accounts with Aadhaar and PAN for financial monitoring and security of account holders. A deadline has also been announced for this, if the link is not made before the deadline, the Sukanya account may freeze.

Interest rate on Sukanya Samriddhi Yojana

The central government has revised the interest rates on small savings schemes and post office savings schemes for the April-June quarter. Under which the interest rate on Sukanya Sukanya Samriddhi Yojana has become 8 percent, which was earlier 7.6 percent. The Finance Ministry, while issuing a circular on March 31, 2023, has made it necessary to link the accounts of small savings schemes including all Sukanya investors with Aadhaar.

What is Sukanya Samriddhi Yojana

The Central Government had started Sukanya Samriddhi Yojana in the year 2015 under Beti Bachao-Beti Padhao Mission. In this scheme, the amount can be deposited for 15 years by opening an account in the name of the daughter. For Sukanya Yojana, the account of a girl child below 10 years of age can be opened. Parents can open Sukanya account for their daughter in the nearest bank or post office.

Deadline to link Aadhaar with Sukanya account

According to the Finance Ministry, if the investor of Sukanya Samriddhi Yojana has opened the account before 31 March 2023 and has not submitted his Aadhaar number to the accounts office, then he should submit the Aadhaar number to the concerned office within six months from 1 April 2023. Apart from this, the post office or bank where the account of Sukanya Samriddhi Yojana has been opened can also be linked by depositing Aadhaar. The last date for submission of Aadhaar is 30 September 2023. Sukanya account holders can also submit PAN along with Aadhaar.

What will happen if the Sukanya account is not linked to Aadhaar, according to the instructions of the Ministry of Finance, if the Aadhaar number is not linked to the Sukanya Samriddhi Yojana account within the given time limit, then the account will be frozen. In such a situation, the investor may have to face many problems.

The amount of interest payable will not be credited to the account of the Sukanya account holder. At the same time, even the Sukanya account holder will not be able to deposit the installment. Whereas, on maturity of Sukanya Samriddhi Yojana, the amount will not be transferred to the bank account specified by the account holder.

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If you also have an account in a government bank, then you should know before that which bank is going to be privatised. Giving information today, Deepam Secretary has told that the process of privatization of IDBI Bank is progressing rapidly.

Rejected media reports

The Central Government said on Friday that the process of disinvestment of IDBI Bank is going on as per the prescribed strategic sale process. He also dismissed the media reports that it was being said that the disinvestment of IDBI could be postponed.

Deepam secretary tweeted

The Department of Investment and Public Asset Management (DIPAM) said that the stake sale in the bank has moved beyond the expression of interest (EoI) stage. Deepam Secretary Tuhin Kant Pandey has tweeted that after receiving various EOIs, the transaction is now progressing as per the prescribed procedure.

LIC has 61 percent stake

The government had received several initial rounds of bids in January for the strategic sale of about 61 per cent stake held by it and LIC in IDBI Bank.

What is the share of the government?

Bids were invited from potential buyers in October last for the sale of a total of 60.72 per cent stake, including 30.48 per cent government and LIC’s 30.24 per cent stake in IDBI Bank. At present, both the government and LIC together hold 94.72 per cent stake in this bank.

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The government has increased the interest on Sukanya Samriddhi Yojana, a special scheme for girls, from 7.60 per cent to 8 per cent. This is more than many schemes and such returns can be obtained from any debt mutual fund only. Increasing the interest rate of the government will greatly benefit the investors of this scheme.