From time to time the government introduces many savings schemes for farmers. In this series, India Post has created different risk free savings schemes which give high returns while securing the future of the people living in rural areas of the country. Gram Suraksha Yojana is the most popular among the many rural postal life insurance schemes launched by the post office. Let us know everything about Gram Suraksha Scheme.

Village Security Scheme

Gram Suraksha Yojana is run under the Rural Postal Life Insurance Scheme of the Post Office. In this scheme, you can invest Rs 50 every day and get an amount of Rs 35,00,000 on maturity. This scheme has been specially designed for the rural population.

Who can invest?

Any person between the age of 19 years to 55 years can invest in the Gram Suraksha Yojana Scheme. The minimum sum assured in this post office scheme is Rs 10,000 and the maximum is Rs 10 lakh. In this scheme, premium can be deposited on monthly, quarterly, half yearly or yearly basis.

How much amount will you get?

If a person invests Rs 1,500 every month i.e. just Rs 50 daily in this scheme, then he can get a return of up to Rs 35 lakh on maturity of the scheme. If you buy a Gram Suraksha Yojana of Rs 10 lakh at the age of 19, then you will have to pay a premium of Rs 1,515 every month for 55 years. At the same time, Rs 1,463 will have to be deposited every month for 58 years and Rs 1,411 for 60 years.

Loan facility

Those investing in this scheme get loan facility after four years. If a policyholder wants to surrender it, he can do so after three years from the date of commencement of the policy. Bonus is also available on investment in this scheme after five years.

When will you get the money

The entire policy amount i.e. Rs 35 lakh is handed over to the beneficiary investing in Post Office Gram Suraksha Yojana on completing the age of 80 years, but many people demand the amount even earlier if required. In such a situation, according to the rules, a profit of Rs 31 lakh 60,000 is available on investment of 55 years, Rs 33 lakh 40,000 on investment of 58 years and Rs 34 lakh 60,000 on maturity of 60 years.

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As per the website of Association of Mutual Funds in India (AMFI), HDFC Retirement Savings Fund – Equity Plan has given annualized return of 15.36% under Direct Plan over 5 years. Calculations show that if a person had invested Rs 15 lakh in the direct plan of this scheme 5 years back, it would have grown to around Rs 30.6 lakh.

The scheme has given a return of 13.36% in 5 years under the regular plan, which could have converted a lump sum investment of Rs.15 lakhs into approximately Rs.28 lakhs during this period. In comparison, Rs 15 lakh invested in SCSS scheme 5 years ago by a senior citizen would have grown to approximately Rs 21.5 lakh at 8.7% interest rate available between 01-10-2018 and 31-12-2018 (Rs 15).

For investments made between 01-01-2018 and 30-09-2018 at the 8.3% interest rate available, the total corpus would have grown to Rs.21.2 Lakhs (Rs.15 Lakhs principal + Rs.6.2 Lakhs interest). SCSS interest is payable on a quarterly basis. This means that a fund of Rs 21.5 lakh or Rs 21.2 lakh would have been possible. However, both SCSS and retirement mutual funds serve different purposes.

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Mutual funds come with risks

SCSS is meant for guaranteed income to support post-retirement life and only senior citizens can invest in this scheme. On the other hand, retirement mutual funds come with market risk and aim to help investors accumulate funds for retirement planning. Here is a look at 5 key points about HDFC Retirement Savings Fund – Equity Plan that you need to know.

Know 5 important points

1. It is an open-ended retirement solution plan with a lock-in period of 5 years or till the age of retirement (whichever is earlier).
2. It is also a tax saving pension scheme which invests minimum 80% of the portfolio in equity and equity related.
3. The scheme was launched on February 25, 2016 and as per the information given on the website of the fund, the AUM value of the scheme as on April 30, 2023 was Rs.2964.34 Crore.
4. The scheme tracks the Nifty 500 Total Return Index and its investment objective is to provide long term income by investing in a mix of equity and debt instruments to help investors meet their retirement objectives There is no assurance that the investment objective of the scheme will be achieved.
5. If any person who is a resident of India and whose age is more than 18 years, can invest in this retirement mutual fund scheme. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) / Overseas Citizens of India (OCIs) can also invest in this scheme on Repatriation basis or Non-Repatriation basis.

These funds gave higher returns

1. The Direct Plan of Quant Mid Cap Fund has given a return of 20.45% while the Regular Plan has given a return of 18.47% in 5 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 13.75% return in 5 years.
2. The Direct Plan of PGIM India Midcap Opportunities Fund has given a return of 18.97% while the Regular Plan has given a return of 17.00% in 5 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 13.75% return in 5 years.
3. The Direct Plan of Motilal Oswal Midcap Fund has given a return of 16.91% while the Regular Plan has given a return of 15.51% in 5 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 13.75% return in 5 years.
4. The Direct Plan of Axis Midcap Fund has given a return of 16.19% while the Regular Plan has given a return of 14.71% in 5 years. The scheme tracks S&P BSE 150 Midcap Total Return Index, which has given a 5 year return of 13.01%.

These best performing Mid Cap Mutual Fund schemes have given annualized returns of over 15% in 5 years ending May 15, 2023.

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This time the interest is being paid by the government at the rate of 8.1%. However, this interest rate is the lowest in the last 40 years. Despite this, the employees have been waiting for the payment of PF for a long time. Meanwhile, EPFO ​​has given big information. If the account holders want their entire interest amount in the account, then they have to take special care of some things. Otherwise, they may have to face loss in the amount of interest.

In fact, lakhs of employees working in the private sector change their jobs every few months. After joining a new job, employees open new PF accounts in the new company from their old UAN. In such a situation, the money of the new company comes in the account and the amount stops coming in the old PF account. In such a situation, the employees may have to bear the loss of interest amount due to not getting the account done.

In such a situation, EPFO ​​has advised the employees to link all the accounts together. In doing so, interest can be paid on the amount collected in all the accounts. If the amount is more, the interest will also be higher.

PF account can be merged as soon as the UAN number is activated by the employees.

• To merge PF account, visit the official website of EPFO.
• Click on Services to login.
• Click on Apply 1 EPF Account
• a form will open
• Enter registered mobile number
• Enter the OTP number and the old PF account will be displayed as soon as you enter the OTP
• accept submit
• After sending the information, the account will be merged in a few days.

The post Good news for PF account holders, up to Rs. 40,000 will be paid, the amount in the account will increase in September! first appeared on Rightsofemployees.com.

Let us tell you that in April 2022, it was launched in Ludhiana under the pilot project of the first phase. At the same time, after its success, preparations are being made to implement it in the whole of Punjab and later in the whole country. This is one of the best pilot project prepared by EPFO. For this, all the documents of the employee retiring two months before will be completed by forming a special team and pension certificate will be provided to all the employees retiring during the retirement month simultaneously.

Explain that the EPFO ​​company should make advance payment of PF contribution due to EPFO ​​along with it for the retirement month. Required documents and required pension claims should be filed with the PF office. The ECR (Electronic Challan cum Return) has to be filed before 15th of the month in which the employee retires. Apart from this, it will be mandatory for the pensioners to submit Form-10D along with the required documents to the PF office. This will enable timely completion of formalities for pension payment and handing over of pension payment orders to pensioners.

In the matter, the Regional Commissioner says that with the guidance of the Central PF Commissioner, this project is being worked on expeditiously or whether it has been successfully used. It will be implemented in entire Punjab. In view of the successful use of the project, it has been presented before the Central Committee. After successful, a plan has been prepared to implement it across the country.

The main objective of this scheme is to make available the pension amount on time to the pensioners so that no person has to wait long for pension after retirement. Pensioners can get the amount of pension on the very first day. Under which now the employees of the state will get pension from the month of retirement.

The post Big update on pension of lakhs of pensioners, amount will be available from the month of retirement, will get benefits first appeared on Rightsofemployees.com.