Transferring money from a credit card to your bank account can be useful in certain situations, such as when you need money urgently or want to take advantage of a promotional offer (such as a balance transfer). However, it’s important to understand that these transactions may incur higher fees and interest.

When you transfer money from a credit card to a bank account, it’s called a cash advance. This applies a higher interest rate than a regular purchase and may also incur additional charges. Therefore, always review your credit card’s terms and conditions first.

Ways to Transfer Money from a Credit Card to a Bank Account

Through Net Banking (if the bank offers this feature)

Some banks in India offer the ability to transfer money directly from a credit card to a bank account through their net banking platforms.

• Advantages: Easy and fast.
• Disadvantages: Not every bank offers this feature. Transfer limits are also set.
  Steps:
• Login to your bank’s net banking site.
• Go to the “Credit Card” or “Funds Transfer” section.
• Select an option like “Transfer from Credit Card” or “Cash Advance.”
• Enter the transfer amount and bank account details.
• Check the details and confirm the transaction.

Phone Banking

Some credit card companies allow you to make a transfer by calling the customer care number.

• Advantage: No internet connection required.
• Disadvantage: May require a wait time on the call.

Steps:

• Call your credit card company’s customer care number.
• Inform them that you want to transfer money to your bank account.
• Provide the amount and account details.
• Follow their instructions for further processing.

Cash Advance and Deposit
This method allows you to withdraw cash from an ATM using your credit card and then deposit it into your bank account. This is the most expensive method because it incurs a high interest rate and a cash advance fee, which is calculated on the same day of the transaction. Use this method only in emergencies.

Why shouldn’t you transfer money from a credit card to a bank account?

• High fees: Credit card to bank transfers are considered cash advances. Fees may range from 2.5% to 3%.
• High interest rates: Interest accrues immediately, with no grace period. This rate is higher than for regular purchases.
• Detrimental impact on credit score: Repeated cash advances increase your credit utilization ratio. This can be considered a sign of financial stress and can lower your score.

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If this linking is not done, then you may face many problems in your income tax refund , online payment or bank transactions. Meaning, without linking, your money and banking work may get disrupted.

Why is it necessary to link PAN to bank account?
The Central Board of Direct Taxes (CBDT) has made it clear that it is mandatory to link every savings account with a PAN number. By doing this, your income tax refund comes directly into the account.

If your account is not linked to PAN , the bank can restrict some transactions. Transfer and debit services may be stopped due to incomplete KYC. Restrictions have also been imposed on such accounts since December 2016.

Step-by-step process to link PAN and bank account:

Linking PAN card to bank account is now very easy. For this, just follow these steps:

• First of all see how many bank accounts are in your name.
• Login to your bank’s internet banking site or mobile app.
• Go to the dashboard and look for the “Services” or “Service Request” section.
• There you will get the option of “Link PAN” or “Update PAN”.
• Click on it and fill the required information – PAN number, date of birth, registered email ID.
• Double check all the details before submitting.

After submission, the bank will link your account with PAN within 7 working days.

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It is very important to have a bank account to carry out any financial transaction. In today’s time, opening a bank account is quite easy. But it is equally important to close it thoughtfully. Many people forget small things while closing the account.

If these things are not taken care of while closing the bank account, then you may have to suffer financial loss in the future. Therefore, it is wise to understand the entire process and the necessary documents before taking any step.

We are going to tell you three such things. Which you should keep in mind while closing the bank account. First of all, pay attention to any remaining amount related to closing the account. Many times people forget to transfer the remaining balance in the account.

This allows the bank to use that money for charges or other deductions. So before closing the account, make sure that the balance is zero or transferred. Secondly, all auto-payments and auto-debits related to the account should be turned off.

If you do not do this, then due to non-payment from the closed account, penalty or other charges will be levied. If you forget this, then you will have to pay these charges later. Therefore, this work should be done beforehand.

The third and most important thing is to take the information about closing the account in the return. After going to the bank and filling the form, always ask for confirmation through slip or email. This will ensure that you have proof in case of any dispute in the future and the bank cannot charge you any kind of fee.

If the account is linked to any digital app or net banking, then close it too. Even after the account is closed through the old app login or OTP, your data should remain safe. This is very important for digital safety.

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But if you deposit more cash than a fixed limit in the bank, then the Income Tax Department can keep an eye on you. That is why it is important that you understand the cash deposit rules of the bank properly.

Limit for depositing cash in savings account

If you are depositing money in a savings account, then a report is sent to the Income Tax Department if you deposit more than ₹ 10 lakh in cash in the entire financial year (from April 1 to March 31). That is, if you deposit ₹ 10 lakh or more in cash in a savings account (Savings Accounts Cash Deposit Limit) in a year, then the bank will share this information with the tax department.

Separate limit for current account

This limit is higher in a current account i.e. business account. If ₹50 lakh or more cash is deposited in a year, then it also comes under the purview of income tax. In such a situation, if you are a businessman and often deposit large amounts in cash, then keep a complete record of the transaction and keep the proof safely.

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How much cash can I deposit at one time?

There is no fixed limit on the amount of cash deposited by the bank at one time. If you want, you can deposit up to Rs 2 lakh or Rs 5 lakh at once. But if your amount is big and your income or source is not clear, then the tax department can question you.

PAN is mandatory for depositing more than 2 lakh rupees

If you deposit Rs 2 lakh or more in cash in a bank at one time, then you are required to provide your PAN number. Without PAN, the bank does not accept cash of more than Rs 2 lakh.

In simple terms, it is mandatory to provide PAN while depositing more than Rs 2 lakh in cash. A report is sent to the Income Tax Department if you deposit more than Rs 10 lakh in a year in a savings account and Rs 50 lakh in a current account. To avoid this, keep a complete record of the transaction.

Know the rules or else you may have to pay a fine

If you deposit more cash than the prescribed limit and are unable to explain its source, the Income Tax Department can send you a notice. In such a case, you may also be fined and your problems may increase. Therefore, use digital payments as much as possible and if you make cash transactions, then keep a record of it. If you are also thinking of depositing a large amount in cash, then keep these rules in mind.

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How much money can you keep in the account?

According to the rules, you can keep any amount of money in your savings account. There is no limit for this. You can deposit any amount in the account through cheque. The limit is for depositing cash in the account.

How much cash can you deposit?

The rule says that if you deposit Rs 50,000 or more in cash in the bank, then you will have to provide your PAN number along with it. At the same time, you can deposit up to one lakh rupees in cash in a day. Also, if you do not deposit cash in your account regularly, then this limit can be up to Rs 2.50 lakh. At the same time, you can deposit up to Rs 10 lakh in a financial year. But if you deposit more than this limit in a financial year, then you have to tell the IT department about the source of that income.

This limit is overall for many accounts

If you do not do this, this limit for depositing cash in the account is for a single bank account. If you have this limit for taxpayers, then this limit is overall for one or more accounts.

What will happen if the limit is crossed

If a person deposits more than Rs 10 lakh in cash in a bank account in a financial year, then the bank has to inform the Income Tax Department about it. In such a situation, the person has to tell the source of income. If that person is not able to give satisfactory information about the source of income in the Income Tax Return, then he can come under the radar of the Income Tax Department and an investigation can be conducted against him. If caught, a heavy fine can be imposed.

This does not mean that you cannot do a cash transaction of more than 10 lakhs
However, this does not mean that you cannot do a cash transaction of more than 10 lakhs. If you have proof of this income, then you can deposit cash without any worry. However, from the point of view of benefits, instead of keeping so much money in your savings account, it is better to convert that amount into FD or invest it in some other place, from where you can get better returns.

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This means that even if the deposit in the bank’s savings account is less than the minimum balance, no penalty will be imposed on the account holder. Savings accounts, salary accounts, NRI savings accounts etc. will come under the purview of this exemption.

The bank said in a statement that this order has come into effect from June 1, 2025. No savings account customer of Canara Bank will have to face penalty for not maintaining minimum balance in his account. Earlier, the bank’s customers had to maintain a minimum average monthly balance depending on the type of their account. Failure to do so used to attract a penalty.

How much was the fine earlier

Earlier, customers were required to maintain a minimum monthly balance of Rs 2,000 in savings accounts in urban branches, Rs 1,000 in semi-urban branches and Rs 500 in rural branches. Failure to do so would attract a penalty. The new policy is expected to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, non-resident Indians (NRIs) and first-time banking users.

Canara Bank is the first large public sector bank in the country to offer ‘no penalty’ facility for not maintaining minimum balance. At present, interest rates on domestic/NRO/NRE savings account in Canara Bank range from 2.70 percent per annum to 4 percent per annum.

How much profit in March quarter

Canara Bank’s net profit on a consolidated basis increased by 28 percent to Rs 5,070 crore in the January-March quarter. Net interest income declined by 1.44 percent to Rs 9,442 crore. Net interest margin declined by 0.25 percent to 2.80 percent. Profit increased to Rs 17,540 crore in FY 2025.

The post Bank New Rule: Good news..! No more penalty for low balance in bank account first appeared on Rightsofemployees.com.

In today’s era of rising inflation, it is important to explain to children the importance of money and savings. Along with this, it is also necessary to introduce them to banking. After developing an understanding, the sooner the children learn all these things, the better it will be for them. In this episode, many parents often have a question whether a bank account can be opened for 10-year-old children? Can children aged 10 years take advantage of banking services? What rules have been made regarding this? In this episode, let us know what are the RBI rules regarding opening an account for children aged 10 years?

The post Banking Rules: Can a bank account be opened for 10 year old children? Know what the rule says first appeared on Rightsofemployees.com.

Actually, the Narendra Modi government at the Center had started many schemes for the poor in its first term. Two such schemes are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). These schemes were started in the year 2015, which provide insurance cover of up to Rs 4 lakh to the customers. The deadline to renew both these schemes is ending on 31st May.

what does it mean

If you pay premium for both the schemes, you get insurance cover of up to Rs 4 lakh. The premium of both the schemes is for a period of one year. As soon as this period ends, the premium has to be paid once again. Only after this, customers get insurance cover. The total premium of both the schemes is less than Rs 500.

About the scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that covers death due to any reason. Individuals in the age group of 18-50 years are eligible for this. Those who join the scheme before completing the age of 50 years can continue to take the risk of life till the age of 55 years on payment of regular premiums. The premium for this scheme is Rs 436 per year. In return, a life cover of Rs 2 lakh is available.

Prime Minister’s Security Insurance Scheme (PMSBY)

This is a one-year accident insurance plan that provides coverage for death or disability due to accident. Individuals in the age group of 18-70 years can join it. Accidental death cum disability cover of Rs. 2 lakh (Rs. 1 lakh in case of partial disability) is available for death or disability due to accident at a premium of Rs. 20/- per year.

Enrolment under both the schemes can be done at the account holder’s bank branch/BC point or by visiting the bank’s website or at the post office in case of post office savings bank account. The premium under the scheme is auto debited from the subscriber’s bank account every year.

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Aadhaar card has become the most important identity document in our country today. From opening a bank account to availing government schemes, Aadhaar is required everywhere. In such a situation, it is very important that the information recorded in the Aadhaar card is correct and updated.

There are many occasions in life when there is a change in the information related to our identity, such as changing the surname of women after marriage. If you are also married and you want to change your surname in your Aadhaar card, then it is important to know what documents are required for this and what is its complete process?

In case of change of surname after marriage, it becomes important to update the surname in Aadhaar card as well. By doing this, there is uniformity in the name and surname in all your documents (such as PAN card, voter ID, bank account etc.), which does not cause any inconvenience in any work in future. If your card is not updated, then many times you may face problems in availing important services.

Documents required to change surname

The most important and primary document for changing surname in Aadhaar card after marriage is marriage certificate. This certificate is the legal proof that you are married and you have changed your surname.

To update the information in Aadhaar, you have to go to your nearest Aadhaar Seva Kendra. There you will have to fill a form which will include name, Aadhaar number and other details. Along with this form, you have to attach photocopies of the required documents (such as marriage certificate) and take the original documents along for verification.

After submitting the documents at the center, your biometric details will be taken and your new photo will be taken. Once this process is completed, your information is updated.

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There are 2 ways to make a nominee

Simultaneous – In this all four people get the money in a pre-decided share. For example, if you decide that A will get 40%, B will get 30%, C will get 20% and D will get 10%, then after you leave, they will get the money accordingly.

Successive – In this, only the first person will get the money. If he is not there or refuses to take the money, then the second person becomes entitled, then the third and then the fourth.

Only one nomination after another is valid for a bank locker or the goods you have kept in the custody of the bank. In this too, four people can be made nominees in sequence. If you have not made any nomination and there is a claimant after you, then they will have to provide documents like will, succession certificate. This work can be long and troublesome.

How to find old or forgotten money?

If you had deposited some money in the bank and it remained there for 10 years without any transaction, then it will now go to RBI’s DEA fund. But don’t worry, you can withdraw this money from your bank at any time.

If you have invested money in a company’s bond and have not withdrawn it for 7 years, then that money and the interest on it will go to the IEPF fund. Similarly, if any dividend is not withdrawn for 7 years, then that too goes to the IEPF. Therefore, it is advisable to make a nomination for your bank account and locker now, so that your loved ones do not face any problem after your death.

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Whether a person is employed, a student or a businessman, they have one or more savings accounts. Depositing cash in savings accounts (Savings Accounts Cash Deposit Limit) is very common, especially for those who deal in cash.

How much cash is right to keep in a savings account?

But do you know how much cash is safe to deposit in these accounts? Most people keep depositing money on a daily basis, but are unaware of some important rules of RBI and Income Tax. It is possible that they unknowingly deposit such cash which may lead to an Income Tax notice.

Do you know the limit of keeping cash in a savings account?

Let us tell you that frequent deposits or large cash amounts can attract the attention of the Income Tax Department. By knowing the RBI’s fixed limit and the related tax rules, you can avoid investigation or penalty. So, let us tell you those important rules related to savings account which are very important for you to know.

Savings account limit

The Reserve Bank of India (RBI) and the Income Tax Department keep an eye on high value transactions. If you deposit more than Rs 10 lakh in your savings account in a financial year, your bank is required to report it to the tax authorities under the Annual Information Return (AIR). Let us tell you that this does not mean that you will be taxed for this, but if the transaction is more than your declared income, then it may come under investigation.

Current Account Limit?

Let us tell you that the limit for depositing cash in a current account is higher. You can deposit up to Rs 50 lakh in a current account in a financial year.

For which transactions is PAN required?

If a person deposits cash of Rs 50,000 or more in a single transaction, then a PAN number (permanent account number) is required. Even if the amount deposited each time is less than Rs 50,000, if the transaction amount exceeds the fixed limit of one year, then it may come under the radar of the tax department, especially if the amount is more than the declared income.

What happens if the limit is exceeded?

If you deposit a large amount of cash without any legitimate source, the income department may question you under sections 131, 142(1) or 148. If you are unable to give a satisfactory answer about where the money came from, the amount can be treated as unexplained income and taxed at a flat rate of 60% under section 68, along with surcharge and cess.

Cash deposits and your Form 26AS or AIS

All high value transactions reported by your bank are reflected in your Form 26AS or the new AIS (Annual Information Statement). Tax officials use these records to match your filed income tax returns. If there is a mismatch, you may be sent a notice.

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This change will benefit 8 crore members and will speed up claim settlement. Earlier this facility was available to some members…

New Delhi. The Employees’ Provident Fund Organization (EPFO) has made the process of withdrawing PF easier. Now if a person wants to withdraw PF online, he will not need to upload a photo of a canceled check or get the bank account verified by the employer. This change will benefit about 8 crore EPFO ​​members and the settlement of claims will be faster. Also, the process will become easier for employers as well.

Earlier, EPFO ​​members had to upload a photo of a cheque or passbook linked to their bank account to withdraw PF online. Apart from this, the employer also had to verify that account. But now both these requirements have been abolished, which has made the claim process more simple. The Labor Ministry said that this change has been made especially to ensure ‘ease of living’ for EPFO ​​members and ‘ease of doing business’ for employers.

This facility was first started on a trial basis for select KYC-updated members from 28 May 2024. During this period, more than 1.7 crore EPFO ​​members benefited from it. After successful testing, this facility has now been implemented for all members, making the process of withdrawing PF faster and easier than before.

What is EPFO

​​Employees’ Provident Fund Organization (EPFO) is a major organization of the Government of India, which manages the matters related to the Provident Fund (PF) of the employees of the country. It works under the Ministry of Labor and Employment and its main objective is to provide financial security to the employees of the organized sector after retirement.

Key features of EPFO

​​Provident Fund (PF) Account – EPFO ​​deducts a fixed amount from the salary of every employee and deposits it in the PF account, in which the employer also contributes.
Pension Scheme – Employees’ Pension Scheme (EPS) also comes under EPFO, which provides pension after retirement.

Insurance Scheme – It also includes Employee Deposit Linked Insurance (EDLI) scheme, which provides financial assistance to the family on the death of the employee.
Online Services – EPFO ​​provides facilities like online PF balance check, PF transfer and withdrawal.

UAN Number – EPFO ​​​​gives a Universal Account Number (UAN) to every employee, through which he can access his PF information anytime.

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To explain in simple language, if you had linked a number to your bank account or UPI app like Google Pay, PhonePe and Paytm and did not recharge that number. If the number is not working, then that number will be removed from your bank account. According to media reports, National Payments Corporation of India i.e. NPCI has asked banks and apps to remove such numbers by March 31. If this is the case with you too, then you need to follow the steps given below.

Why was this decision taken

According to reports, linking old and useless mobile numbers which are not in use to any bank account can lead to technical problems. If that mobile number is issued in someone else’s name, there is also a fear of fraud. The government wants to keep people safe by avoiding such situations.

Mobile number serves as identification

In case of UPI payment, the mobile number acts as the identification and ensures that the other person is getting the correct payment or not. If the mobile number is not in use and someone else has issued it, then it can cause technical problems. The chances of payment failure increase. That is why orders have been given to delete such numbers.

What should the affected people do?

People whose mobile number is linked to their bank account and they have not been able to recharge it for a long time, should confirm with their mobile operator like Jio, Airtel or Voda-Idea whether the number is active on your number or not. If the number is active in your name, then get it recharged immediately. If the number has been deactivated, then get it activated.

Which mobile numbers get deactivated

According to the report, if a mobile number is not recharged for 90 days, it can be deactivated. However, the user is given a grace period of 15 days and in that period he can get his number activated again. If the number is not activated, then that SIM becomes inactive and it can be allotted to someone else.

What has NPCI said to banks and UPI apps?

NPCI has asked banks and UPI apps to update the list of deleted mobile numbers every week. This will ensure that useless numbers will be removed from the system after April 1. If you are also among those people whose mobile number has not been recharged for many months and it is registered with banking and UPI payments, then get your number activated immediately. By doing this you will be able to avoid any dilemma.

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The post Google Pay, PhonePe, Paytm will not work on THESE mobile numbers from April 1 first appeared on Rightsofemployees.com.

Moreover, it can be problematic to avail the benefits of government schemes without an Aadhaar card. This card, which is issued by the Unique Identification Authority of India (UIDAI), contains information like the holder’s name, date of birth and address. Various types of information, such as address and phone number, can also be changed in the Aadhaar card.

Let us tell you that you can make some updates in Aadhaar online while sitting at home, while there are some changes for which you will have to go to the Aadhaar center. Now the question is how will you know for which updates in Aadhaar you will have to go to the center and which changes you can make online. If you are also confused about this, then today we will tell you about it…

**Which Aadhaar updates can be done online from home:**If there is a minor spelling mistake in the name registered in your Aadhaar, you can get it corrected online. Similarly, Aadhaar holders can update gender, address, mobile number and email ID online.

Which updates will be done only at the Aadhaar Seva Kendra: If there is any major change in your name or surname, then you will have to visit the Aadhaar Seva Kendra. Not only this, the date of birth can be corrected offline, but remember that UIDAI allows changing the date of birth on Aadhaar only once. Apart from this, photo update and biometric update can also be done only from the Aadhaar Seva Kendra. Now the question comes that how long does it take to update Aadhaar? So let us tell you that if you have updated online, your Aadhaar will be corrected within 5 to 7 days, while offline update takes 10 to 15 days.

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According to the Income Tax Department, if you deposit cash in your account and fail to disclose the source of income, then this huge tax will be recovered from you, which includes 25 percent surcharge and 4 percent cess. Let us introduce you to the rules of cash deposit.

If you fail to disclose your source of income, you will have to pay 60% tax

According to Section 68 of the Income Tax Act, the Income Tax Department has the power to issue notices against those who fail to disclose their source of income and start recovering 60 percent of the tax. The government has been constantly trying to make people use as little cash as possible. Efforts are being made to curb money laundering, tax evasion and illegal financial activities by imposing a cash deposit limit in savings accounts.

Information will have to be given on depositing cash more than Rs 10 lakh

According to the Income Tax Act, if you deposit more than Rs 10 lakh in a financial year in a savings account, then you will have to inform the tax authorities. This limit is Rs 50 lakh in a current account. However, it is important to know that there is no immediate tax on depositing cash above the limit. Also, if you are successful in giving the correct information, then you do not have to pay any tax.

2% TDS will be deducted on withdrawal of more than Rs 1 crore

Section 194N of the Income Tax Act states that 2% TDS will be deducted on withdrawing more than Rs 1 crore from the bank account. However, if you have not filed ITR for the last 3 years, then you will have to pay 2% TDS only on withdrawing more than Rs 20 lakh and 5% TCS on withdrawal of more than Rs 1 crore.

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The post Cash Deposit Limit: You May have to Pay 60% Tax on Depositing cash, See income tax guidelines first appeared on Rightsofemployees.com.

This is how this new insurance payment system will work

This new system implemented by IRDAI will be on the lines of Insurance-ASBA, which is inspired by ASBA (Application Supported by Blocked Amount) used for the IPO application process in the stock market. At the time of insurance application, the customer can ‘block’ the premium amount in the bank account. The insurance company will debit the amount from the account only after accepting the proposal. If the policy is not issued for any reason, the amount will be auto unblocked.

Easy payment of insurance premium through UPI-OTM

Under the Unified Payments Interface (UPI) One-Time Mandate (OTM) facility, customers can ‘block’ the amount in their bank account, which will assure payment but will not cause immediate deduction. Insurance companies can implement a smooth and transparent payment system using UPI-OTM. This will give customers the confidence to pay insurance premium without additional hassles.

New rule mandatory for insurance companies

IRDA has directed all insurance companies to implement Insurance-ASBA facility by March 1, 2025. Under this, insurance companies will have to provide Insurance-ASBA facility to the customers. There will be permission to ‘block’ the premium amount as per the limit set by NPCI (National Payment Corporation of India). Insurance companies will have to partner with many banks, so that this process can be implemented smoothly.

Benefits to customers from IRDA’s move

Secure and transparent payment: Insurance premium will be paid only when the policy is issued, thereby reducing the chances of fraud.

Easy process through UPI-OTM: Customers will be able to keep the funds safe without instant debit.

Faster insurance approval: Insurance companies will find it easier to receive payments, leading to quicker policy issuance.

Better cash flow management: Customers will be able to manage their finances better without immediate deduction of premium.

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RBI has cut the repo rate after 5 years. With this decision of the Reserve Bank (RBI), people will get some relief in loan EMI. Along with this, the interest rates of bank FD will also be reduced. In such a situation, if you want to invest in fixed deposit (FD), then do it as soon as possible.

If you want to earn good profits by investing in FD, then you can book FD through some of the apps given below and earn up to 9.5 percent interest. The special thing is that if you book FD through these apps, you will not have to open an account in the concerned bank. But you may have to do KYC.

FD through Stable Money app (up to 9.5% interest)

• Unity Small Finance Bank – 9.5 percent interest (1001 days FD)
• Shivalik Small Finance Bank – 9.3 percent interest (1 year 5 months 25 days FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)

FD through Super.Money app (up to 9.3% interest)

You can easily book FD through Super.Money, an app owned by Flipkart. You can also make UPI payments through this app. According to the list of banks listed on the app, you can earn up to 9.3 percent interest here.

• Shivalik Small Finance Bank – 9.3 percent interest (1 year 6 month FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)
• South Indian Bank – 7.9 percent interest (1 year 7 month FD)
• FD through Tata Neu App (up to 9.1% interest)
• Suryoday Small Finance Bank – 9.1% interest (5 year FD)

Up to Rs 5 lakh is safe in case of bank failure.

In case of bank failure or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover is available up to Rs 5 lakh. No matter how much money is deposited in all your accounts in a single bank, you will get an insurance cover of only Rs 5 lakh. This amount includes both the principal and the interest amount. DICGC’s deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and co-operative banks.

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It is necessary to inform the department about cash transactions above the limit in banks, mutual funds, brokerage houses and property registrars.

Some people make mistakes while trying to save income tax. Later they have to pay for it. In such a situation, do some transactions under the Income Tax Act. This will never put you in trouble. Actually, the Income Tax Department keeps a close watch on long transactions. As soon as you make any cash transaction, you will immediately come under the Income Tax radar. After this, the chances of escaping are very less. In such a situation, we are telling you about some such transactions which should never be done within a year. If there is a need for a transaction, then inform the Income Tax Department about this.

Actually, if a bank, mutual fund, brokerage house and property registrar makes cash transactions above the prescribed limit, then they have to inform the Income Tax Department about it. Let us know about 6 such transactions, which can land you in trouble. Due to which the Income Tax Department can issue a notice.

You may get a notice on FD of more than 10 lakhs

If you deposit more than Rs 10 lakh in a year in a fixed deposit (FD), then in such a situation you can get a notice from the Income Tax Department. Whether it is deposited in one go or in many times or whether it is a cash transaction or digital. The Income Tax Department can ask you about the source of this money and can send you a notice. In such a situation, most of the money should be deposited in FD through check. If an amount of Rs 10 lakh or more is deposited in cash in a financial year, banks have to inform CBDT about it.

Cash deposit in bank account

CBDT has made a rule that if you deposit cash of Rs 10 lakh or more in one or more accounts of a bank or a co-operative bank in a financial year, then the bank or co-operative bank will have to inform the Income Tax Department about it. This rule is just like FD. Current accounts and time deposits are excluded from this. If you deposit more than this fixed limit, the Income Tax Department can question the source of the money.

Property Transactions

If a person buys or sells property worth Rs 30 lakh or more, then in such a situation the property registrar has to give this information to the income tax officials. In such a situation, the Income Tax Department can ask you where did you get the money for such a big transaction (High Value Transaction)? Many such questions can be asked.

Purchase of shares, mutual funds, debentures and bonds

If you make large cash transactions in shares, mutual funds, debentures and bonds, then you may get into trouble in such a situation. Actually, if a person purchases shares, mutual funds, debentures and bonds in an amount of Rs 10 lakh or more in a financial year, then companies or institutions have to give information about it to the Income Tax Department.

There may be problems even if you pay the credit card bill in cash

If your credit card bill is more than 1 lakh. In such a situation, if you pay this bill in cash at once. Even then you can get a notice. On the other hand, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, then you can also be asked about the source of the money. If you have done something like this, then you will have to give information about it in your income tax return.

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The post Income Tax Notice: Don’t do these 6 transactions in a year, otherwise IT Department will issue a notice first appeared on Rightsofemployees.com.

There is big news for the customers of the public sector Punjab National Bank. If you also have an account in this bank, then be alert, otherwise your account will be closed soon. If you have not done one thing yet, then your account will be closed permanently, the bank has given you a final deadline to do this work. The bank has given instructions that if the work is not completed by January 23, 2025, the account will be closed permanently.

Last date
According to the information given by Punjab National Bank, as per the RBI guidelines, it is mandatory for all customers to update their KYC. The bank has given a deadline of January 23, 2025 to the customers to update their Know Your Customer (KYC) details. So that their account remains open, the accounts of those who do not do KYC will be closed. This extension will be the last for those who have not completed their KYC update by September 30, 2024.

What information should be provided while doing KYC?
PNB has asked customers to submit their updated information such as identity proof, address proof, recent photograph, PAN/Form 60, income proof, mobile number (if not available) or any other KYC information to any branch. This can be done through PNB One/Internet Banking Services (IBS) or through registered email/post to your home branch by January 23.

Otherwise you will not be able to use the account. The bank has said that if the KYC details are not updated within the stipulated time, there may be restrictions on the operation of the account. For any assistance, customers can visit their nearest Punjab National Bank branch or visit the official website https://www.pnbindia.in .

What is KYC?
KYC is used by any bank or company to verify the identity of the customer. Even after opening an account, KYC update messages keep coming from the bank or company from time to time. As per the rules of Reserve Bank of India, customers are required to do KYC from time to time.

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Objective of RBI

RBI has taken this decision to make banking transactions more safe, transparent and efficient. The purpose of these new rules is to prevent fraud, promote digitalization and improve the banking system. This step has been taken especially in view of the potential risks and cyber crimes in inactive accounts.

Which accounts will be closed?

Under the new guidelines of RBI, three types of bank accounts will be closed.

Dormant Account

Dormant accounts are those in which there has been no transaction for two years or more. These accounts are the target of cyber criminals. By closing such accounts, RBI wants to ensure the safety of customers and the banking system.

Inactive Account

Accounts that have been inactive for the last 12 months or more will also be closed. This decision has been taken to keep these accounts safe and prevent fraud. If your account falls in the category of inactive, then it is mandatory to take action to activate it.

Zero Balance Account 

Accounts that maintain zero balance for a long time will also be closed. This step has been taken to prevent account misuse, reduce financial risk and enable customers to maintain an active relationship with the bank.

Ways to prevent your account from being closed

Update KYC: If your account is inactive, complete the KYC process immediately. For this, visit the bank branch or update the information online.

Maintain minimum balance amount : Make sure that you have a minimum balance in your bank account.

Keep transactions active: Transact regularly to keep the account active.

Adopt digital banking: Using digital banking services is not only convenient but is also a part of RBI’s digitalization efforts. Check your bank account status and take necessary action. RBI’s new guidelines are to make the banking system more secure and modern and customer vigilance will play an important role in this. It will also play an important role in avoiding troubles in the new year.

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The post Bank Account Closed: 3 Types Of Bank Accounts To Be Closed From January 1. Check if yours is affected first appeared on Rightsofemployees.com.

Pakistan’s Finance Minister Muhammad Aurangzeb introduced the Tax Laws (Amendment) Bill, 2024 in Parliament on Wednesday. It is being described as one of the actions being taken by the government against tax evaders.

Bank accounts will be frozen

The amendment proposes that those who do not file ITR will be banned from buying shares above a certain limit and opening bank accounts. They will also not be able to transact more than a certain limit through the bank. The bill states that the bank accounts of non-registered business persons with the Federal Board of Revenue (FBR) will be frozen and they will be banned from transferring property. The FBR can freeze bank accounts and stop property transfers if they do not register with the apex collection body to file sales tax returns. However, their accounts will be unfrozen two days after registration.

There is a struggle to get a loan from the IMF

The bill states that the restrictions will come into effect after the approval of the federal government. The bill comes at a time when the government is struggling to increase revenue collection in accordance with the agreement reached with the International Monetary Fund (IMF) in September this year to obtain a loan package of USD 7 billion. Pakistan has set a target of Rs 12.913 trillion for the financial year 2024-25, which is 40 percent more than the tax collected in the previous fiscal year.

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SBI has proposed that instead of only financial transactions, non-financial activities like balance checks should also be considered sufficient to keep the accounts active.

SBI is concerned about inactive accounts

SBI Chairman CS Shetty said that accounts opened for government assistance programs often have limited transactions. Such account holders initially deposit money and later withdraw only a few times. For this reason, these accounts are declared inactive.

He said that non-financial activities like balance checking are a sign that the account holder is aware and active about his account. Such accounts should not be deactivated on the basis of lack of financial activity alone.

RBI guidelines and SBI’s action

Recently, RBI had directed the banks to resolve the issue of inactive or frozen accounts on priority basis. SBI has also started a special campaign in this direction. However, the bank has not disclosed the exact number of inactive accounts.

What is a dormant account?

An inactive account is one in which there has been no transaction for a long time. As a rule, banks declare accounts that have not been used for a long time as inactive. Once an account is declared inactive, the account holder cannot deposit or withdraw money in it.

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The post Bank account deactivating: The rules for deactivating a bank account may change soon, Know what recommendations SBI has given first appeared on Rightsofemployees.com.

There is big news for bank account holders. The winter session of Parliament has started today and on the very first day, after the uproar in Parliament over the Adani bribery controversy, it has been adjourned till 12 noon. In this session, the government will try to pass the Banking Amendment Bill to bring many changes in the banking sector in the country.

New rules for nominees for account holders soon

Now soon new rules are going to come for the account holders in the bank regarding the nominee of their account. This will happen after the Banking Amendment Bill is passed in Parliament. The government will try to get the Banking Amendment Bill passed in Parliament, which is currently pending in the Lok Sabha. Earlier in August 2024, the Union Cabinet passed the Banking Bill.

Finance Minister Nirmala Sitharaman will try to get the Banking Amendment Bill passed during the winter session of Parliament. The major changes to be made in this are also important for bank accounts. Under the Banking Laws Amendment Bill 2024, there will be a proposal to increase the number of nominees for bank accounts to four. When the Banking Amendment Bill is passed on the floor of the Lok Sabha in Parliament, after that it will become mandatory for everyone to make 4 nominations in their bank account. Under this bill, there is a proposal to increase the limit of nominees on every bank account to four, which is currently one.

Know the special features of this bill

Either the bank account holder has to decide the nominees in order of their priority or he can decide the share of each nominee as per the banking rules. If the account holder chooses the option of nominees, then he has to decide the name of the first, second, third and fourth nominee. After the death of the account holder, the rights of the account will be given to each of the four nominees in order. The next surviving nominee after the first, second or third nominee will get the right of the account.

By dividing the shares among the four nominees, a certain share of the account amount can be given to each nominee. There will be no need for priority in this and every nominee will get a fixed share of the account amount, interest etc.

The Banking Bill passed by the Union Cabinet in August 2024 amends several laws, including-

Reserve Bank of India Act, 1934

Banking Regulation Act, 1949

State Bank of India Act, 1955

Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980

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What is auto sweep service?

Auto sweep service is a facility under which when there is more money in your savings account than a certain amount, that amount is automatically transferred to fixed deposit. This means that you keep depositing money in your savings account and when that amount exceeds a certain limit, that amount will automatically be converted into fixed deposit on which you will get more interest.

Benefits of Auto Sweep Facility

• The interest on fixed deposits is much higher than the interest on savings accounts. This way you can earn higher returns on your money.
• You do not need to go to the bank every time to make a fixed deposit. This work is done automatically.
• You can break your fixed deposit and withdraw the money at any time.
• If you want to invest but do not know where to invest then auto sweep facility can be a good option for you.

How does the Auto Sweep feature work?

You can activate the auto sweep facility by visiting your bank or through online banking. You just have to decide how much amount is there in your savings account after which that amount will be transferred to the fixed deposit. Once you set this limit, everything else happens automatically.

Which banks provide auto sweep facility?

Auto sweep facility is a great way to make your money work. If you want to earn more interest on your savings account then you must try the auto sweep facility. Almost all banks offer auto sweep facility. You can get more information about this facility by visiting your bank’s website or mobile app.

How to enable Auto Sweep Facility?

Let us tell you that different banks provide this service according to their convenience. Here we are telling the process of activating this facility for the customers of State Bank of India (SBI). You can activate the auto sweep facility in SBI in two ways. You can do it easily through internet banking or YONO app.

Through Internet Banking:

• Firstly, log in to your SBI internet banking account.
• Go to the menu and select “Fixed Deposit” option.
• Then click on “More” option.
• Here you will find the option of “Auto Sweep Facility”, click on it.
• Now you have to select the account in which you want to enable this feature.
• Next, you have to set the amount above which the additional amount will automatically be transferred to the fixed deposit.
• Also, you have to choose the tenure of the fixed deposit.
• After filling all the information, click on the “Submit” button.
• You will need to enter an OTP or transaction PIN/password.
• This facility will be activated in your account within a few days.

Through the YONO app:

• Open YONO app in your mobile.
• Go to the menu and select “e-fixed deposit” option.
• Then choose the option “Multi Option Deposit”.
• Now you have to select the account in which you want to enable this feature.
• The rest of the process is the same as internet banking. You have to specify the amount and period and then submit.
• This service will be activated after entering OTP or transaction PIN/password.

The post Auto Sweep Facility: You can get 3 times interest on the money deposited in your bank account first appeared on Rightsofemployees.com.

Well, there is no problem if you do small shopping in cash, but there are 5 high value cash transactions, which can cost you heavily. As soon as the Income Tax Department gets a whiff of it, you can get a notice. Let’s know about them.

1- Deposit cash in bank account

According to the rules of the Central Board of Direct Taxes (CBDT), if someone deposits Rs 10 lakh or more in cash in a financial year, then information about it is given to the Income Tax Department. This money may have been deposited in one or more accounts. Now since you are depositing more money than the prescribed limit, the Income Tax Department can ask you about the source of this money.

2- Depositing cash in fixed deposit

Just as questions arise when you deposit more than Rs 10 lakh in a financial year in a bank account, the same happens with FDs. If you deposit more than Rs 10 lakh in one or more FDs in a financial year, then if there is any doubt, the Income Tax Department can question you about the source of the money.

3- Big property transactions

If you have made a cash transaction of Rs 30 lakh or more while buying a property, then the property registrar will definitely inform the Income Tax Department about this. In such a situation, due to such a large transaction, the Income Tax Department can ask where you got the money from.

4- Payment of credit card bill

If your credit card bill is Rs 1 lakh or more and you pay it in cash, you can still be asked what is the source of the money. On the other hand, if you make a payment of Rs 10 lakh or more in any financial year by any means, then the Income Tax Department can question you as to where did you get the money from.

5- Buying shares, mutual funds, debentures or bonds

If a large amount of cash is used to buy shares, mutual funds, debentures or bonds, then this also alerts the Income Tax Department. If a person makes a transaction of Rs 10 lakh or more, then the information about it reaches the Income Tax Department. In such a case, the Income Tax Department can ask you where you brought the cash from.

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The post T dept notice: These 6 High Value Transactions, That Can Get You An Income Tax Notice first appeared on Rightsofemployees.com.

At the same time, nowadays there are many types of UPI apps through which you can make payment in minutes, but there are many occasions or at many places we can make payment only with cash. That’s why we have to go to the ATM to withdraw cash and for this you also need a debit card. But do you know that you can also withdraw money from your Aadhaar card? Probably not, so let’s know what is its method and what is its limit.

If you want to withdraw money from your Aadhaar Money Withdrawal, then you do not need a debit card or you do not need to go to the ATM. This is because you can withdraw money from your account through your Aadhaar card. Actually, National Payments Corporation of India i.e. NPCI launched Aadhaar Enabled Payment System i.e. AEPS.

In this, you have to go to any micro ATM. Where you can withdraw money from your bank account by using your Aadhar card and putting your fingerprint. Just keep one thing in mind that your Aadhar card should be linked to your bank account. If we talk about the limit, then the limit of every bank is different, like – in some banks you can withdraw up to 10 thousand rupees and in some banks you can withdraw up to 50 thousand rupees.

This is how you can withdraw money:-

Step 1

• First of all you have to go to the micro ATM and enter your Aadhaar number here
• Then you have to give your fingerprint for which you have to put one of your fingers on the fingerprint scanner.
• After this, many options will open in front of you.

Step 2

• Now from the options that are open in front of you, you have to choose the option to withdraw money i.e. money withdraw option
• After this, you have to fill the amount you want to withdraw, like 1000 or 2000 etc.
• Then your money is withdrawn and its message also comes on your registered mobile number.

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The post Aadhaar Money Withdrawal: You can withdraw money from Aadhaar card, know the limit and method here first appeared on Rightsofemployees.com.

But, have you ever thought that when you retire after 10, 20 or 30 years, will this amount be enough for you? The truth is that due to inflation, the value of money also decreases with time. The amount that seems enough to you today may not be sufficient to fulfill all your needs after retirement in the future.

Today we will tell you how inflation gradually reduces your purchasing power and why we should do long term financial planning.

How does the value of money decrease with inflation?

Having Rs 1 crore in your bank account seems like a big deal today, but it will not be enough to meet your financial needs in the future. This is because the value of money decreases over time due to inflation. If the price of a car today is Rs 8 lakh, then after 15 years its price will be more.

To understand this in a simpler way, remember how much you used to spend on groceries or rent 10 or 15 years ago and how much more you are spending today in comparison to that. Because due to inflation, the prices of things are increasing with time. Take the example of gold, look at the price of gold 20 years ago and its price today, you will easily understand. Therefore, even though a fund of Rs 1 crore seems big to you today, it will not be enough to fulfill all your needs in the future.

Know the value of Rs 1 crore after 10, 20 or 30 years

According to the Inflation Calculator, if we assume an inflation rate of 6%, then after 10 years the value of Rs 1 crore will decrease to Rs 55.84 lakh. This shows how much impact inflation has on long-term savings and investments.

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At the same time, assuming the inflation rate to be 6%, after 20 years, the value of 1 crore rupees will be approximately 31.18 lakh rupees. And if we talk about after 30 years, then the value of 1 crore rupees will be approximately 17.41 lakh rupees according to the inflation rate of 6%.

Why is long term investment planning important?

The falling value of the rupee over time indicates how important it is to plan for retirement keeping this depreciation in mind. We often do financial planning based on today’s purchasing power. But, over time this purchasing power gradually decreases.

Know how the value of your investment decreases over time

You also have to understand that if an investment gives you a return of 6%, then you are not getting any special benefit from it because the inflation rate of 6% means that even after getting a return of 6%, the value of your money remains the same. Therefore, investments that give you a return higher than the inflation rate are considered to be a better option for long term investment planning.

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The post How much will the value of Rs 1 crore be after 10, 20, 30 years? Inflation Calculator first appeared on Rightsofemployees.com.

As per GST Rule 10A, a taxpayer is required to provide details of his valid bank account within 30 days of getting registration or while filing GST return for the first time or while using invoice generation facility.

Advisory issued on 23 August

In an advisory issued on August 23, the GST Network said that Rule 10A is coming into effect from September 1, 2024. In such a situation, taxpayers without a valid bank account will neither be able to file GST returns for August 2024 nor use the invoice preparation facility.

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GST Network has said that taxpayers who have not yet provided their bank account details on the GST portal should provide the bank account details in their registration details as soon as possible.

The GST Council, in its meeting held in July last year, had approved amendments to Rule 10A to strengthen the registration process and tackle the problem of fake registrations. The amendment made it mandatory to submit details of bank account with the name and PAN of the taxpayer.

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After filing income tax returns, taxpayers are now waiting for their refund. The income tax department first processes the ITR. If it finds any discrepancy, it can ask questions to the taxpayers. If it does not find any discrepancy in any ITR, it processes it. Its information is sent to the taxpayers via email. The department has started the work of processing the ITR. The information of the ITRs which have been processed has been given to the taxpayers. Many taxpayers have also received refund. Have you received the refund money?

Income tax department is sending message

The Income Tax Department is giving information about refund through SMS. Therefore, you should check your SMS once. If there is no such message, then you should check your email. Then you should check the balance of the bank account. If your refund has not arrived, then you can log in to the e-filing portal of the Income Tax Department and check the status of the refund.

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Check status on e-filing portal

You can log in to the e-filing portal with the help of your IT and password. After that you have to go to the ‘View Return/Forms’ option. After that you have to select ‘Income Tax Return’. To see the status, you have to click on the acknowledgement number. Here you will know whether your return has been processed or not. If you have any issue with the return, then you will also know about it. If it is written here ‘Processed with no demand no refund’, then it means that your return has been processed, but no refund is being made for you.

check bank account details

Many times, refunds are delayed due to incorrect bank account details. Therefore, taxpayers should check whether the bank account details given in the ITR are correct or not. The Income Tax Department sends refund money only to pre-validated bank accounts. Experts say that your refund can also get stuck due to any error in the ITR. If this happens, you can file a revised return under section 139(5) of the Income Tax Act, 1961.

If you have received a notice, respond to it

The Income Tax Department sends notices to some taxpayers. This may contain some questions related to ITR. You need to log in to your email ID and e-filing portal to check whether any income tax notice has been sent to you. If you have been sent a notice, then you have to respond to the notice sent under section 143(1).

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Do you want to know what are the advantages of keeping multiple accounts in the same bank? Is it right to keep two or more accounts in the same bank? What are its advantages and disadvantages? Let’s know… 

You can open multiple accounts in the same bank

You can have multiple savings accounts in the same bank. Most banks do not have any limit on how many accounts you can open. You can open different accounts according to your different needs. Let us tell you what are its benefits. 

Also Read: SEBI changes mutual fund rules to curb front-running, insider trading

Benefits of having two or more bank accounts (Benefits of Multiple Savings Accounts)

• Use your money wisely: You can divide your money for different purposes. For example, keep money for everyday expenses in one account and save money in another for something special, like a vacation or buying a house.
• Higher interest: Many times the bank gives different interest on different accounts. In such a case, you can get higher interest.
• Money will be safe: If there is any problem in one account, the money in your other account will be safe.

Drawbacks of Holding Multiple Accounts

• You will have to pay more charges: If you do not maintain the minimum balance, the bank can charge maintenance fees. If you are unable to maintain the minimum balance in every account, you may have to pay more fees.
• Difficult to manage: Having multiple accounts can make them difficult to manage. Managing the balance, transactions and statements of each account becomes a bit complicated. You will have to look at two different statements and ensure that there are no errors or omissions in both accounts.

Pay attention to these things before opening two accounts

There are some advantages of having two accounts in the same bank, but there can be some disadvantages too. Therefore, before opening a bank account, think about what you need and what you don’t. If you think that you can handle both the accounts well and they will be beneficial for you, then you can open two accounts.

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The government has informed the common people about the information related to banking or bank account. For the past few days, a message was going viral on social media, due to which common people were worried. In the viral message, it was being claimed that according to the new guidelines issued by the Reserve Bank of India (RBI), now a heavy penalty will be imposed on people having more than one bank account. But do you know whether these guidelines are correct or not?

Also Read: Google issued a warning for these users, do this immediately to avoid hacking

The government said this

Press Information Bureau (PIB), the press agency of the Government of India, revealed the truth behind this viral message. The agency investigated the claims and shared a post on its official X handle (formerly Twitter). The post wrote that some articles are spreading the misconception that according to the new guidelines of the Reserve Bank of India, now a penalty will be imposed for keeping an account in more than one bank. RBI has not issued any such guideline. Beware of such fake news.

RBI did not issue such guidelines

PIB completely refuted the viral message stating that RBI has not issued any such guidelines. The agency constantly monitors such news that spreads rapidly on the internet and creates concern among people. Anyone can report such news to PIB for fact check.

lodge complaint here

You can use the service of PIB Fact Check to verify any news or guidelines related to the government. Anyone who wants to do so can send a screenshot, tweet, Facebook post or URL of the misleading news to PIB Fact Check WhatsApp number 8799711259 or email it to Factcheck@pib.gov.in.

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People who have filed their returns will have to wait for their refund after July 31. Some taxpayers may face a delay in getting their refund. Let us know the reasons for the delay in getting the refund.

Incorrect bank account information

Yeshu Sehgal, Head of Tax Markets, AKM Global, said that the most common reason for delay in refund is incorrect information of bank details on the income tax portal. If taxpayers have not pre-validated their bank account i.e. correct information of bank account has not been given to the Income Tax Department, then there may be delay in getting refund.

Also Read: ITR Filing: What concessions do senior citizens get in the matter of income tax?

Wrong information in ITR form

Refunds can also be delayed if the taxpayer’s information in the ITR form is incorrect. Sehgal said that refunds can also be delayed if the reported income does not match. It is important to match the information given in the return form with the information available with the Income Tax Department.

Issues of tax credits from abroad

If a taxpayer has income from assets abroad, it is important to file Form 67 correctly to claim foreign tax credits. This form must be filed before the deadline. If the information in Form 67 is not given correctly, the refund may get delayed.

Wrong clubbing of income

Wrong clubbing of income of spouse or minor may also result in delay in refund. Hence, taxpayers need to take special care in clubbing of income.

26AS or AIS

The TDS deduction claimed by the taxpayers must match the details mentioned in 26AS or AIS. If the details given in these documents and returns do not match, then the refund may get delayed.

Taxpayers who have not yet filed their income tax returns should keep the above mentioned points in mind while filing returns. It is especially important to pre-validate your bank account. This will ensure that the refund amount reaches the taxpayers’ bank accounts soon.

The post ITR Filing: These reasons may cause delay in getting refund money in your bank account first appeared on Rightsofemployees.com.

If such a thought is in your mind too, then you should definitely consider the Post Office Senior Citizen Savings Scheme. Elderly people are given a good interest in this scheme. Know the important things related to this scheme here.

8.2% interest is being received

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, SCSS is getting interest at the rate of 8.2 percent.

This way you will get interest of ₹ 12,30,000

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2%. Every quarter, Rs 61,500 will be credited as interest. In this way, after 5 years, you will get a total of Rs 42,30,000 as maturity amount.

Also Read: New rules for Capital Gains Tax have come into effect, CBDT explained through FAQ

If you deposit 15 lakh rupees in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹ 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, then you will get ₹ 30,750 interest every three months. In this way, by adding 15,00,000 and the interest amount of 6,15,000, you will get a total of 21,15,000 rupees as maturity amount.

Who can invest

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers tax exemption under section 80C.

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The central bank said that the 3 revised basic guidelines on fraud risk management are principle-based. These strengthen the role of the board of directors in monitoring the entire operational system and fraud risk management.

RBI said in the statement, “The original instructions now clearly require that the entities (regulated entities) under the purview of the central bank ensure compliance with the principles of natural justice in a timely manner before classifying the accounts of individuals/entities as fraudulent, keeping in mind the decision of the Supreme Court dated March 27, 2023.” RBI said, “The individuals/entities who were served show cause notices will be given a reasonable time of at least 21 days to respond in the matter.”

Also Read: IRDA: Insurance Amendment Bill may be introduced in Budget 2024, you will get these benefits

SC heard the voice of the common man

It is noteworthy that in the SBI vs Rajesh Agarwal case, a bench headed by Chief Justice DY Chandrachud advocated the right of the borrower to be heard before classifying an account as fraudulent. According to the statement, “Under the principle of natural justice, borrowers should be given notice, given an opportunity to explain the findings of the forensic audit report and the concerned banks should be allowed to present their side before classifying their account as fraudulent under the master instructions.

RBI said that things have been further improved to detect and prevent fraud in the units under its purview and to inform about early warning signals (EWS) and irregularities in accounts for timely information to law enforcement agencies and supervisors. It said that the directive also highlights the need to establish a strong internal audit and control framework in financial institutions.

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One way of doing validation is to validate through bank account. If your account is not already linked, then you will have to add the bank account to it and then validation will be done. Your refund will come in this account only.

What has the Income Tax Department written?

The Income Tax Department has written- ‘It is necessary to have a validated bank account to get the refund. Please check your bank account validation status by visiting the e-filing portal.’ Along with this, the Income Tax Department has also explained the process of validating the bank account.

View your profile on Income Tax Portal

First of all you have to login to the income tax portal. If you are a new user then you will have to first create a username password and if you are an old user then you can login using your username password.

Also Read: PPF Account Extension Rules: How many times can PPF extension be done in a block of 5 years? Check Details here

What to do next?

After logging in, you will have to go to the profile, where you will find a drop down menu. As soon as you click on this menu, many options will open in front of you. You have to choose the option of profile settings and proceed further.

Provide bank account details

In the profile settings, you will see the option of pre-validate your bank account or bank account e-verification. Click on it. After this, you will be asked for bank account information. Here you have to enter your bank name, account number, IFSC code and mobile number. Enter the mobile number which is registered with your bank.

How to validate your account

After this, you will have to validate the account, which you can do either through Electronic Verification Code (EVC) or through internet banking. If both your bank account and mobile number are linked with Aadhaar, then you should choose the EVC option. An OTP will come on your mobile, which will validate your bank account as soon as you enter it on the portal.

Then a confirmation message will come

If internet banking is active on your account then it will redirect you directly to the bank’s site. Login to your bank account and your account will be validated. When the validation process is over, you will also get a confirmation message.

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Most people have a savings account in some bank or the other. Savings account means savings account and many people use it to deposit cash and sometimes to withdraw large amounts at once. But do you know that there are some rules related to it and if you do not follow them, you may have to pay a penalty. Today we will tell you about those rules.

Also Read: Bank License Cancelled: The Reserve Bank of India (RBI) has cancelled the license of this bank, check details

Rules for depositing money in savings account:

As per the income tax rules, there is a limit on cash deposits in savings account. You can deposit up to 1 lakh rupees in cash in a day. According to a Forbes report, if you deposit 10 lakh rupees or more in a financial year, you will have to inform the IT department. But if you have a current account, the limit is 50 lakh rupees. According to the report, it is a rule for financial institutions to report transactions above these limits to the Income Tax Department.

[ The Income Tax Department has set this limit to keep an eye on the cash transactions of savings accounts, current accounts and financial institutions so that money laundering, tax evasion and other illegal financial activities can be prevented. ]

Know what is section 194A

If you withdraw more than Rs 1 crore from your savings account in a financial year, then 2% TDS will be deducted on it. Those who have not filed ITR for the last three years will have to pay 2% TDS, that too only on withdrawal of more than Rs 20 lakh and if such people have withdrawn Rs 1 crore in a financial year, then 5% TDS will be levied on them.

Section 269ST

Under Section 269ST of the Income Tax Act, if a person deposits Rs 2 lakh or more in cash in a particular financial year, then a penalty will be imposed on it. However, this penalty is not imposed on withdrawing money from the bank. Let us tell you that TDS deduction is applicable on withdrawals above a specific limit.

The post Cash Deposit Limit: How much cash can I deposit in my bank account? Know these important rules, otherwise…. first appeared on Rightsofemployees.com.

The bank has said in its notification that accounts in which there has been no transaction in the last 3 years. Also, those whose account balance has remained at zero rupees for the last three years. It is going to close them. Notice has been sent to such customers. Those accounts will be closed one month after sending the notice. If you want to keep those accounts active, then you will have to go to the bank branch and get KYC done.

PNB took a big decision to close the account

Many scammers misuse such accounts which are not being used by the customers for a long time. The bank has taken this big step to deal with such cases. According to the notification issued by the bank, the calculation of the account will be done on the basis of 30 April 2024. PNB has said in its notification that all those accounts will be closed after 1 month, which are not active for the last 3 years. That is, they are not operating. Such accounts whose bank account is zero in the last three years and in which no activity i.e. transaction has been done. The bank has sent notice to such customers. Accounts will be closed after 1 month till the date of notice.

Also Read: DA Hike: From July 1, 55% central employees will get dearness allowance? Details Here

These accounts of PNB will not be closed

The bank will not close the Demat Accounts. That is, this rule will not apply to Demat Accounts. In a post shared on social media, the bank said that PNB Bank will not close the accounts opened for schemes like Sukanya Samriddhi Yojana (SSY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY). Also, it will not close the Minor Savings Account.

Bank accounts can be activated by getting KYC done

According to the notification issued by the bank, if the account becomes inactive and the customer wants to activate the account again, then such customers will have to go to the branch and fill the KYC form. Along with the KYC form, the customer will also have to attach the necessary documents. After this, their account will be activated. Customers can go to the bank for more information.

The post Bank Holders Alert: These accounts of Punjab National Bank will be closed by the end of June. Details Here first appeared on Rightsofemployees.com.

This entire money will come to the subscribers’ bank account within three days. EPFO told about those emergencies in which subscribers can withdraw advance money from EPF. Till now, you could withdraw money only in case of medical emergency, but now you can withdraw advance from EPF for the marriage of children, sister or brother, purchase of a house etc.

EPFO brings auto mode settlement – ​​money will come to bank account in just 3 days

In auto-mode settlement, employees can withdraw money from their EPF at the time of emergency. EPFO allows its subscribers to withdraw money from their fund in some types of emergencies. This includes illness, education, marriage and buying a house. This means that the subscriber can withdraw advance money from his account in any one of these situations. Auto mode for claim settlement was started in April 2020 itself. But, then you could withdraw money only at the time of illness, but now you can withdraw money from EPF for illness, education, marriage and buying a house also.

Also Read: Bank holiday on May 20 : Banks will remain closed in these cities on Monday, know why

EPFO increased the limit of advance amount

EPFO has also increased the limit for advance. Earlier this limit was Rs 50,000. Now it has become Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. There will be no need for any officer in this. In this, the money will come to the subscriber’s bank account in about three-four days. Generally, some documents are checked for claim settlement in EPFO. This includes KYC, eligibility of claim request, bank account details. If the information given by a subscriber is found to be correct then the claim is processed quickly in auto mode.

This is how you can apply for advance from EPF

First of all you have to log in to the EPFO ​​portal. For this UAN and password are necessary. After logging in, you have to go to ‘Online Services’. Then the claim section has to be selected. You will have to verify your bank account. Advance money will come into this bank account. You need to upload a scanned copy of your bank account check or a scanned copy of passbook. You have to tell why you want to take advance money. Apart from illness and education, you can take money in advance for the marriage of yourself, daughter, son or brother. You have to generate Aadhaar based OTP. Once the claim is processed, it will be sent to the employer for approval. If you wish, you can check the status of the claim by knowing the online service.

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Public sector Punjab National Bank (PNB) says that from June 1, it will close those accounts which are inactive for at least three years and have no balance. If such customers want to save their bank accounts from closure, then they will have to complete the KYC (Know Your Customer) process by 31 May 2024. The bank has clarified that no further notice will be given to the account holders after May 31.

These accounts will not be closed
Punjab National Bank said that it has given special concession to some accounts. They will not be closed even after being inactive for 3 years or having zero balance. These include locker or demat account. Also, accounts opened for customers below 25 years of age and availing benefits of government schemes will also not be closed.

If an account has been frozen on the orders of the court, Income Tax Department or any other legal institution, then it will also not be closed.

Why is the bank closing the account?
Punjab National Bank says that it is taking the decision to close inactive accounts for security reasons. Sometimes inactive accounts also get misused. Later it can also be used for illegal activities like fraud or money laundering. In such a situation, it has been decided to close them.

Will the account be activated again?
If you come to know after June 1 that your account has been closed due to inactivity, you will still be able to reactivate it. However, for this you will have to go to the nearest branch of the bank and submit the necessary KYC documents there.

Post Office Scheme! You will get Rs 8 lakh by depositing Rs 5,000 every month, see details here

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Yes Bank and ICICI Bank are going to make some changes in the service charges of their savings accounts, which will be applicable from May 1. Along with these changes, both banks have also announced the closure of select account types.

Yes Bank

• According to the official website of Yes Bank, the bank will be revising its minimum average balance (AMB) requirements across different savings account types, which are as follows –
• Savings Account Pro Max will require an AMB of Rs 50,000, while the maximum charge will be limited to Rs 1,000. Savings Account Pro Plus, Yes Essence Savings Account, and Yes Respect Savings Account will require an AMB of Rs 25,000, with a maximum charge of Rs 750.
• For Savings Account Pro, AMB of Rs 10,000 will be mandatory, and the maximum charge will be Rs 750. For Savings Value and Kisan Savings Account, AMB of Rs 5,000 will be required.

Apart from this, the bank will be discontinuing several account types, including Savings Exclusive, Yes Savings Select and many others tailored for specific customer segments.

ICICI Bank

ICICI Bank is also going to make changes in many of its banking services. This includes Minimum Monthly Average Balance (MAB), cash transactions charges, ATM interchange fees and more.

Meanwhile, the bank will close many accounts, which include Advantage Women Savings Account, Privilege Accounts Advantage Women Savings Account, Asset Linked Savings Account and Aura Savings Account.

These changes will happen in the regular savings account of ICICI Bank

• Debit card annual fee: Rs 200 per year. (Rs 99 per year for rural locations).
• Check Book: Nil for 25 checks in a year and Rs 4 per check thereafter.
• IMPS: Outward Transactions: The bank will levy tiered charges based on the transaction amount, which will range from Rs 2.50 to Rs 15 per transaction depending on the transaction value.
• Cash Transactions Charges: ICICI Bank will adjust the charges for transactions at domestic and non-domestic branches including third party transactions.

Also Read-

• Bank Loan Rules: Loan taking rules will change from October 1, RBI made new rules
• Best FD Rates: Which bank is giving the highest interest to senior citizens? Check FD rates of Axis, HDFC, Yes SBM Bank
• RBI imposed fine of lakhs on these 5 banks, know the reason here

The post Bank Account Holders: Big news! Yes Bank and ICICI Bank are going to make this big change from May 1, know immediately first appeared on Rightsofemployees.com.

Reserve Bank of India (RBI) has made major changes regarding minimum balance in accounts. If you are not using a bank account then you will not have to pay minimum balance charge. RBI said that banks cannot impose penalty for non-maintenance of minimum balance on those accounts which have become inactive. This includes those accounts in which no transaction has been done for more than 2 years. This new rule will come into effect from April 1.

What else is there in the new rules of RBI-

RBI also said that banks cannot classify accounts opened to receive scholarships or direct benefit transfers as inoperative. Even if these accounts have not been used for more than two years. RBI has issued a circular for inoperative accounts. Through which instructions have been given to the banks.

RBI said in its circular that these instructions seek to reduce unclaimed deposits in the banking system and return such amounts to their rightful claimants.

How to contact Custer Bank-

According to the new rule of RBI, banks will have to inform the customers about their accounts being deactivated through SMS, letter or mail. In this circular, banks have also been told that if the owner of a dormant account does not respond, then the banks should contact the person who introduced the account holder or the nominee of the account holder.

No charge for activating account-

According to the new circular of RBI, banks are not allowed to impose penalty for not maintaining minimum balance in deactivated accounts. As per the rules, no charge will be taken for activating inactive accounts.

According to the latest report of RBI, there has been an increase of 28 percent in unclaimed deposits by March 2023 and it has reached Rs 42272 crore. Banks will transfer the balance of those deposit accounts which have not been operated for 10 years or more to the Depositor and Education Awareness Fund of RBI.

Earlier, RBI had directed banks to ensure that the balance in the accounts does not become negative due to penalty charges for not maintaining minimum balance. Even after this, many banks continue to impose penalty.

The post Minimum Balance : RBI has made new rules regarding minimum balance in bank account, will be applicable from 1st. first appeared on Rightsofemployees.com.

KYC Update: If you have more than one bank account and you have linked those bank accounts to the same phone number, then this news is going to be very useful for you. Account holders having the same phone number in more than one bank account may have to go through new changes in the coming days. Actually, Reserve Bank of India (RBI) can bring changes in this system in collaboration with banks. Which will affect the account holders having multi bank accounts.

More than one bank account holders will be affected

Whenever you go to open a bank account, you are made to fill the KYC form. In that you have to register your mobile number. If you have more than one bank account and have entered the same number in KYC, then you may soon have to face new changes. Actually, RBI is preparing to take strict action regarding the security of bank accounts.

RBI, in collaboration with banks, can make changes regarding the security of bank accounts. To keep the security of bank accounts tight, RBI can tighten the KYC rules in collaboration with banks. For this, an extra layer can be imposed for verification of bank account holders.

Extra layer for verification of bank account

According to the report of Economics Times, RBI is preparing to add an extra layer for bank account verification to make the bank account more secure. For this, KYC standards can be made stricter. RBI may take action due to negligence regarding KYC. For this, a committee headed by Finance Secretary TV Somanathan is working to ensure interoperable KYC rules in the financial sector.

RBI may add additional layers to the verification layers for identification of bank accounts and account holders. The bank can update KYC in the accounts of those account holders who have more than one bank account linked to one phone number. KYC of bank accounts can be updated for those people who have more than one bank account opened with different documents.

What will be the change

Bank account holders having multiple bank accounts, whose bank accounts are linked to the same number, will be affected. They may have to enter another number in their KYC form. Those who have joint accounts will also have to update their other number in the KYC form.

This means that in the coming days, account holders having more than one account may have to undergo more verification. More documents may be demanded from them for KYC. Let us tell you that recently RBI took action against Paytm Payment Bank due to ignoring KYC rules. RBI does not want any irregularities in the KYC related matters of banks, hence it is in a mood to be more strict.

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In today’s time, every person has a bank. Actually, there are two types of bank accounts, one is current account and the other is saving account. Many people do not maintain minimum balance in their savings account. It is very important to maintain minimum balance in the bank account.

If a person does not maintain the minimum balance in his savings account, he may have to pay a fine. The minimum balance limit of all banks is different. In such a situation, the question often arises that if the account holder has a zero balance account, do they also have to maintain minimum balance?

Zero balance account –
You can open a zero balance account in many banks. In this, the customer is not required to maintain minimum balance. According to the official website of Bank of Baroda, if a person has opened a zero balance account then he is not required to maintain minimum balance. In such a situation, bank holders can do free transactions. Apart from this, there is no transaction in zero balance.

Whereas customers who do not have a zero balance account have to maintain minimum balance in their account. Come, let us know what is the minimum balance criteria of which bank in the country.

State Bank of India-
SBI Bank has recently abolished the monthly minimum balance in savings account. Before this, bank customers had to keep Rs 3,000, Rs 2,000 or Rs 1,000 in their account.

HDFC bank-
HDFC Bank customer has to maintain minimum balance in the savings account. The minimum balance criteria in the city is Rs 10,000. Whereas in semi-urban branch this limit is Rs 2500.

ICICI Bank-
There is a need to maintain minimum balance in the savings account in ICICI Bank also. The customer has to keep at least Rs 10,000 in his account. Whereas account holders of semi-urban branches have to maintain a minimum balance of Rs 5,000.

Canara Bank-
A Canra Bank customer also has to keep at least Rs 2,000 in his account every month. Bank account holders in semi-urban areas have to maintain a balance of Rs 1,000 and account holders in rural areas have to maintain a balance of Rs 500.

Punjab National Bank-

Punjab National Bank (PNB) customers have to maintain a balance of Rs 10,000, semi-urban customers have to maintain a balance of Rs 2,000 and rural area customers have to maintain a balance of Rs 1,000.

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The list of bank holidays occurring every year and month is released by the Reserve Bank of India (RBI). In such a situation, before going to the bank, people can get information about when the banks are going to be closed in their city. Banks remained closed for many days in the beginning of February and this month is about to end and there are still 5 days when banks are going to be closed.

Banks will remain closed for two days-

However, bank goers will also get 2 days in between during these 5 days when they can complete bank related work. Chhatrapati Shivaji Maharaj Jayanti is on 19th February and banks are closed in some states on this occasion also.

Whereas, in many places there will be a bank holiday on 20th February also. Let’s see the complete list of bank holidays and know when and where the banks are going to be closed in the coming days.

Banks will remain closed for this reason-

Bank holiday is for two consecutive days, not 1 or 2 days. However, during this period banks are going to remain closed only in some states. 19 February 2024 is the birth anniversary of Chhatrapati Shivaji Maharaj on which banks in some states are closed. There is a bank holiday in Belapur, Mumbai and Nagpur on the occasion of Chhatrapati Shivaji Maharaj Jayanti (Chhatrapati Shivaji Jayanti 2024).

Banks will remain closed on the occasion of State Day

There will be a bank holiday on 20th February also, but banks will remain closed only in selected states. 20th February 2024 is the Statehood Day of Aizawl and Itanagar. On this occasion, there will be a holiday for banks in both the states.

3 days to complete the work

After 20th February, bank work can be completed on 21st February, 22nd February and 23rd February 2024. All the banks across the country are open for these three days, but after this the banks will be closed again for 3 consecutive days.

Banks will remain closed for 3 consecutive days

There is an opportunity for banks to complete their work from 21st to 23rd February, but after that there will be a holiday for all the banks across the country on 24th and 25th February. 24th February is the fourth Saturday of the month and banks across the country will remain closed on this day.

Whereas, due to weekly holiday on 25 February 2024, banks across the country will remain closed. At the same time, there will be a bank holiday on 26th February also, but on the occasion of Nyokum, there will be a bank holiday only in Itanagar.

How to complete your work when the bank is closed

If the bank is closed in your state or city and you need to do bank related work like transferring money to someone, withdrawing money from the bank or need cash, then you can do these works even when the bank is closed. Transactions can be done through online banking services sitting at home. Whereas, you can withdraw cash using the ATM machine with the help of your ATM card.

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The unclaimed amount deposited in Indian banks is continuously increasing. By March 2023, unclaimed deposits with banks have reached Rs 42,270 crore. In the financial year 2021-2022, this amount was Rs 32,934 crore.

When you do not make any transaction with the deposits kept in the bank for 10 years or more, then it becomes unclaimed. Unclaimed deposits include current and savings accounts as well as fixed-deposits and recurring deposits. If you also want that your money kept in banks does not go ‘unclaimed’, then you must do some work.

When a bank declares the money lying in a bank account unclaimed, that money is then transferred to the Depositor Education and Awareness (DEA) Fund, where it is invested in instruments like government securities. Once the money becomes unclaimed, you or your family members have to go through a lot of trouble to prove it as yours. Let us know what precautionary measures should be taken to ensure that your money kept in the bank does not go out of your hands.

Keep doing transactions-

When you do not make any transaction with the deposits in the bank for 10 years or more, then a problem arises. Therefore, keep doing transactions in your account. If you have got an FD, then when it matures, either withdraw the money or renew it.

Make a nominee-

Money kept in many bank accounts goes unclaimed because the account holder has not made a nominee. If you also make this mistake, the chances of your money becoming unclaimed will increase. If you tell in advance who will get your money after your death, not only will it be easier for the bank to give your money to its rightful owner, but the nominee will also not have any problem in getting the money.

KYC update-

The amount deposited in many bank accounts went unclaimed because the bank did not have sufficient information about the account holder. In such a situation, the bank could not contact the account holder or his family members. Always update your KYC details with the bank to protect your account from becoming unclaimed. If there has been a change in your address, then definitely inform the bank about it.

Share information with family-

Lack of information about bank accounts or FD accounts among the family members of the bank account holder is also a major reason for the money being unclaimed. Please inform your family about your bank account and FD etc. This transparency will help your loved ones manage these accounts effectively in unexpected circumstances. By doing this you can save your hard earned money from going unclaimed. When people have all the details, they can claim the money.

Do not keep too many bank accounts-

Do not keep too many bank accounts. Close the accounts which you are not using for a long time, withdraw the money deposited in them. By doing this, the risk of money becoming unclaimed will be reduced and financial management becomes easier by consolidating the money.

Keep FD receipts safely.

When investing in fixed deposits (FD), keep the FD slips safely. These documents serve as proof of your investment and are important for the nominees or beneficiaries to claim the money.

The post Bank Transaction New Rules: If no transaction is done in the bank account for so many days then all the money will be lost. first appeared on Rightsofemployees.com.

Opening a bank account has become very easy these days. There is no limit on opening bank accounts. This is the reason why nowadays many people have more than one bank account. Some of these accounts become almost useless over time. The account remains active but we do not use it. If you also have any bank account which you are not using, then close it immediately. If you do not do this, you will not only suffer financial loss, but you may also get into big trouble.

It is also true that most people do not close unused bank accounts. They feel that if the account is active then they are not facing any loss. However, his belief like this is not correct at all. Today we will tell you about the losses caused by not closing unused accounts.

Minimum balance will have to be maintained

A monthly average balance has to be maintained in most bank accounts. It can range from Rs 500 to Rs 15 thousand. For not maintaining this amount, the bank charges fees as per its policy. Your salary account with zero balance also gets converted into a savings account if you do not receive salary for 3 consecutive months. In this way you suffer financial losses without any reason. Therefore it is better to close the account.

Many charges have to be paid

Banks levy debit card and SMS charges. Debit card fees can range from Rs 100 to Rs 1000 annually. SMS charges are also quite high. Even if you are not using your account, you will have to pay this fee.

Trouble while filling ITR

While filing ITR, you have to give information about all your bank accounts. For this, statements have to be obtained from banks. Even if you are not using any bank account, its statement will have to be taken and that bank account will have to be mentioned in the ITR. This is an unnecessary hassle, which can be avoided by closing the account.

Account may be misused

With accounts that are not being used, someone else can commit a bigger fraud than that. Many such cases have come to light in which money transactions were done using bank accounts which were not being used for a long time. The special thing was that the person in whose name this account was registered got a glimpse of this fraud very soon. Therefore, to avoid such problems, you should close those accounts which you are not using.

The post Bank Account Rules! Bank account which you are not using, close it soon, keeping it open will only lead to loss. first appeared on Rightsofemployees.com.

There will be a total of 11 days of bank holiday in different zones in February 2024. Actually, nowadays most of the work related to banks is done online. But still there are many tasks like opening a bank account and taking a loan, for which one has to go to the bank branch. If you go to the bank branch without looking at the list of bank holidays, you may be disappointed.

Besides, your important work will also stop. In such a situation, know in advance when the bank holidays are. There is a bank holiday on Sunday of every week and on the second and fourth Saturday of the month. This time February has 29 days.

Banks will remain closed on these dates in February, 2024

4 February 2024: There will be a public holiday in banks due to Sunday.

10 February 2024: There will be a holiday in banks on this day due to second Saturday.

11 February 2024: Banks will remain closed across the country on Sunday.

14 February 2024: Banks will remain closed in Tripura, Orissa and West Bengal due to Basant Panchami or Saraswati Puja.

15 February 2024: There will be a bank holiday in Manipur on this day due to Lui-Ngai-Ni.

18 February 2024: On this day banks will remain closed across the country due to Sunday.

19 February 2024: On this day, there will be a bank holiday in Maharashtra due to Chhatrapati Shivaji Jayanti.

20 February 2024: On this day, there will be a bank holiday in Mizoram and Arunachal Pradesh due to State Day.

24 February 2024: There will be a holiday in banks on this day due to second Saturday.

25 February 2024: There will be a public holiday in banks on this day due to Sunday.

26 February 2024: There will be a bank holiday in Arunachal Pradesh on this day due to Nyokum.

The post Bank Holidays in February 2024: RBI released the list of bank holidays for the month of February, see list first appeared on Rightsofemployees.com.

GPS-based toll collection to start by March next year

Road Transport and Highways Minister Nitin Gadkari on Wednesday gave major information regarding the launch of GPS-based toll collection system. He said that to change the existing system of highway toll plazas, the government will introduce new technology including GPS-based toll collection system by March next year.

Automatic number plates will be installed in vehicles

Along with this, he said that the Ministry of Road Transport and Highways has also run two experimental projects of Automatic Number Plate Recognition System to enable Automatic Toll Collection System without stopping the vehicles.

The move aims to reduce traffic on the highway and charge drivers for the exact distance traveled on the highway.

Heavy financial loss due to jam at toll plaza

According to the information, during the year 2018-19, vehicles had to wait for an average of eight minutes at the toll plaza. With the implementation of Fastag system in the year 2020-21 and year 2021-22, this time has reduced to just 47 seconds. At some places, especially in densely populated towns near cities, the waiting time at toll plazas has improved significantly, then This time also increases during times of extreme crowd. Due to this the country also has to suffer a lot of economic loss.

GPS system will be implemented to save economic loss

To save the country from this economic loss, GPS system is going to be implemented. Under this, first of all the number plates of vehicles will be changed to GPS number plates. Let us tell you that the Transport Ministry has ordered to install GPS number plates in all new vehicles. At the same time, now in all the old vehicles also, automatic number plate with GPS system will be installed in place of the old number plate.

Toll tax will be deducted directly from your bank account

Through GPS Toll System, as soon as you cross the toll plaza, the number plate of your vehicle will be scanned. After this, the toll collection amount will be deducted from your bank account.

The post New GPS Toll System: Toll tax will be deducted directly from your bank account from next year, Know full details first appeared on Rightsofemployees.com.

Police has intensified the investigation in the case of fraud worth crores of rupees in South Indian Bank located in Sector 22 of Police Station Sector-24 area. Besides, transactions from 90 bank accounts have been banned. Inspector Vivek Srivastava, in-charge of Noida police station Sector 24, said that Indian Bank’s Deputy General Manager (regional) Ranjit R Nayak had lodged a report in the police station.

In which he had alleged that he had received complaints of irregularities from the branch located in Sector-22 for the last few days. Srivastava said that after investigating the complaint, it was found that the Assistant Bank Manager had transferred Rs 28.07 crore from the account of a company named ‘Associate Electronics Research Foundation’ located in Sector-48 to the accounts of his wife and mother and others and had not settled with the company and the bank.

Alleged fraud. He told that in this matter the officials of ‘Associate Electronics Research Foundation’ had lodged a complaint through email on December 3, 4 and 6. Allegations were made of transferring money from the company’s account without permission and knowledge.

Search for the accused continues

Deputy Commissioner of Police Harish Chander said that transactions from 90 bank accounts have been banned in this case. He said that police teams are conducting raids at possible places to arrest the accused.

The post Bank Account Holder! Ban on transactions in 90 bank accounts simultaneously, Know the reason first appeared on Rightsofemployees.com.

How to Close Bank Account: Nowadays, there would hardly be any person in the country who does not have a bank account. Many times people open bank accounts while working and forget to close that account after changing jobs.

In such a situation, in case there is no salary credit for a long time, the salary account is converted into a normal savings account. In such a situation, if minimum balance is not maintained on the bank account, penalty starts being imposed. Due to this your credit score is affected. Get such accounts closed as soon as possible. Let us know how the bank account can be closed.

Before closing an idle account, withdraw all the money deposited in it. Maintain zero balance in the account. For this work you can take help of ATM or net banking.

Before closing the account, get all your automatic debits delinked. If your account is linked to a loan account, then delink it and deposit the new account number in the loan account.

Let us tell you that after 14 days of opening the account, you will have to pay some kind of fee for closing it within 1 year. You will not have to pay any kind of closure fee for closing the account for more than 1 year.

To close the account, first go to your bank branch. Fill and submit the account closing form here. Along with this, deposit all the things like check book, credit and debit cards etc. issued on the account and close the account.

The post Bank Account: Close idle bank accounts soon! Follow this easy process first appeared on Rightsofemployees.com.

For this, only the mobile number of the beneficiary and the name registered in the bank will be required. This feature will be coming soon. In the present system, to send money through IMPS, registration has to be done by entering the name of the beneficiary, his bank account number and IFSC code of the bank.

This process of registration also takes some time. The amount cannot be sent until the beneficiary details are linked to the other account. Once the account is linked, the beneficiary receives the money through IMPS immediately. After the implementation of the new rule, the process of adding account details will not have to be completed.

Will be able to verify the beneficiary

It is being told that the new service of IMPS will also provide the facility to verify the beneficiary. With this, the sender of money will be able to see whether the account number of the person to whom he is sending the money is correct or not. The new feature will help the sender to double check the name entered in the bank details.

There will be expansion in these areas

NPCI said this new arrangement will be extended to corporates with wholesale and retail transactions. Its upper limit will vary from bank to bank depending on their policies.

Two ways to send money right now

– In the first method, to send money one has to use the bank account number, bank name and IFSC code of the bank. Using these, the beneficiary’s account has to be linked to one’s own account.
– The second method involves using mobile number and Mobile Money Identifier (MMID) to identify the beneficiary while sending money from one bank account to another. MMID is a seven digit number which the bank issues to its customer.

The post You can send up to Rs 5 lakh without adding any beneficiary to your account, know how? first appeared on Rightsofemployees.com.

If you are doing a private job then you will be getting salary every month. Some people start spending lavishly as soon as they get their salary and then at the end of the month the entire account becomes empty.

After that, to meet the expenses one would have to take loan from someone or take help of credit card. Why does this happen, have you ever thought about this? Most of the people are not serious about this, because they think that they are getting salary every month, so why worry?

If you spend the entire salary in the same month and start counting the date of the next salary, then be careful, because when you have a job and are getting salary at the scheduled time every month, then you are not able to save anything.

If so, then how will we manage in the economic crisis? For example, if due to some reason you lose your job, and spend a few months searching for a new job, then how will your household expenses and other work be managed, because your bank account will remain empty.

Why is emergency fund necessary?

Actually, here we are talking about emergency fund, everyone should keep an emergency fund with them. Especially if you are doing a private job, then prepare your emergency fund on priority. Because this will become your biggest support in emergency. When you do not get your monthly salary, you will be able to use the emergency fund at that time.

If there is no emergency fund in such a situation, the problems will increase further. Because how will the monthly expenses be covered? If you live with your family and do a private job, then first of all keep your emergency fund in a separate account.

Now the question arises that how much emergency fund should there be, and how to prepare an emergency fund? Because someone’s income is Rs 20 thousand per month and someone earns Rs 1 lakh per month. Then how to prepare for emergency? Financial experts say that as soon as you start a job, the first thing you should do is create an emergency fund and use it only in emergencies.

According to the rules, there should be money equal to at least 100 days’ expenses as emergency fund. However, if the family is big and there is less stability in the job, then the expenses of 6 months should be in the emergency fund.

Emergency fund is necessary for everyone

For example, if someone’s salary is Rs 50 thousand per month, he should always keep at least Rs 1.5 lakh as emergency fund, which will be useful in case of trouble. Whereas if the monthly salary is Rs 1 lakh, then Rs 3-5 lakh should be kept in a separate bank account as emergency fund.

Try to keep this money in a savings account, so that you can withdraw it immediately if needed. Now you can decide for yourself that your emergency fund should be three times your salary. Keep this money in a separate account. It is not necessary to withdraw from this fund every month. Use this amount only in emergencies, like if you lose your job or fall ill suddenly. Apart from this, you can use this fund in whatever emergency happens.

Prepare emergency fund with this formula

Now let us tell you how to prepare an emergency fund? First of all, save 30 percent of your income. Out of which invest 15 percent, transfer the remaining 15 percent to an emergency fund account. This trend should continue till then. Until three times your salary is deposited in the emergency fund account. If there is a threat to the job, then the emergency fund should cover the expenses of up to 6 months.

Apart from this, efforts should be made to have a separate bank account for emergency fund, so that frequent transactions are not done. Once the emergency fund is ready, do not withdraw money from it for small needs. But if there is any emergency, then use this fund blindly and as soon as the situation becomes normal, then first prepare the emergency fund, so that it can be used in future. Another special thing is that emergency fund is not necessary only for family members, even if you are alone then keep emergency fund on the top of your priority list.

The post Private employed people Alert! You should always have this much money in your bank account, otherwise… first appeared on Rightsofemployees.com.

Now the Employees’ Provident Fund Organization (EPFO) has made nomination mandatory for all EPF members. EPFO deprives the EPF account holder of many of its services if he does not declare his nominee in the account. These facilities also include checking the balance of PF account.

By being a nominee, after the death of the account holder, the money goes to the person to whom the account holder wanted to give it. An account holder can also become more than one nominee. You can do online nomination (E-Nomination) in EPFO ​​account.

E-nomination is very useful in providing PF benefits to the PF account holder and his family. Online claim and settlement of provident fund, pension, insurance benefits in case of death of a PF subscriber is possible only when e-nomination is done. If the employee has not mentioned a nominee and the employee dies, his heir has to go to the civil court to obtain succession certificate for release of PF.

Who can be made the nominee?

Actually, the rule is that the PF account holder can make nominees only for his family members. If a person does not have a family, then in that case he can also declare any other person as his nominee. After making someone else a nominee, if the family’s address is known then the nomination of the non-relative gets cancelled. An EPF account holder can make more than one nominee. If there is more than one nominee, more details have to be given. It has to be clearly stated as to how much amount is to be given to which nominee.

E-nomination is mandatory.

EPFO ​​has made e-nomination mandatory. If a member does not do e-nomination then he cannot see his PF account balance and passbook. For e-nomination, the account holder’s UAN must be active and the mobile number must be linked to Aadhaar. The online account holder can also do e-nomination sitting at home.

This is the method of e-nomination

• Log in to the official website of EPFO, epfindia.gov.in.
• In the ‘Service’ tab, click on the ‘For Employees’ tab from the drop-down menu.
• Now log in with your UAN.
• Manage tab will appear. Select e-nomination in this.
• Now fill your permanent and current address.
• To change the family declaration, select Yes.
• Enter the nominee information and click on Save.
• Now click on the e-sign icon and proceed.
• Enter your Aadhaar number and also fill the OTP received on the registered mobile number.
• After completing this process, your nomination will now be updated.

The post PF Account Alert: Big Update! PF account holders must do this work, otherwise EPFO will stop these facilities first appeared on Rightsofemployees.com.

These losses also include losses related to bank accounts. In fact, many times people’s bank accounts also get closed. There is an important reason behind this also. Let us know about it…

Bank account may become inactive

Many times, if there is no activity in a bank account for a long time, the bank account may also be closed. In fact, if there is no transaction in a savings account or current account for two years, then the bank account will be considered inactive or dormant account. According to the RBI notification, if there is no transaction in a savings or current bank account for more than two years, then such bank account will be kept under inactive or dormant account and a separate ledger will be used for it. Under this, transactions mean debit and credit.

Will not be able to do this work

At the same time, if an account becomes dormant or inactive then people may have to face a lot of trouble. During this period, people will not be able to log in to their bank account, make any payment, send money to anyone and will not be able to withdraw money from the account.

According to the information, whenever a bank account becomes dormant, all the credit and debit transactions related to that bank account are blocked. During this period, people are not allowed to do UPI, NEFT, RTGS etc. Along with this, transactions done through check book or debit card are also blocked.

This is how to activate again

RBI says that whether a savings account is active or not, interest will definitely be given in those savings bank accounts. These active or dormant accounts can also be reactivated. For this, some documents will have to be submitted to the bank. To restart dormant and inactive accounts, you will have to go to the branch of the bank in which you have your account. After this, you will have to apply there to reopen the bank account.

You will also have to submit self-attested identity certificates. After this, you will have to do any transaction from your bank account, the bank account will become active again.

The post Bank Account: Due to this action, your account may be closed, you will not be able to do any transaction first appeared on Rightsofemployees.com.

In such a situation, Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme provides life insurance at a very low premium. Let us tell you that PMSBY is such a scheme from the Central Government, under which the account holder gets an insurance cover of Rs 2 lakh for just Rs 20.

Let us tell you that the Central Government had started the Pradhan Mantri Suraksha Bima Yojana a few years ago at a very nominal premium. The annual premium of PMSBY is only Rs.20. You have to pay this premium at the end of the month of May. This amount is automatically deducted from your bank account on 31st May. If you have taken PMSBY then you must maintain balance in the bank account. Let’s know about this scheme….

Know the conditions of PMSBY

People between the age of 18-70 years can take advantage of the PMSBY scheme. The annual premium of this scheme is only Rs.20. The premium for PMSBY policy is also deducted directly from the bank account. The bank account is linked to PMSBY at the time of purchasing the policy. According to the PMSBY policy, in case of death in an accident or disability of the customer who bought the insurance, an amount of Rs 2 lakh is given to his dependent.

The first was 12 rupees per annum premium

Pradhan Mantri Suraksha Bima Yojana is an insurance scheme launched by the Government of India in the year 2015. In this, a cover of up to 2 lakh is given in case of an accident. To take advantage of this, from June 1, 2022, there is an annual premium of Rs 20. Before June 1, 2022, the premium was only Rs 12. The objective of PMSBY is to provide security to the large population of India whose income is very low.

Know how to register:

You can apply for this policy by visiting any branch of the bank. Bank Mitras are also delivering PMSBY door to door. Insurance agent can also be contacted for this. Government insurance companies and many private insurance companies also sell this plan.

The post PMSBY Scheme: Bank will deduct rupees 20 from your bank account and you will get 2 lakh rupees benefits first appeared on Rightsofemployees.com.

Actually, if seen, PF is a kind of investment, which is very useful for us in future. PF accounts of employed people are opened by Employees Provident Fund Organization ie EPFO ​​and then a certain amount is deducted from the employee’s salary every month and deposited in these accounts and EPFO ​​also pays annual interest on this money. At the same time, you can also withdraw this money in the middle of the job or after leaving the job.

But the problem with many people is that their already linked bank account with PF account gets closed. In such a situation, they are not able to withdraw PF money. If you have this problem too, then you do not have to worry because we are going to tell you how to link your new bank account with your PF account.You can learn about this in the next slides…

• If for some reason you also want to link a new bank account with your PF account, you can
• For this you have to visit the official website of EPFO ​​unifiedportal-mem.epfindia.gov.in/memberinterface/
• After visiting the website, you have to enter the UAN number, password and captcha code given on the screen, which will login your account

• After login, you will see many options here, out of which you have to click on the managed option.
• Inside this you have to choose the option of KYC 
• Then here you have to click on the bank option you see.

• After this you have to fill all the details of your bank account here.
• Like- bank account number, bank name and IFSC code etc.
• Keep in mind that check the filled information once, so that nothing goes wrong.

• Now you have to click on the submit button
• Then after submission, the process of linking your bank account is approved by the HR department of your company and once approved, your bank account is linked to the PF account.

The post Bank account linked to PF account has been closed, so link new bank account like this sitting at home first appeared on Rightsofemployees.com.

The process of depositing income tax return in the account of taxpayers has been started by the Income Tax Department and those who have filed their ITR have started receiving money. Income Tax Department is continuously advising taxpayers by sending messages and through social media that ITR should be filed as soon as possible without waiting for the last date. There has been a sharp increase in the number of people filing income tax returns so far this year as compared to last year.

Till now, more than 3 crore ITR files have

been shared on the Twitter handle of the Income Tax Department through a tweet that till now more than 3 crore ITR files have been filed in the country. Compared to last year, the Income Tax Department has achieved this milestone 7 days earlier. It has been told in the tweet that this year for the assessment year 2023-24, more than 3 crore ITRs have been filed till July 18, 2023, while last year the same number of ITRs were filed till July 25.

Income Tax Department appeals to taxpayers

According to the figures of the Income Tax Department, till July 18, 2023, 3.06 crore taxpayers in the country had filed their ITRs. Out of these, 2.81 crore ITRs have been e-verified, which means the process of e-verification of 91 per cent ITRs has been completed. Taxpayers have been urged by the department that we expect this enthusiasm to continue and all those people who have not yet filed ITR should do this important work as soon as possible to avoid overcrowding in the last dates. Take it.

So much fine after 31st July

If the taxpayer is not able to file his ITR till 31st July, the deadline fixed by the Income Tax Department, then later he will have to do this work along with the fine. Under this, a fine of Rs 1,000 is imposed for taxpayers with annual income up to Rs 5 lakh, while a provision has been made to levy a late fee of Rs 5,000 for annual income of more than Rs 5 lakh. In a tweet by the Income Tax Department, taxpayers have been advised that those who have not filed ITR for the assessment year 2023-24, should do so as soon as possible to avoid last minute rush.

These documents are needed while filing ITR

• PAN Card: PAN card is a necessary document not only for filling ITR but also for opening a bank account. Keep it with you while filling ITR.
• Aadhaar Card: There are details like name, address and date of birth on Aadhaar. Its 12 digit unique ID number has to be entered.
• Form 16A: Form 16A is necessary for sources of income other than your salary, it contains complete details of your income.
• Form 26AS: Gives information about TDS deducted from your income and payments made. Can download from Income Tax website.
• Salary Slip: Salary slip is also an important document. It contains details like income, travel allowance, which have to be filled.
• Home Loan: If you have a home loan going on, then it is necessary to give complete information about it while filing income tax return.

You can file ITR like this sitting at home 

• Go to the e-filing portal (https://eportal.incometax.gov.in/) of the Income Tax Department.
• After this, log-in with the help of your User ID and Password on the homepage.
• On the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Then select the assessment year, such as 2023-24, and click on ‘Continue’.
• Now choose the mode of ITR filing and select the online option.
• Now choose your ITR form according to your tax income and TDS calculation.
• After selecting the applicable ITR for you, keeping all the necessary documents close, click on the start option.
• Now some questions will appear on the screen, whatever is applicable to you, mark its check box and click on continue.
• As per the documents, enter the details of your income and deductions in different sections.
• If there is a case of tax liability, a brief description of the tax-calculation based on the details provided by you will appear.
• Taxability is created according to the calculation, then you can choose the option of ‘pay now’ and ‘pay later’.
• If no tax liability is created, then after paying the tax, one has to click on ‘Preview Return’.
  Then click on ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’ option.
• View the preview and on the ‘Submit Return’ page, proceed to verify. It is mandatory to verify and e-verify the return.
• On the e-verify page, select the option using which you wish to e-verify and click on ‘Continue’.
• Once you have e-verified the return, an intimation about the successful submission of the form appears on the screen.
• Transaction ID and Acknowledgment Number are displayed on the screen, so that you can check the status of your ITR form in future.
• Your mobile number and email ID which is registered on the e-filing portal, you will get the message of successfully filling the form.
• Self-select new or old tax regime
• While filing ITR, keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself. There are very limited options to avail tax exemption in the new tax regime. However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But there you can claim tax exemption by investing in various government schemes and in other ways.

The post Good news for Taxpayers! Income tax return money started coming in bank account, check details immediately first appeared on Rightsofemployees.com.

At present, many people have more than one bank account. If you also have more than one bank account, then this is important news for you. How many bank accounts can you open in India? Please tell that there is no limit in the number of opening bank accounts. Customer can open 2, 3, 4, 5 any number of bank accounts. The Reserve Bank of India (RBI) has not fixed any limit on the number of bank accounts.

You can manage multiple savings accounts with multiple banks without any hassle. Also, if you can meet the requirement of maintaining minimum account balance, then you do not have to worry.

Minimum balance has to be maintained

Now except salary account minimum balance has to be maintained in almost every bank savings account. If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum balance even after deducting the charge, then your bank account becomes negative.

Many types of bank accounts can be opened;

On behalf of the bank, customers are given the facility to open many types of accounts. You can open a salary account, current account, savings account or joint account as per your convenience. Most of the customers open a savings account. You also get the benefit of interest on this account. This is a basic bank account.

The post Bank Account Limit ! How many bank account you can open in India, check new guideline first appeared on Rightsofemployees.com.

Along with this, the company also deposits the same amount in the PF account of its employees. At the same time, the government also pays annual interest on this money. In such a situation, the PF account holder can withdraw this money in the middle of the job or after the end of the service.

Just for this your bank account should be updated on the PF portal, but many times people’s already linked bank account gets closed due to some reasons or for other reasons they want to change their bank account. In such a situation, if you also want to change the bank account linked to your PF account, then you can do so in a very easy way. So let’s know how you can get a new bank account updated in your PF account…

• If you also want to add a new bank account to your PF account for any reason, then you can do so
• For this you have to visit the official website of EPFO ​​unifiedportal-mem.epfindia.gov.in/memberinterface

• After this, you have to login here by entering your UAN number, password and captcha code given on the screen.
• Now you will get the option of KYC on the portal, on which you have to click
• Then here you will get the option to update your bank account
• you also have to click on

• Now you have to fill the information of your new bank account here i.e. fill the information of the bank account you want to update
• After this, check the filled information properly, so that there is no mistake.

• Then when all the information is correct, click on submit
• After this your new bank account information is approved by the HR of your company
• Then as soon as HR approves, your new bank account gets linked to the PF account.

The post PF: Bank account linked to PF account can be changed in minutes, know complete process first appeared on Rightsofemployees.com.

At present, many people have more than one bank account. If you also have more than one bank account, then this is important news for you. How many bank accounts can you open in India? Please tell that there is no limit in the number of opening bank accounts. Customer can open 2, 3, 4, 5 any number of bank accounts. The Reserve Bank of India (RBI) has not fixed any limit on the number of bank accounts.

You can manage multiple savings accounts with multiple banks without any hassle. Also, if you can meet the requirement of maintaining minimum account balance, then you do not have to worry.

Minimum balance has to be maintained

Now except salary account minimum balance has to be maintained in almost every bank savings account. If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum balance even after deducting the charge, then your bank account becomes negative.

Many types of bank accounts can be opened;

On behalf of the bank, customers are given the facility to open many types of accounts. You can open a salary account, current account, savings account or joint account as per your convenience. Most of the customers open a savings account. You also get the benefit of interest on this account. This is a basic bank account.

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The last chance to link PAN card with Aadhaar card will end today. This means that if you do not link it by June 30, 2023 i.e. today, then your PAN card will be of no use. This document will be completely useless. You will not be able to use PAN card anywhere. Also, will not be able to take advantage of many facilities. However, if you have already linked Aadhaar and PAN, then you do not need to worry. 

PAN card is used for opening bank account, investing in fixed deposits, opening demat account and investing in mutual funds. If you are going to link your PAN and Aadhaar today, then you will have to pay the late fee. This amount will be 1000 rupees. PAN and Aadhaar can be linked only after making the payment, which will be confirmed by the Income Tax Department. 

Will the government extend the deadline for linking PAN-Aadhaar? 

In the ET report, quoting experts, it has been said that the government should increase the deadline for linking PAN and Aadhaar. Because if this is not done then many problems can arise. Experts have argued that the deadline for filing income tax return is 31st July, in which case the deadline for linking PAN is terminated on 30th June itself, for those taxpayers who have not linked PAN. Those people will have to face problems. On the other hand, some say that due to the end of the PAN linking deadline, many works can be pending, in which case the deadline for linking it should be increased by about 4 months. 

What will not happen if PAN is not linked 

• You will not be able to file the return. Last date for filing return is 31st July
• Late returns will not be processed
• Your tax refund will increase
• Amendment in income tax return will also not be allowed
• No interest will be earned on such refund
• TDS and TCS can be deducted at higher rate
• Such PAN will also affect banking transactions.

How to link pan with aadhaar 

You can link PAN with Aadhaar by visiting the official website of Income Tax Department www.incometax.gov.in . The Central Board of Direct Taxes (CBDT) issued a notification on March 2022 saying that it is mandatory for all people to link Aadhaar with PAN. 

The post PAN-Aadhaar Linking: Today is the last chance to link PAN-Aadhaar, know whether the government will extend the deadline first appeared on Rightsofemployees.com.

RBI: For a few days, a news is going viral, in which it is being claimed that if more than 30 thousand rupees are deposited in your account, then the account will be closed. It has been said in the message that this announcement has been made by the Governor of the Reserve Bank of India. The truth has been told by the RBI regarding this.

Information has been given by PIB Fact Check that if more than 30 thousand rupees are deposited in the account, then your account will not be closed. No announcement has been made by the Governor, in which there is talk of closing the account if more than Rs 30,000 is deposited. This claim is completely fake.

PIB Tweeted

This information has been given by PIB on Twitter, in which an image has also been attached. It is written in this that your account can be closed if you deposit more than 30 thousand rupees. However, PIB has informed on Twitter that no such decision has been taken by the Reserve Bank or the Governor.

एक ख़बर में दावा किया जा रहा है कि भारतीय रिजर्व बैंक के गवर्नर ने बैंक खातों को लेकर एक अहम ऐलान किया है कि अगर किसी भी खाताधारक के खाते में 30,000 रुपये से ज्यादा है तो उसका खाता बंद कर दिया जाएगा#PIBFactCheck

▪️ यह ख़बर #फ़र्ज़ी है।

▪️ @RBI ने ऐसा कोई निर्णय नहीं लिया है। pic.twitter.com/dZxdb5tOU9

— PIB Fact Check (@PIBFactCheck) June 15, 2023

Avoid fake messages

The Reserve Bank often advises people to avoid fake messages. Also advises not to share any kind of personal information with others, because you can get into a bigger problem than this. Along with this, the Reserve Bank also asks not to share fake messages with anyone else.

Fact check can be done for any message

If you also have a message in your mind about a message that this viral message can be fake, then you can also get the message fact checked. If you want to check the truth of the viral message, you can send a message to 918799711259 or mail to socialmedia@pib.gov.in .

The post RBI Cash Deposit Rule: Bank account be closed if you have deposited more than Rs 30000, RBI governor gave statement first appeared on Rightsofemployees.com.

In case of not doing so, the PAN will be inoperative. The online process of linking has also been explained. Linking with Aadhaar is necessary to save PAN from becoming inactive. The Income Tax Department has warned the PAN card holders to link PAN with Aadhaar immediately, otherwise the PAN card will become inactive.

The last date for making PAN link (Pan-Aadhar Link Last Date) is 30 June 2023. A fine of Rs 1,000 will have to be paid for linking PAN and Aadhaar online. Users can pay this fee from the website of NSDL.

What will happen after July 1 if there is no link

According to the Income Tax Department, PAN will become inactive from July 1, 2023 if PAN is not linked to Aadhaar. The PAN of such customers will be canceled under Section 139AA of the Income Tax Act. There is also a provision for a fine of Rs 10,000 for using an inactive PAN card after July 1, 2023. So if there is no link, the users will face difficulty in banking transactions, land or property will not be able to be bought and sold. While the bank account can also be frozen.

how to link pan aadhaar online

• Users will first have to visit the e-filing website of the Income Tax Department (www.incometaxindiaefiling.gov.in).
• Register yourself on the website. Here PAN number will be your user ID.
• Now login by entering User ID, Password and Date of Birth.
• After this, you will see an option on the website ‘Link Aadhaar’, click on it.
• Users have to go to the profile setting of their account.
• As soon as you go to the profile setting, the option to link Aadhaar card will appear, select it.
• Now users fill their Aadhaar number and captcha code.
• After this, click on the ‘Link Aadhaar’ option shown at the bottom.
• After completing this process, your PAN card will be linked with Aadhaar.

The post Pan-Aadhar Link: Do this work immediately before 30th, Otherwise your bank account will be frozen first appeared on Rightsofemployees.com.

On one hand, where technology is making our life easier, on the other hand, this technology is also becoming a noose around people’s neck in many ways. However, at present we will only talk about cyber fraud.

You must have heard how the OTP received on the phone was asked from such and such a person and as soon as the OTP was given, the money was lost from his account. Now since this thing has spread and people have become more alert than before, the thugs have found a new way.

In the new method, your UPI account linked to the bank is being targeted. It is important for you to know such incidents that have happened with many people so that you do not become a victim of it. If any unknown person asks you to do this kind of work on the phone, then immediately disconnect the phone and report the number. With this, you will not only protect yourself but will also be able to help more people.

How are you getting cheated?

Let’s understand it with an example. It is based on a true incident just the name has been changed. A 25-year-old man named Rahul ordered a phone worth Rs 30,000 from XYZ Shopping website. The phone was supposed to be delivered on 17th May but Rahul received a call on 16th May and the caller introduced himself as the customer care of XYZ Company. After this, he told Rahul the details of his luggage etc. and said that he has to confirm the address.

Link to confirm address

However, Rahul had already entered his address on the shopping website. That’s why now that doubt has become more confirmed that it is a call of some thug only. Rahul continued talking and the thug said that a link is being sent to you, you have to confirm the address by clicking on it. When Rahul clicked on it, a UPI payment gateway opened. In this, the details of his bank were sought. When Rahul asked the thug about this, he said that to confirm the address, Rahul would have to pay Rs 5 first. Obviously, if the bank details were entered, the bank account would have been empty.

Faced with the thug

After this, Rahul told him that he has understood that you are not a customer care but a thug. Along with this, Rahul also told him that he has made a video of this incident. On hearing this, the thug got angry and threatened to delete the video. After this the phone was disconnected.

The post Without OTP Scam: New way to break into bank account, Now even scammers are not asking for OTP, small mistake and account empty first appeared on Rightsofemployees.com.

Anyone who currently has these notes will have a chance to deposit or exchange them from May 23 to September 30. The Reserve Bank of India has clarified in its notification that a person will be able to exchange Rs 2000 notes up to Rs 20,000 in a day. Let us know what is the limit fixed for depositing in the bank account.

What is the limit for bank account

In a notification issued by the Reserve Bank of India on May 19, 2023, it was said that any person can deposit Rs 2000 note in his account from any branch. The old rule of depositing money in the bank account will continue to apply. Because of which there will be no limit to deposit 2000 rupee note.

It will be necessary to deposit money in the bank account

There is no limit to deposit money in the bank account. But if your KYC is not done, then there will be a problem in depositing 2000 rupee notes. Let us tell you, it has been clarified in the press release of RBI that Rs 2000 note can be exchanged from May 23 itself.

If a person needs more than Rs 20,000, then he should first deposit Rs 2000 notes in his account. And debit the same amount from the bank account. Please tell, no bank can refuse you to exchange 2000 rupee note.

The post How much ₹ 2000 note can be deposited in the bank account at once? see limit here first appeared on Rightsofemployees.com.

Then the customer is left with no option but to close the account. But even when you go for account closing, the bank officials do not close your account and say that after clearing the minus amount, your account may be closed. If you are also facing the same problem, then let us tell you what the RBI rule says about this.

Maintain minimum balance

Nowadays everyone gives preference to savings bank account. Banks keep a condition while opening a savings account from the customers that after opening the bank account, they have to maintain a minimum balance in the account. This minimum balance limit is also decided by the banks themselves. If the minimum balance is not maintained in the customer’s account, then penalty will be deducted from his account. But, let us tell you, doing so is subject to RBI rules.

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What does the RBI rule say

Under the rules of RBI, the bank cannot deduct money from the customer’s account even if there is no minimum balance. At the same time, by deducting in the name of penalty, the bank cannot make the customer’s account in minus. Still, if a bank does this, the customer can go to the RBI and complain about the bank.

where to complain

If the bank makes your account negative by deducting the money, then you can complain about it by visiting the RBI website. Based on your complaint, RBI will take action against the bank.

The post RBI New Rule: Penalty will not be imposed even if the account balance is zero, know rule here first appeared on Rightsofemployees.com.

The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

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Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

The post RBI Canceled Bank License: RBI canceled the license of these 8 banks, will not be able to do transactions – see details here first appeared on Rightsofemployees.com.

Explain that if a refund is made after filing ITR, then the Centralized Processing Center (CPC) of the Income Tax Department transfers it to your bank account. However, for this it is necessary to pre-validate the bank account in which you want to transfer the refund.

Bank account pre-validation is an important step in ITR filing, the main objective of which is to ensure the identity and security of the user’s account. In the pre-validation process, the ITR portal or software system validates your bank account details with valid parameters. This validation ensures that your account is valid and your identity is correct.

Important things for taxpayers before pre-validation

>> He should have a valid PAN which is linked to his bank account.
>> PAN should also be linked to the e-filing facility of the IT department.
>> Taxpayers should register themselves on the e-filing portal.
>> One should have a valid bank account number and a valid IFSC code of their home branch.

Steps to pre-validate your bank account

• Go to the official website of IT department incometax.gov.in.
• Use your login details or PAN/Aadhaar details to login.
• After logging in, go to the ‘My Profile’ section and select ‘My Bank Account’.
• As soon as you click on it, the option of ‘Add Bank Account’ will appear.
• Enter the required information like name, bank account number, type, IFSC code, bank name etc.
• Click on ‘Validate’ option and submit.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

Related Article

The post RBI Canceled Bank License: RBI canceled the license of these banks, will not be able to do transactions first appeared on Rightsofemployees.com.

Under this scheme, if you have only Rs 20, then you can avail insurance cover up to Rs 2 lakh. Let us tell you that under the scheme, coverage of Rs 2 lakh is available for accidental death and permanent total disability. At the same time, Rs 1 lakh is given on permanent partial disability. However, let us know the details of this plan.

What is the plan

This is a one year accident insurance plan, which is renewable every year. This plan covers death or disability due to an accident. Individuals in the age group of 18-70 years having account in savings bank or post office are eligible for registration under this scheme.

May 31 is an important day

The coverage period under this scheme is from 1st June to 31st May. Renewals are done annually on or before 31st May. Under this, an amount of Rs 20 will automatically be deducted from your account.

How to register

Registration under the scheme can be done by visiting the branch/BC point or website of the account holder’s bank or by visiting the post office in respect of post office savings bank account. Under the scheme, the premium can be paid by auto-debit from the bank account based on the order placed by the subscriber only once.

The post Bank Customers Alert! Keep ₹ 20 in the bank account till May 31, otherwise there will be a big loss of 2 lakhs, know the rules immediately first appeared on Rightsofemployees.com.

You can gift a bank account with special features on your child’s birthday or on any special occasion. An account with special features has been introduced by the State Bank of India (SBI) for small children. Under this, you can save for the child by opening an account.

The limit for transfer of payment is also fixed.

The limit for transfer of payment to this account opened in SBI will also be fixed. With this feature, the child will not be able to spend unnecessarily. Let us tell you that SBI provides two types of accounts for minor children. Under this, you can open first step (Pehla Kadam) and second first flight (Pehli Udaan) account.

Pehla Kadam Bank Account

SBI provides many types of features in this account. In this, parents or guardians can open joint accounts with minor children of any age. The account can be operated by the parent, guardian or the child himself. ATM is also given on opening the account. The ATM card is in the name of the minor child and guardian. Can withdraw up to Rs 5,000 from the account. Apart from this, you can transact up to Rs 2,000 daily in this.

First Flight Account Benefits

Under this scheme, the account of children above 10 years of age can be opened. It will be necessary for them to sign in this account. Children can operate this account themselves. Children also get the facility of ATM card in it. With this, you can withdraw up to Rs 5000 per day. Through mobile banking, you can transfer money to it up to Rs 2000 daily.

The post Child Bank Account: Open this special account of your child in SBI Bank, know the benefits of this account here first appeared on Rightsofemployees.com.

The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

The post RBI Canceled Bank License: Big news for These Bank Customers! RBI canceled the license of these 8 banks, will not be able to do transactions first appeared on Rightsofemployees.com.

Not going to happen. The interchange fee that will be charged on transactions above Rs 2,000 will be applicable only on PPI i.e. Prepaid Payment Instruments transactions. Normal UPI transaction i.e. bank account to bank account transactions will not have to be charged.

‘What is PPI?’- People started searching

After the circular of NPCI, this confusion was removed that no new charge should be given to common customers on UPI transactions, but people definitely started searching what is PPI Payment. If you are also thinking this, then we have written this article only for you.

What is PPI?

According to NPCI, most payments on UPI enabled apps are bank account to bank account based transactions. Their share in UPI transactions is 99.9%. Rest of the PPIs are merchant based transactions.

But what is this? Under RBI’s Payment and Settlement Act, 2005, PPIs or Prepaid Payment Instruments are such payment instruments, in which you buy goods or services or transfer funds, financial services or remittances through store value in advance. Simply put, such payment apps, in which you buy, or transfer something with the money already inserted, that is, through money inserted in mediums like wallet or gift card.

Basically you keep prepaid amount in the app, which is deducted from your bank account or debit/credit card, cash or. PPIs can be in many forms, such as payment wallets, smart cards, magnetic chips, vouchers, mobile wallets, etc. That is, any such instrument or instrument in which you put money in advance, so that transactions can be done with it.

Are there types of PPIs?

Yes, there are many types of PPIs too. According to RBI, PPIs are issued in the country under three systems.

1. Closed System:

Such PPIs can be used only by the institutions that issue them. That is, if a company gives its PPI, then you will be able to use it within its system. Things like gift cards, vouchers, coupons come in this system. RBI permission is not required for issuing such PPIs.

2. Semi-Closed System:

Apart from the issuing institution, such PPIs can be used in some other institutions as well. For example, if one organization has a contract with another, then you can use this instrument at both the places. But such PPIs can be issued by RBI approved banking institutions or authorized non-banking institutions only. Payment aggregators or payment gateways come in such PPIs.

3. Open System:

Debit and credit cards come in this system. These can only be issued by approved banks on behalf of RBI.

The post PPI Payment Charges: UPI payment will be charged, know what is PPI payment first appeared on Rightsofemployees.com.

You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

The post Big news for PNB-ICICI-HDFC bank customers! Government’s big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Through UPI, sitting at home, people are able to transfer money from one account to another through mobile number only. Recently UPI has become International. After the link of UPI of India and Penau of Singapore, now people can transact money from India to Singapore through mobile number only. In such a situation, if a person’s mobile phone is lost, then he may have to face a lot of trouble.

stop upi payment from bank account if mobile is stolen

Along with taking advantage of digital payment, it is also the responsibility of the users to take care of the precautions related to it. In such a situation, if your mobile is lost somewhere, then it is very important to stop the UPI payment from the bank account. If you do not do this, then your account can be empty in one stroke. Let us know what is the process of deactivating UPI from bank account.

How to deactivate UPI from your bank account-

1. If you want to deactivate UPI on your bank account, then first of all it is very important to keep in mind that you should not share your UPI PIN with anyone.
2. To deactivate UPI payment, first of all, call your mobile service provider and get your SIM blocked. Due to this, any message or OTP related to Mobile Banking will not be able to fall into wrong hands.
3. After this, to block UPI from your bank account, you can use your UPI app like Paytm, Google Pay, PhonePe, Amazon Pay, etc. by calling instant UPI service. Request closure.
4. After this, immediately register an FIR for the theft of your mobile. With this you will be able to stop the misuse of your mobile.
5. Along with this, by calling the customer care of the bank, stop Net Banking and Mobile Banking also immediately.

The post UPI Deactivate Process: How to deactivate UPI from your bank account- Details Here first appeared on Rightsofemployees.com.

If the earning person is a salaried individual, it is better to have a single savings bank account than multiple savings accounts. Maintaining a bank account is easy and when you file your income tax return, your job becomes easier as most of your banking details are available in the same bank account.

But apart from convenience, if you have a savings bank account then there are some monetary benefits as well as you will be paying bank service charges on debit card AMC, SMS service charges, minimum balance etc.

As per RBI rule, it is better to have a single bank account as it becomes easier to maintain minimum balance and avoid paying bank service charges like debit card AMC, SMS. If a person is salaried, having a single savings account makes it easier for the earning person while filing income tax returns.

Possibility of forgery

Having more than one bank account is likely to mean an inoperative account, which is most prone to fraud. This happens when a salaried individual changes job from one company to another leaving the salary account. In such a case the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Score

Having more than one account can be a problem in managing your bank account with the proper minimum balance. In such a case, a default can lead to a penalty which is directly related to your CIBIL rating.

Multiplication of Service Fee

Having a bank account attracts various service charges like SMS alert service charges, debit card AMC, etc. If you have a single bank savings account, you will have to make a one-time payment while in case of multiple banks, the service charge for the savings account is doubled.

Hold on your investment

There is also a requirement of maintaining a minimum balance in order to have a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account. These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, your Rs 40,000 will get stuck in maintaining the minimum balance of two additional bank savings accounts and investing will not be able to do.

This additional Rs 40,000 can be used for investment purpose and a return of 8 per cent can be earned on the same as debt funds attract at least 8 per cent in short term investments. But, in a bank savings deposit one would get around 4-05 per cent, which is almost half of what one earns through investing in debt funds.

Income tax fraud

Interest up to Rs 10,000 in a bank savings account is tax exempt and hence TDS is deducted. So, unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, it may happen that your bank has not deducted TDS like in your single bank account.

10,000 is not the interest earned in a financial year, but after adding the entire interest in all your savings account, it may cross Rs.10,000, making you liable to deduct TDS. In such a situation, you will have to give this information to the Income Tax Department during ITR filing. Failure to do so would result in income tax fraud, which was done unknowingly.

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You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

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The bank has told the customers that if they want to download any mobile app of State Bank of India, then they should always use the official app store for this. That is, if you want to download any app of SBI, then always download it from the official app store like Google Play Store or IOS App Store.

Never download the mobile app from the link coming in the message

SBI has said in its warning that never use the link coming in the text message to download the mobile app of the bank. Such links are fake. Let us tell you that cyber fraud gangs send links to download fake apps of banks in text messages to trap simple people in their trap.

All the money deposited in the bank account can be blown very easily

Actually, to use the app of any bank, you have to give some confidential information related to your bank and account. In such a situation, if you download a fake mobile app from a link and provide confidential information related to your bank account on the app, then all your hard-earned money deposited in your bank account can be easily siphoned off. .

Be careful while sharing secret details related to bank

In view of the increasing cases of cyber fraud, one should always be careful while sharing any kind of information related to the bank. Employees of any bank do not ask customers for secret details related to their bank account such as debit card PIN, credit card PIN, net banking password or OTP. If a person asks you for such information related to your bank account by pretending to be an employee of the bank, then be alert and never give confidential information related to your bank account to such a person.

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You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

The post Big news for PNB-ICICI-HDFC bank customers! Government’s big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

According to the new guidelines of RBI, those bank account holders who have already submitted their valid documents and there is no change in their address, they will now have to do their Know Your Customer (KYC) i.e. “Know your customer”. There is no need to visit the bank branch to get the details updated.

What did RBI say according to the new rule, RBI says that if there is no change in KYC information, account holders can submit self-declaration letter through one of their email ID, registered mobile number, ATM or other digital medium.

RBI issued guidelines on Thursday Let us tell you that the Reserve Bank of India has issued these guidelines on Friday i.e. January 6. It said that if there is no change in the KYC information, then the customer’s self-declaration letter is enough to complete the KYC process again.

Appeal to the banks in its guidelines RBI asked the banks in their guidelines to allow their customers to self-declare through registered email ID, number, ATM, etc. so that they do not need to go to the bank branch.

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From street vendors to retail chains, UPI is now ubiquitous in India because of the ease with which transactions are made. Even after that , due to wrong typing of UPI ID many times the money gets transferred to someone else. What should be done in such a situation so that your money can be recovered?

If wrong UPI ID money has been transferred

By the way UPI is a safe payment system. Even after that, even small mistakes made on your part can cause financial loss. Entering wrong UPI ID and transferring money to someone else’s bank account by mistake are some of the mistakes you might have come across. Most of us panic in such situations, but according to the Reserve Bank of India, you are recovering the money transferred to another account by entering the wrong UPI by taking the right steps.

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After such cases came to the fore, a letter has been written by the Finance Ministry. The Finance Ministry has directed heads of public sector banks to put in place a robust mechanism to curb ‘unethical practices’ in the sale of insurance policies to customers.

Complaints received by the Department of Financial Services

Such cases are continuously coming to the notice of the Ministry of Finance that customers are not given correct information for sale of insurance products. In view of this, this step has been taken by the Finance Ministry. In a letter to the Chairman and Managing Directors of public sector banks, it has been said that the Department of Financial Services has received complaints that fraudulent and unethical methods are being adopted by banks and life insurance companies for sale of policies to bank customers .

More cases of Tier-2 and Tier-3 cities have also come to the fore, where life insurance policies have been sold to customers above the age of 75 years in Tier-2 and Tier-3 cities. Generally, the products of their associate insurance companies are promoted by the banks.

If the customers refuse to take the policy, then the branch officials explain with great enthusiasm that they are under pressure from above. When customers go to take any kind of loan or buy fixed deposits, they are asked to take insurance etc.

A letter in this regard has already been issued by the department. In this, it was advised that no bank should force customers to take insurance from a particular company. It is also reported that the Central Vigilance Commission (CVC) has objected that incentives for selling insurance products not only put pressure on the field staff but also affect the core business of the banks.

In such a situation, due to the greed of the employees for commission and incentives, the quality of the loan can be ‘compromised’.

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In the information provided by the Income Tax Department last days, it was told that till now income tax refunds worth Rs 2.15 lakh crore have been issued to the taxpayers. Refund amount is being issued to taxpayers from April itself. To know whether your refund has come yet or not, you need to check the refund status.

Issuing the return Income Tax Department after filing ITR (ITR Filing) If any kind of refund is made, then it is sent to your bank account by the Income Tax Department. Under this, the Income Tax Department is continuously issuing refunds. According to the data released by the Central Board of Direct Taxes (CBDT), from April 1 to November 30, the government has issued refunds worth Rs 2.15 lakh crore to tax payers.

66.92 percent more refund issued

This figure of refund is 66.92 percent more in the same period last year. Earlier, till October 8, 2022, Rs 1.53 lakh crore was issued as refund to tax payers.

Why did not get refund

If you have not received income tax refund till now, then there can be many reasons for this. Tax refund is delayed due to pending outstanding demand of previous ITR filing. In fact, many taxpayers were issued intimation notices by the department in the last financial year. But many people did not respond to these or did not update on the portal. There is a delay in getting refund to such taxpayers.

Check your refund status like this

– First of all, go to the Taxpayer Income Tax Department’s website www.incometax.gov.in .
Now login with password after entering PAN, Aadhaar number or User User ID.
Here go to Income Tax Return under e-file option. After this, select the option of view filed return.
Now check the latest ITR filed and go to view details.
Your refund status will appear here. In this, you will get the information on which date the refund was issued or the date on which the refund will be issued.

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Now the biggest problem is where to change these bad notes. So today we are telling you how to change notes in the bank. Here you can exchange notes up to the specified limit without any commission. Just know this rule.

Which notes can be exchanged?

RBI has made some rules regarding changing the notes, such as the signature of the RBI Governor, Gandhiji’s watermark and serial number should be visible on the note. If these security standards remain on the note, then the bank cannot refuse to exchange the note. If you have torn notes of 5, 10, 20 or 50 rupees, then it is necessary to have at least half of these notes. If this does not happen then these notes cannot be changed. If the number of torn notes is more than 20 and their value is above 5 thousand rupees, then you will also have to deposit some fee to change the note.

Can a note in multiple pieces be exchanged?

If you have notes in several pieces, they can also be exchanged. Although the process of changing them is a bit complicated. These notes have to be sent to the Reserve Bank branch through post. Along with this, you have to provide your bank account number, branch name, IFSC code information.

Which notes cannot be exchanged?

The note which is broken into pieces or the note is burnt, then that note cannot be changed in any ordinary bank. If you want to change such notes, then you will have to contact RBI directly. Even if slogans or political messages are written on the notes, the bank does not change that note. Apart from this, if the bank official feels that the note has been deliberately torn or cut, then in such a situation the bank may refuse to exchange the note.

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But if your bank branch is away from home due to job or any other reason and you want it in the nearest branch then it can be transferred. You can also do branch transfer of bank account online sitting at home. For example, if you have an account with the country’s largest government bank SBI, how can it be transferred to the nearest branch?

Change your SBI branch like this

Step-1: First of all visit the official website of the bank onlinesbi.com

Step-2: Click on personal banking option

Step-3: Go to name and password Step

-4: E-services tab will be visible, click here Step-

5: Go to Transfer Saving Account

Step-6: Select your account to be transferred

Step-7: Enter IFSC Code of the branch you want to transfer

Step-8: Check all the information once again, then click on confirm button Click

Step-9: OTP will come on the registered mobile number. Fill it and confirm

Step-10: Within a few days your account will be transferred to your branch

Call the helpline number for any complaint or information related to the bank

If you are an SBI customer and you have any problem related to banking services or bank account, then you can lodge a complaint by calling the toll free number of the bank. For this you have to call 1800 1234, 1800 2100, 1800 11 2211, 1800 425 3800 and 080-26599990. Also you can email your complaint to customercare@sbi.co.in and contactcentre@sbi.co.in.

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The government is soon going to change the rules for opening bank accounts and taking SIM cards in the country. The government is now considering a new rule to check the increasing cases of online fraud in the country. Under this, the government can further tighten the rules for issuing a new SIM card and opening a bank account.

Actually, the government is contemplating to bring such a rule so that all the information related to the person taking mobile SIM and opening a bank account can be fully investigated. With this, the details of any other person will not be used for these works. With this, fraud can be stopped in the case of banking and SIM.

What is the government’s plan?

According to a media report, in the coming times, it may be made mandatory for telecom operators and banks to do physical verification of the customer. However, at present, whenever someone makes an application for opening a bank account and getting a SIM, it is verified by taking details from Aadhaar through online e-KYC. But on the other hand, the account of companies is opened only with the certificate of incorporation.

But in the last few days, the cases of fraud in banks have increased rapidly. The biggest reason for this is because of the easy availability of SIM cards and the opening of a bank account. According to a report by the Reserve Bank of India (RBI), the amount involved in bank fraud cases stood at Rs 41,000 crore in 2021-22.

Now the rules will change

Now the government is preparing to issue a new SIM card and change the process of opening a bank account. For this, stricter KYC rules are being considered. According to the information received from the sources, the government can ask the telecom operators and banks to implement the new rules soon. The Ministry of Home Affairs has also held a review meeting with the Ministry of Finance and Telecom on this issue. The roadmap for this decision has also been discussed in the meeting.

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PM Jan Dhan Account: Even if you do not have money in your account, even if you open a Jan Dhan account, then you can withdraw up to an additional Rs 10,000 from your account through overdraft. Know in detail.

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In the time of increasing banking fraud, it is very important to keep all the information related to the bank updated. Because due to your one mistake, all the amount deposited in the bank account can be empty. Such as mobile number registered with the bank.

This shows the transaction OTP, banking action or net banking is very important for everyone. It doesn’t take much time to update it. You can also get the registered mobile number changed while sitting at home or by visiting the nearest bank ATM or bank branch.

In this case, you can update the new number in your bank account. There are three easy ways…

Update mobile number sitting at home

If you want to add a new mobile number to the bank account sitting at home, then it is necessary that you have a net banking account. With this you can update mobile number from home through mobile or computer. For this we understand State Bank of India ie SBI for example. Suppose your bank account is in SBI and you want to change your mobile number, then…

• First you go to the official website of the bank
• Log in by visiting http://www.onlinesbi.com%20/
• Click on Profile
• Now go to personal details
• Enter your SBI profile password here
• The email id and old mobile number will appear as soon as you submit it. There will also be an option to change the number
• Now update your new mobile number

Change mobile number through ATM

If you want to change mobile number through ATM then you should have old and new mobile number. After that you can easily update new mobile number in your bank account through ATM also.

• First go to the ATM and enter the PIN
• Select the option to change mobile number
• OTP will come on the register number, which should be entered in the ATM
• Now you will be asked for a new number and will be confirmed
• After this the new mobile number will be updated in the bank account

The number can also be changed by visiting the bank branch

If you are unable or do not want to change the mobile number registered with the bank online or through ATM, then you can also do this work by visiting the branch directly. For this, you will have to fill the change form to change the mobile number by visiting the branch of the bank. Fill the information asked in it. Along with this photo copy of passbook and Aadhar card will also be submitted. Your registered mobile number will be changed after filling the form.

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But sometimes there is some problem in your registered mobile number or it gets closed due to some reason. In this case, you should get it replaced immediately. This is because nowadays many banking frauds are being done through fake mobile numbers.

There are many processes for this, which you can choose according to your convenience, such as talking about the country’s largest bank SBI, it is through old and new mobile number, through net banking with the help of ATM and the option to change the number from the bank contact sector. Is. Almost every bank has almost the same type of method.

Change mobile number sitting at home

>> If you have a net banking account, then you can change the mobile number of the bank account from your mobile or computer sitting at home.
>> For example, if we talk about SBI, then first of all you have to go to the bank’s net banking website www.onlinesbi.com. After this, when you login your account, here you have to click on Profile.
>> Then click on Personal Details. Here you have to enter your State Bank of India profile password.
>> On submitting it, you will see your email id and old number in which the option to change mobile number will also appear.
>>Following this instruction you have to change your mobile number.

Verification through OTP

>> If you have both new and old mobile number then you choose the option of By OTP on both the mobile number and click on Proceed.
>> Select the account for which you have a debit card.
>> A page will open showing the details of all the inactive and active ATM cards linked to the account. Confirm by selecting the ATM card that is currently active here.
>> The number of the selected ATM card will appear on the next screen. Fill the details given in the text box and click on Proceed.
>> OTP will be sent on both old and new numbers.
>> After this, SMS ACTIVATE <8 digit OTP> <13 digit reference number> to 567676 within four hours from both the mobile numbers.

Mobile number can also be changed by going to the bank, if you do not use internet banking, then you can also get your mobile number changed by going to the bank. For this, you have to go to your bank branch and fill the mobile number change form. Apart from this, you will also have to give a photocopy of your passbook and Aadhar card. After this the bank will change your mobile.

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The interest received on the amount deposited in the EPFO ​​account is more than any bank in the country. You can withdraw the money deposited in the EPFO ​​account anytime when needed. However, to take advantage of all such facilities of EPFO, you have to always keep some important details updated in your account. IFSC code of your bank account is also one of those important details, which is very important to keep updated in PF account.

IFSC code changes when the bank account is transferred to another branch

If you have recently transferred your bank account from one branch to another or are going to get it done in the coming days, then this information is very important for you. Actually, whenever we transfer our bank account from one branch to another, the IFSC code of our bank branch also changes. In such a situation, it becomes very important to update the IFSC code in the EPF account as well.

If you do not update the IFSC code in your EPF account, then you may face a lot of problems in withdrawing the amount deposited in your PF account. Hence it is very important to keep the IFSC code updated in the PF account. Here we are going to tell you a very easy way to update IFSC code in EPF account. By following which you can also easily update the IFSC code in your PF account.

Easiest way to update IFSC code in EPFO ​​account

• First of all you have to go to the official website of EPFO ​​https://www.epfindia.gov.in/site_en/index.php .
• On the top of the homepage of the website, you will see a tab named Services, on which you have to click.
• After clicking on Services, you have to click on the For Employees option visible in it.
• After clicking on For Employees a new page will open. On this page, you have to come down and click on Member UAN/Online Service (OCS/OTCP) in Services section.
• Now you have to login by entering your 12 digit UAN number, password and captcha code. After login to the account, you have to click on Manage tab and click on KYC.
• Now a new page will open in front of you, where you will see the options of Bank, PAN, Passport. Where you have to click on Bank.
• Here you have to enter your account number and new IFSC code. After this, the details of the new branch of your bank will appear on the screen. After which you have to click on Save.
• After clicking on Save your details will be verified. This may take a few days. After the verification is complete, the IFSC code of the new branch of your bank will be updated in your EPFO ​​account.

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Don’t forget to delete e-Aadhaar from computer after downloading

UIDAI has advised people not to use internet cafes, kiosks or any other public computers to download e-Aadhaar. If you have no other option but to use a public computer to download e-Aadhaar, then take special care that the computer on which you have downloaded e-Aadhaar, do not leave the file in the computer and make it work.

#BewareOfFraudsters
To download an e-Aadhaar please avoid using a public computer at an internet café/kiosk.
However, if you do, then it is highly recommended to delete all the downloaded copies of #eAadhaar. pic.twitter.com/TWBakmyZmS

— Aadhaar (@UIDAI) September 23, 2022

Delete immediately after completion. Here you also have to keep in mind that after deleting the e-Aadhaar copy, also delete it from the Recycle Bin so that there is no scope for its misuse.

Can your bank account be hacked with your 12 digit aadhaar number?

Due to the increasing cases of fraud, many types of questions are being raised in the minds of people regarding the use of Aadhaar. People want to know whether anyone’s bank account can be hacked through 12 digit aadhaar number? Responding to this question of the people, UIDAI said that even if a person gets the 12 digit number of your Aadhar card, then he cannot hack your bank account with this number only.

Despite this, if you want to make your Aadhaar card more secure, then you can also use Masked Aadhaar. Let us tell you that in Masked Aadhaar, the first 8 digits of your 12 digit Aadhaar number are hidden and only the last 4 digits are visible.

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1-ITR process done or not

First of all, leave all the work and check whether your ITR has been processed or not. You will get ITR refund only when it is processed. After the ITR is processed, the tax department will confirm to you that your refund is made, only then the money will come in your account. If the tax department finds that no refund is made in your name, then you will not get any refund. Once the ITR is processed and the refund is confirmed, you should check the refund status once.

2-Pre-validation of bank account

If there is any problem in the pre-validation of the bank account whose information is given in the ITR, then you will not get the refund money. Even if your PAN is not linked with your bank account, the refund money can be stopped. Therefore, it is important to check whether the PAN is linked with the bank account or not and whether the account has been pre-validated or not.

To check the pre-validation, you will have to login to the tax e-filing portal for which you will have to provide the user ID and password. After login, go to My Profile and select My Bank Account. On the screen, you will get the information about the pre-validation of the bank account. If refund money has come in this account, then its information will also be available here.

3-Outstanding Demand

If you have any outstanding demand pending for the previous year, then there may be a delay in getting the income tax refund. If there is any outstanding demand pending, the same will be adjusted against your refund first. This information will be given to you through an intimation notice. Once the ITR is processed, check the mail to see if any notice has come. Once you get the notice, you will know why the refund has been delayed.

How to Check Refund Status

1. Visit the Tax e-Filing Portal
2. Click on Income Tax Return Status
3. On the Income Tax Return (ITR) status page, enter your acknowledgment number and a valid mobile number and click on Continue
4. Enter the 6 digit OTP received on your mobile number entered in step 3 and click on submit
5. On successful verification, you will be able to view ITR status

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Apart from this, PAN card plays an important role in opening a bank account or filing income tax. The process of applying for PAN card is quite easy, which you can do even sitting at home, so let’s know, the easy way to apply.

The post Instant e-PAN card: How To Apply PAN Card Online, complete process first appeared on Rightsofemployees.com.

Many great facilities are given to the customers on behalf of the nationalized banks on opening the account. But to take advantage of these facilities, you also have to take care of some rules and regulations.

It is necessary to maintain minimum average balance-

After opening an account in any bank, it is necessary that you must maintain a minimum average balance in your account. Under the minimum average balance, the balance fixed by the bank has to be maintained in the account.

If you are not able to maintain this balance then penalty is charged by the bank. Every bank sets an average limit, the customer is always required to keep money in the account up to that limit.

The limits of some banks are the same-

Banks have their own fixed average minimum balance. However, some banks have the same limit while some have different. Here today we will tell you about the minimum balance of the country’s giant banks SBI, ICICI Bank and HDFC Bank.

How much balance is required to be maintained in SBI?

What is the minimum balance to be kept in the savings account of State Bank of India (SBI), it depends on where you live. The minimum limit in the account of SBI is from one thousand rupees to three thousand rupees according to the city. For rural areas, this is Rs 1,000, if you have an account in a semi-urban area branch, then you need to keep Rs 2,000 in your account. Apart from this, in metro city this limit is Rs 3,000.

Average minimum balance in the account for HDFC-

The average minimum balance limit in HDFC depends on your residency. In cities, this limit is Rs 10,000. At the same time, there is a limit of Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.

ICICI Bank limit-

In the account of ICICI Bank, the same minimum balance has to be maintained as HDFC. Here it is necessary to maintain a limit of Rs 10,000 for urban area account holder, Rs 5,000 for semi-urban and Rs 2,500 for rural area.

The rule of minimum balance is not applicable in some special bank accounts. Such bank accounts include accounts linked to the Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit accounts, savings accounts of pensioners, salary accounts and savings accounts of minors.

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To manage the account digitally, users will be able to open or close PPF account under General Services by logging in on DOP internet. Users can open PPF account in their own name only. However, the PPF account holder will only be able to make him a nominee, which is linked to his POSB account. If you are a DOP internet banking user and want to open your PPF account sitting at home then follow these steps.

step 1:Login to DOP Internet Banking
Step-2:Now Click on General Service Option
Step-3:Go to Service Request
Step-4:Select New Request option
Step-5:Click on PPF Account
Step-6:Click on Open a PPF Account
Step-7:The account can be opened for the first time by depositing a minimum of Rs.500 and a maximum of Rs.1,50,000 in multiples of 50.
Step-8:Link PPF account with that post office savings account (POSB) for easy automatic transfer to your PPF account
Step-9:After reading the relevant terms and conditions of the Post Office Department, press the Click Here button
Step-10:Click on submit online button
Step-11:Submit by entering the transaction password
Step-12:Download the copy and keep it safe by clicking on View/Download Deposit Receipt
Step-13:Check your final status with the help of details

What is Public Provident Fund?

Public Provident Fund or PPF is one of the most popular and long-term investments in the country. It is a safe investment option, which guarantees stable and attractive returns to the investors. PPF is a government backed small savings scheme with high yields. Its purpose is to create long-term corpus for investors after retirement. PPF also acts as a tax free mode of investment. 

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For the past several months, the bank has been appealing to its customers to update KYC (know your customer). By doing KYC, the bank account of the customers will remain active otherwise the customer will not be able to transfer the funds.

Tweet information

Punjab National Bank tweeted, “As per RBI guidelines, KYC Updation is mandatory for all customers. In case your account remains pending for KYC updation by 31.03.2022, you are requested to contact your parent branch for updating your KYC before 31.08.2022. Non-updation may result in ban on your account transactions.

Important announcement regarding #KYC, please note! pic.twitter.com/2RSJrZxxMf

— Punjab National Bank (@pnbindia) August 17, 2022

Know what is KYC?

Let us tell you that the full form of KYC is Know Your Customer. Actually, KYC is a document giving information about a customer. Under this, customers write all the necessary information about themselves. In the field of banking, every 6 months or 1 year, the bank has to fill the KYC form from its customers. In this KYC form, you have to fill your name, bank account number, PAN card number, Aadhar card number, mobile number and complete address.

In this way the bank gets all the information of the customer. KYC is very easy to do. You can easily do it sitting at home. If you want to get it done by going to the bank, you can also do it. For this, first you go to the branch of the bank in which you have your bank account. Go there and take the KYC form from the concerned desk and submit it after filling that form and attaching all the necessary documents in it. Your KYC gets updated within 3 days of submission of KYC form.

kyc can also do sitting at home

If you want to do KYC sitting at home, you can also do it. For this you can e-mail your document bank. Or you can also complete KYC by asking for OTP on mobile through Aadhaar. Many banks also provide KYC facility through net banking. If your bank is also providing this facility and you do net banking then you can easily complete KYC sitting at home.

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Even if you deposit 50 thousand rupees or more through a slip from a bank account, you are still required to apply a PAN card. In such a situation, understanding the need of PAN card, everyone gets it made. If you think that your name or any other mistake has been made in your PAN card or you want to change something, then it is important to understand how it will happen?

Improvement can be done in these two ways If there is any mistake in your PAN card then you can get it corrected. You have to keep in mind that for this you can get it done both offline and online.

If you want to get the correction done in your PAN card in offline mode, then for this you have to fill a form by visiting your nearest PAN Facilitation Center. This form is called ‘Application for New PAN Card/Change/Correction in PAN Data’. After this the correction will be done in your PAN card.

How to improve online

If you want to get your PAN card done online, you can do so by visiting NSDL service onlineservices.nsdl.com/paam/endUserRegisterContact.html or UTIITS service UTIITSL myutiitsl.com/PAN_ONLINE/CSFPANAapp.

You can also contact here You can contact NSDL at 1800-180-1961 and 020-27218080. Apart from this, you can also write an email to them on these two IDs efilingwebmanager@incometax.gov.in and tininfo@nsdl.co.in.

The post PAN Card Correction: Now you can do correction in PAN card in these two ways sitting at home, know here what is the easy process? first appeared on Rightsofemployees.com.

Not only this, scanner facility has also become available in all the shops. In such a situation, have you ever thought that you go somewhere to buy something and suddenly your internet may deceive you, you may not even have enough cash to pay. In such a situation, today we will tell you some such tips and tricks, with the help of which you can send money to anyone through UPI without internet connectivity.

Make UPI payment without internet

In today’s youth, the trend of UPI based payment service like Google Pay, PhonePe, Paytm has increased a lot. People have started keeping UPI instead of wallet. However, it is very important to have internet to use these UPI best software. Sometimes there is no internet in many places, or the signal is weak. In such a situation, making online payment becomes difficult. But through a trick, you can make UPI payments through many platforms on smartphones without internet.

Make offline payment by dialing this number

First, you need to dial *99#, also known as USSD service. The USSD service is a service originally launched in India by the National Payments Corporation of India (NPCI) in November 2021 for all mobile users including non-smartphone users, before the launch of the UPI network in the country.

The post Google Pay, PhonePe, Paytm and UPI money transfer without internet, know step by step process first appeared on Rightsofemployees.com.