However, no one will be able to stop you from becoming rich by saving a little money every day and investing it in the right place. Today’s digital age has made it easy to create a big fund. Today people invest in the stock market to double or triple their money in a short time. But if you want to avoid the risk of the stock market, then Mutual Funds can be a better option. Through Systematic Investment Plan (SIP), you can become a crorepati by depositing just Rs 100 every day…

You may not be able to believe these things, so here we are going to tell you in detail how and how much you will have to invest to become a millionaire through SIP and how much time it will take.

If you want to fulfill your dream of becoming a millionaire, then start saving not much but just Rs 100 every day. After this, invest this money of your savings in mutual fund SIP. You get an average return of up to 12 percent in mutual funds. However, this is not a guaranteed return, it keeps changing from time to time. It can be more or less.

Also Read: Central govt canceled lateral recruitment, Improvements will be made with review for reservation

Suppose you saved Rs 100 daily, which means it became Rs 3000 per month. Now you invested this Rs 3000 in mutual fund SIP. Now if you invest the same amount in it for 30 years continuously, then in this way you will be able to invest a total of Rs 10,80,000 in 30 years.

According to the SIP Return Calculator, if you invest Rs 3000 every month and get a return of 12%, then after 30 years your total investment will be Rs 10,80,000. But if you add a return of Rs 95,09,741 to it, your total money will become Rs 1,05,89,741. You can easily do this calculation yourself using the SIP Calculator.

In this way, by investing in Mutual Funds, you can increase your money many times and fulfill your dream of becoming a millionaire.

Let us tell you that SIP is a great way through which you can deposit money for a long time. However, before investing you should consult a financial advisor. For more information related to this, you can contact a financial advisor.

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SBI gives 3.5 percent to 7 percent annual interest to customers on FDs of different maturities. SBI’s FD scheme is a good option for long term investment for senior citizens.

SBI: Interest rates from 7 days to 10 years

*Including additional premium of 50 bps under ”SBI We-care” deposit scheme.

SBI FDs: How to turn ₹10 lakh into ₹20 lakh

Suppose, a regular customer deposits Rs 10 lakh in a 10-year FD in SBI. According to the SBI FD Calculator, the investor will get a total of Rs 19,05,559 on maturity at an interest rate of 6.5 percent per annum. This will give a fixed income of Rs 9,05,559 from interest. That is, your deposit amount will almost double.

Also Read: Karnataka Cabinet approves bill providing 100% reservation in private jobs

On the other hand, a senior citizen deposits Rs 10 lakh in a 10-year FD of SBI. According to the SBI FD Calculator, the senior citizen will get a total of Rs 21,02,349 on maturity at an interest rate of 7.5 percent per annum. This will give a fixed income of Rs 21,02,349 from interest. That is, your deposit amount will more than double.

SBI FDs: Interest earnings will be taxed

Bank FDs are generally considered safe. This is a good option for investors who do not take risk. 5-year tax saving FDs are eligible for tax exemption under Section 80C. However, the interest earned on FDs is taxable.

According to the Income Tax Rules, Tax Deduction at Source (TDS) is applicable on FD scheme. That is, the amount received on maturity of FD will be considered as your income and you will have to pay tax as per the slab rate. To get exemption from tax deduction, the depositor can submit Form 15G/15H.

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If you have some extra money lying around and you want to park it somewhere safe and for guaranteed returns, then making a fixed deposit in a government bank can be a wise decision. Fixed deposits in post offices and government banks like State Bank of India are a good option for those investors who do not want to take any risk on investment, want guaranteed returns on their money after an interval. SBI’s “SBI We-care” is one such scheme. Let us know the benefits of investing in this scheme, as well as in how much time this scheme can double your money.

“SBI We-care” Deposit Scheme

This scheme of a government bank is a special term deposit scheme, which is specially run for senior citizens. In this, investors also get interest on their term deposits from above i.e. double benefit.

Some special features of this plan

This is a domestic term deposit, in which you can invest less than 2 crores for minimum 5 years and maximum 10 years.

– Interest is being received on this at the rate of 7.50% under the scheme. In this, 30bps additional premium is being given separately on the card rate.

You get interest on maturity. You also get the facility of loan on this.

When will the money double?

If you keep an investment of 5 lakhs in this scheme for 10 years, then you will get more than double the amount. See the calculation-

Your Total Investment – 5 Lakh
Rate of Interest – 7.50%
Time Period – 10
=
Total Amount of Investment – 5 Lakh
Estimated Return – 5,51,175
Net Value – 10,51,175

SBI Retail Domestic Term Deposits Calculator

If you remove the benefit of SBI We Care and look at the rate of term deposit for the general investor, then the bank is currently paying interest at the rate of 6.5%. See how much return you will get in this case-

Your Total Investment – 5 Lakh
Rate of Interest – 6.50%
Time Period – 10
=
Total Amount of Investment – 5 Lakh
Estimated Return – 4,52,779
Net Value – 9,52,779

Remember that this calculation is based on the assumption that you will get interest at the rate of 7.5% and 6.5% for the entire investment period, but keep in mind that in these 10 years the bank can also up-down its interest rates.

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Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the account of the government will be sent to the account of the employed.

When will the money be transferred?

It is worth noting that last year people had to wait 6 to 8 months for interest. But, last year due to Kovid, the atmosphere was different. This year the government will not delay. According to media reports, interest money can be transferred to the account by the end of this month. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple

If you have Rs 10 lakh in your PF account then you will get Rs 81,000 as interest.
If you have Rs 7 lakh in your PF account, you will get Rs 56,700 as interest.
If you have Rs 5 lakh in your PF account, then Rs 40,500 will come as interest.
If you have one lakh rupees in your account, then 8,100 rupees will come.

1. Know Balance from Missed Call

To check your PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this, you will get the details of PF through the message of EPFO. Here also it is necessary to have your UAN, PAN and Aadhaar linked.

2. Check Balance Online

1. To do online balance check, log on to the EPFO ​​website, click on e-passbook at epfindia.gov.in.
2. Now on clicking on your e-passbook, a new page will come to passbook.epfindia.gov.in.
3. Now here you fill your username (UAN number), password and captcha
4. After filling all the details, you will come to a new page and here you will have to select the member ID.
5. Here you will get your EPF balance on the e-passbook.

3. Balance can also be checked on UMANG App

1. For this, you open your UMANG App (Unified Mobile Application for New-age Governance) and click on EPFO.
2. Now on the other page, click on Employee-centric services.
3. Here you click on ‘View Passbook’. With this, you fill your UAN number and Password (OTP) number.
4. OTP will come on your registered mobile number. After this you can check your PF balance.

The post EPFO Account Holder: Good News! 81,000 rupees will come in the account of EPFO ​​subscribers, here’s the date and how to check first appeared on Rightsofemployees.com.

The government can take a big decision on the salary of the employees, after which there will be a direct increase of Rs 95,000 in the salary. The special thing is that this increase in the salary of the employees will be lump sum. This time the government is planning to give a big gift to the employees on the new year.

Fitment factor may be revised in the budget

Along with this, news is coming that in this budget, the government can also revise the fitment factor. At present, no official information has been received regarding this.

At present, the employees get the fitment factor according to 2.57, which is demanded to be increased to 3.68. If this happens, then the minimum salary of the employees will directly increase from Rs 18,000 to Rs 26,000.

How will the calculation be done?

Talking about the calculation, if your minimum salary is Rs 18,000, then excluding all other types of allowances, you are getting Rs 46260 as fitment factor according to 2.57. On the other hand, if the government increases it in the budget, then it can be 3.68, which will be calculated on the basic salary of Rs 26,000.

95680 rupees will come in the account

According to the salary of Rs 26,000, if the fitment factor is calculated at 3.68, then according to this the employees will get Rs 95680 in lump sum. There will be a bumper increase in the salary of the employees and the money can be transferred to the account in one go.

How much was the salary increased last time?

Let us tell you that the last time the central government had increased the fitment factor, then the salary of the employees had increased three times. The salary of the employees was directly increased from 6000 to 18000. This time if the government accepts the demand of the employees, then the salary will increase from 18,000 to 26,000.

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AICPI Index Numbers Released

The figures of the AICPI index till August have been released by the Labor Ministry. According to this, the index figures have increased by 0.3 points in August as compared to July. The figure had increased by 0.7 points in July compared to June 2022. That is, if we look at this way, there has been a total jump of 1 percent in the figure from June to August.

In June, where the AICPI index was at 129.2, in July the figure reached 129.9, while in August it has crossed 130.2. If the index rises by 1 per cent more in the coming months, then dearness allowance is expected to increase by 3 per cent. Actually, there will be an increase of 3 percent if the index is up to 131.4 points.

how much will be DA

If DA is increased by 3 percent, then it will increase to 41 percent. At present, 38 percent dearness allowance is being given to the central employees by the government. With 41 percent of DA, there will be a significant jump in salary. Let us see how much will the minimum and maximum basic salary increase with 3% DA?

Calculation on maximum basic salary

• Basic salary of the employee Rs 56,900
• Dearness Allowance so far (38%) Rs 21,622/month
• New Dearness Allowance (34%) Rs 23,329/month
• By how much dearness allowance increased 23,329-21,622 = Rs 1,707 / month
• Increase in annual salary 1,707 X12 = Rs 20,484

Calculation on minimum basic salary

• Basic salary of employee Rs 18,000
•  Dearness Allowance so far (38%) Rs.6840/month
•  New Dearness Allowance (41%) Rs 7,380/month
•  How much dearness allowance increased by 7,380-6840 = Rs 540/month
•  Increase in annual salary 540 X12 = Rs 6480

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Along with this, now another allowance is being considered to increase. According to the information, HRA hike can also be announced along with DA hike. Actually, with the increase in DA, revision in HRA is also expected.

Five important things of the notification issued by the government that the employees of the central government should know:-

1. New Rates

The rate of Dearness Allowance payable to Central Government employees has been increased from 34% to 38% of basic pay with effect from July 1, 2022. In other words, DA has been increased by 4%.

2. Calculation of DA on Basic Pay

For salary calculation under 7th Pay Commission, DA has to be calculated on the basic salary of the employee. Suppose the minimum basic salary of a central employee is Rs 25,000, then his dearness allowance will be 38% of 25,000. Basic pay does not include any other type of pay like special pay etc.

3. Dearness Allowance will not be treated as pay under

FR 9(21). As per the notification, Dearness Allowance will continue to be a distinct element of remuneration and will not be treated as pay within the scope of FR 9(21).

4. Understand Calculations

OM Accordingly, in payment of dearness allowance, fractions of 50 paise and above may be rounded off to the next higher rupee and fractions less than 50 paise may be ignored.

5. Separate orders will be issued for Railway, Defense personnel. Separate orders will be issued

by the Ministry of Railways and Ministry of Defense regarding the revised rate of Dearness Allowance for Armed Forces personnel and Railway employees. Dearness Allowance is given to the government employees of the Center and the states to improve their cost of living level. Even after rising inflation, the standard of living of the employee does not matter, so this allowance is a part of the salary structure. Dearness allowance (DA) is given to government employees, public sector employees dearnessand  relief to pensioners.

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According to media reports, it can be announced in the meeting of the Union Cabinet on 28 September. That is, you can get more money in the salary of September.

arrears will also get along

Let us tell you that the new dearness allowance of the employees will be applicable from 1st July 2022 i.e. you will get the money for the last 3 months in the form of arrears and transfer this amount to your account with increased dearness allowance. will be given. 

DA will get 38 percent

The DA of the employees depends on the All India Shopper Value Index. Accordingly, the salary of the employees increases. This year, in July 2022, there will be an increase of 4 percent in DA, after which the employees will get dearness allowance at the rate of 38 percent. 

The method of calculation has changed

The Ministry of Labor and Employment has changed the formula of calculation. The Labor Ministry has made changes in the base year (Base 12 months) of 2016 for Dearness Allowance (DA Calculation).

A new series of Wage Rate Index (WRI-Wage Price Index) has been released. The Labor Ministry said that the new series of WRI with base year 2016=100 will replace the old series of base year 1963-65.

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Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- 

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension –

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

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The government is going to transfer the interest of the financial year 2022 to the account of EPF account holders. Let us tell you that this time interest will be available at the rate of 8.1 percent.

According to the information, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a total of Rs 72,000 crore deposited in the government’s account will be sent to the employed person’s account.

When will the money be transferred?

It is worth noting that last year people had to wait for 6 to 8 months for interest. Last year the atmosphere was different due to Covid but this year the government will not delay. According to media reports, interest money can be transferred to the account till August. This year’s interest is at the lowest level in 40 years.

The calculation of interest is quite simple.

• If you have Rs 10 lakh in your PF account, then you will get Rs 81,000 as interest.
• If you have Rs 7 lakh in your PF account, then you will get Rs 56,700 as interest.
• If you have Rs 5 lakh in your PF account, then interest of Rs 40,500 will come.
• If you have one lakh rupees in your account then 8,100 rupees will come.
  Know balance by missed call

To check PF money, you have to give a missed call on 011-22901406 from your registered mobile number. After this you will get the details of PF through the message of EPFO. Here it is also necessary to have your UAN, PAN and Aadhaar linked.

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