If you plan smartly, you can save lakhs of rupees by investing in many types of schemes. We are telling you about one such option where you are getting the benefit of tax saving along with good returns. Its name is Public Provident Fund Account.

By investing in Public Provident Fund i.e. PPF, you can avail the benefit of guaranteed returns as well as tax exemption. You can invest in PPF for a total of 15 years. Investors get the opportunity to deposit money ranging from Rs 500 to Rs 1.50 lakh every year, in which they are getting the benefit of 7.1 percent interest on the deposited amount.

Along with this, you are getting an annual exemption of Rs 1.50 lakh on investment in PPF under Section 80C of Income Tax. According to the PPF calculator, if you invest up to Rs 1.50 lakh every year for 15 years, you will get Rs 40.68 lakh on maturity. The amount invested in this will be Rs 22.50 lakh, on which Rs 18.18 lakh will be received as interest.

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According to the information shared by LIC, the market share of LIC in October 2022 was 67.72 percent and the market share of private insurance companies was only 32.28 percent. At the end of FY 2022, the share of LIC in the insurance market was 63.25 percent and the market share of private insurance companies was 36.75 percent. If you have also bought LIC’s policy, then you can use LIC Credit Card to deposit the premium. With its help, you will get double benefit on depositing the premium.

These credit cards are lifetime free

LIC Cards Services Limited is a 100% subsidiary of Life Insurance Corporation. LIC issues co-branded credit cards in collaboration with Axis Bank and IDBI Bank. There are many advantages of these cards. These credit cards are lifetime free. You get complimentary points on issuance of the card. Apart from this, on depositing the premium, double benefit is available in the form of reward points.

LIC Signature Credit Card

LIC and Axis Bank together issue three types of credit cards. Their names are-LIC SIGNATURE CREDIT CARD, LIC PLATINUM CREDIT CARD and LIC TITANIUM CREDIT CARD. 2 Reward Points on Rs.100 on premium deposited with Signature Credit Card. You get 1 reward point for every Rs 100 spent on other types of spends as well. Apart from this, complimentary lost credit card liability insurance is available equal to the limit of the credit card. Personal accidental insurance cover of 5 lakhs and air accidental insurance cover of 1 crore is available. Fuel surcharge of 1 percent is waived off on this card. Transaction should be between Rs.400 to Rs.4000. Lounge facility is available at selected airports.

LIC Platinum Credit Card

Same facility is also available on LIC Platinum Credit Card. 2 reward points on depositing a premium of Rs.100. Complimentary Lost Credit Card Liability Insurance is available. Its limit is equal to the credit card limit. Personal accident insurance of Rs 3 lakh and air accident insurance of Rs 1 crore is available. Fuel surcharge of 1 percent is waived off on transaction at the petrol pump. A maximum of Rs 400 can be availed in a month.

LIC Titanium Credit Card

With the help of LIC Titanium Credit Card, you get 2 reward points for depositing LIC premium of Rs.100. 1 reward point for every Rs 100 spent on non-premium spends. However, this facility is not available on fuel, wallet and EMI transactions. Complimentary Lost Credit Card Liability Insurance is available, whose limit is equal to the credit card limit. Personal accidental cover is not available in this. Fuel surcharge waiver of 1 per cent is also available. This limit for one month is Rs 400.

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MyGovIndia tweeted

MyGovIndia has written in its official tweet that the ‘Self-reliant India’ campaign has been strengthened by ‘Make in India’. The last date to start manufacturing for tax benefits has been extended by one year to March 31, 2024. This initiative in the direction of ‘Self-reliant India’ gave impetus to the development of the Indian economy.

‘मेक इन इंडिया’ से ‘आत्मनिर्भर भारत’ अभियान को मजबूती।
टैक्स लाभ के लिए मैन्युफैक्चरिंग शुरू करने की अंतिम तिथि एक वर्ष बढ़ाकर 31 मार्च 2024 कर दी गई। आत्मनिर्भर भारत’ की दिशा में इस पहल से भारतीय अर्थव्यवस्था के विकास को मिली गति। #PromisesDelivered pic.twitter.com/qf2yaHN0Hg

— MyGovIndia (@mygovindia) January 3, 2023

Finance Minister had announced

Finance Minister Nirmala Sitharaman had announced in the budget 2022-23 that the time limit for starting manufacturing for construction units will be extended for tax benefits. At present, the Modi government has done what it had said… Make in India is being encouraged.

Progress so far The last date to start manufacturing for tax benefits has been extended by 1 year. Now its last date has been made 31 March 2024. The Income Tax Act, along with making provisions for tax on the income of citizens, also provides many concessions and exemptions. Tax payers also get a lot of relief from these concessions and exemptions. Keeping this in mind, an important decision was taken by the Modi government in the budget of 2018.

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Axis Bank Hikes FD Interest Rates: Axis Bank has increased the interest rates of Fixed Deposit (FD) for the second time in the month of November. Axis Bank says that the increased interest rates on Fixed Deposit will be effective from 15 November. Let us tell you that even before this, on November 5, Axis Bank had increased the FD rates. Axis Bank has increased the interest rate on FDs of less than Rs 2 crore.

After the new decision of Axis Bank, FD interest rates for maturities between 15 to 18 months have increased by 15 basis points to 6.40% from 6.25% earlier. Deposits maturing in 18 months to 3 years will now attract an interest rate of 6.50% as against 6.30% earlier, representing an increase of 20 basis points by Axis Bank. The interest rates on deposits maturing in three to ten years will continue to be available up to 6.50%.

Tax exemption is available on FD

• Investment up to Rs 1.5 lakh in tax saving FD is exempted from income tax under section 80C.
• The interest earned on all types of FDs is added to your income tax and taxed as per your income tax slab.
• TDS of 10% is applicable if the PAN card is provided to the bank.
• If PAN card is not provided, TDS 20% is applicable.
• If the interest income from all your FDs is less than Rs 40,000 then no TDS will be levied. For senior citizens this amount is Rs 50,000.
• If your total annual income is less than Rs 2.5 lakh, ie if you are below the taxable limit, you can avoid TDS by submitting Form 15G to the bank.
• Similarly, senior citizens who are below the taxable limit can avoid TDS by submitting Form 15H to the bank.

Features of Tax Saving FD

• You can avail tax exemption under Section 80C on the amount deposited in a tax-saving FD up to a maximum of Rs 1.5 lakh.
• Tax exemption is given only on the initial deposit amount and not on the same deposit amount every year.
• You can book a new tax-saver FD every year to get tax exemption.
• The tenure is of five years and it cannot be withdrawn before the expiry of five years.
• Joint holding is permitted, but only the first holders will be allowed to claim tax exemption on the amount deposited.

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HDFC Bank Latest News: HDFC Bank of the private sector has given a big gift to the customers after Diwali. The bank has once again increased the interest rates of fixed deposits. From now on, the customers of the bank will get double benefit. Even before this, the bank had increased interest rates in the same month. Let us know from now on how much interest you will get on FD.

New rates applicable from today
According to information received from HDFC Bank, the new rates of the bank have come into effect from 26 October i.e. today and only those who have FD less than Rs 2 crore will get the benefit of these increased interest rates. Let us tell you that this time the bank has increased the interest rates by 50 basis points. 

FDs can be done from 7 days to 10 years, the
bank said that after the increase made today, normal customers will get a benefit of 3 percent to 6.25 percent on FDs maturing from 7 days to 10 years. The bank provides fixed deposit facility to the customers with tenor ranging from 7 days to 10 years.

HDFC Bank FD Latest Rates – 
>> 7 to 14 days – 3 per cent
>> 15 to 29 days – 3 per cent
>> 30 to 45 days – 3.50 per cent
>> 46 to 60 days – 4 per cent
>> 61 to 89 days – 4.50 Percentage
>> 90 days to 6 months – 4.50 percent >>
6 months 1 day to 9 months – 5.25 percent
>> 9 months 1 day to less than 1 year – 5.50 percent
>> 1 year to 15 months – 6.10 percent
>> 15 Months to 18 months – 6.15 per cent
>> 18 months to 21 months – 6.15 per cent
>> 21 months to 2 years – 6.15 per cent
>> 2 years 1 day – 3 years – 6.25 per cent
>> 3 years 1 day to 5 years – 6.25 Percentage
>> 5 years 1 day to 10 years – 6.20 percent

Senior citizens get more interest
If senior citizens are talked about, then these customers get the benefit of 50 basis points more interest than normal citizens. After today’s increase, senior citizens will get interest rate ranging from 3.5 percent to 6.95 percent on FDs with tenor of 7 days to 10 years.

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New Delhi. Post Office is the best option for saving. A special scheme is run by the post office, through which both husband and wife together can earn Rs 59,400 annually. The name of this scheme is Post Office Monthly Savings Scheme (Post Office MIS), through which you earn fixed income every month. If you talk about monthly earnings, then you can earn Rs 4950 every month in this.

In the Post Office Monthly Savings Scheme, wife and husband can earn together every month. You can also open a joint account in this. Let us tell you how you will get double benefit in this scheme.

You will earn so much annually, in this scheme, through a joint account, your profit doubles in it. Today, we are giving you complete information about this special scheme, how by joining it, the husband wife can earn up to Rs 59,400 annually through this scheme.

What is MIS Scheme

The account opened in MIS scheme can be opened both single and jointly. You can invest a minimum of Rs 1,000 and a maximum of Rs 4.5 lakh in this scheme while opening a personal account. But, up to a maximum of Rs 9 lakh can be deposited in a joint account. This scheme is very beneficial for retired employees and senior citizens.

What are the benefits?

The good thing about MIS is that two or three people together can open a joint account. The income received in exchange for this account is given equally to every member. You can convert a joint account to a single account at any time. Single account can also be converted into joint account. To make any changes in the account, a joint application has to be given by all the account members.

Let us tell you how the scheme works, in this scheme you are currently getting an annual interest rate of 6.6 percent. Under the scheme, returns are calculated on the basis of annual interest on your total deposits. In this, your total return is made on an annual basis. Therefore it is divided into 12 parts according to every month. You can add this part to your account every month. If you do not need it on a monthly basis, then by adding this amount to the principal amount, you get interest on it.

Let us understand from the example how the income will be , assuming that a husband and wife have invested Rs 9 lakh in a joint account under this scheme. The annual return on a deposit of 9 lakhs at 6.6 per cent interest rate will be Rs 59,400. If it is divided into 12 parts, then it will be Rs 4950 monthly. That is, you can ask for Rs 4950 in your account every month. At the same time, your principal will be kept completely safe. If you want, you can extend the scheme after 5 years and for 5 more years.

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