But if you invest in RD, then on maturity this scheme returns the money along with interest. This scheme is very good for those people who invest by making small savings and do not want to take any kind of risk on it.

If you are also thinking of investing in RD, then you can invest money in Post Office RD. Investment is made in this scheme for 5 years. If you save Rs 100 every day and invest in it, then Rs 2,14,097 will be added in 5 years. You can use this amount anywhere as per your need.

This way ₹2,14,097 will be added

If you add Rs 100 every day, you will add Rs 3,000 in a month. In this way, you can invest Rs 3,000 every month in the RD scheme of the post office. At the rate of Rs 3,000, you will deposit Rs 36,000 annually. In this way, you will invest a total of Rs 1,80,000 in 5 years. Currently, this scheme is getting 6.7% interest. According to this, in 5 years you will get Rs 34,097 as interest and on maturity you will get Rs 2,14,097. In this way, you will add a good amount with small savings and you will not even realize it. According to the information available on the post office website, an RD account can be opened in the post office with Rs 100, while there is no maximum limit of investment in it.

You can also get RD extended

If you want to avail the benefits of RD even after 5 years, you can extend it for another 5 years. The same interest rate will be given in the extended account which was applicable at the time of opening the account. The extended account can be closed anytime during the extension. In this, the interest rate of RD account will be applicable for full years and interest will be given as per savings account for years less than one year. For example, if you close the extended account after 2 years and 6 months, then you will get interest at the rate of 6.7 percent for 2 years, while on the amount of 6 months, you will get interest at the rate of 4% i.e. as per post office savings account.

Rules for closing the account before maturity

If needed, you can close the Post Office RD even before 5 years. You get this facility after three years from the date of opening the account. But if you close the account even a day before the maturity period, then you are given interest equal to the Post Office Savings Account. Currently, 4% interest is being given on Post Office Savings Account.

Related Articles:-

• New Vande Bharat: PM Modi will flag off Kashmir Vande Bharat Express on this day – Key Details
• 8 Best Credit Cards for Free Lounge Access at Domestic and International Airports
• Akasa Air announces additional flights to Prayagraj for Maha Kumbh 2025
• Delhi Metro services to start early at 3:00 am on 26th January for Republic Day
• IMD Alert: There will be heavy rain in these districts of the state in the next few hours

The post Post Office RD Scheme: By saving ₹100 every day, you will earn ₹2,14,097 in 5 years – Key Details Inside first appeared on Rightsofemployees.com.

You can invest in SIP in case of financial crunch in future or to meet your expenses. SIP means Systematic Investment Plan. If you do not want to invest directly in the stock market then SIP is the perfect option for you. In SIP a fixed amount has to be deposited at every regular interval. Know here how a fund of Rs 20 lakh can be deposited through SIP with a monthly deposit of Rs 25 thousand.

How to make Rs 20 lakh, this is the calculation

According to the calculation, you will have to invest Rs 25,000 every month. This means you will invest Rs 3 lakh in 1 year. You will have to make this monthly investment for 5 years. That means you will invest a total of Rs 15 lakh in SIP for 5 years. Now suppose you get 12% annual return on investment. Keep in mind, you also get the benefit of compounding on interest. That means you can earn interest on interest also.

According to the calculation

You will get a total interest of Rs 5,62,159 on SIP investment. At the time of maturity, you will get the investment amount and interest amount together, which will be ₹ 20,62,159.

Keep in mind, to earn profits in SIP, you are advised to invest for a long time. Stock market fluctuations can affect your SIP returns. Before following this plan, please consult your financial advisor.

The post SIP Calculator: You can earn Rs 20 lakh from SIP of Rs 25 thousand, Know how ? first appeared on Rightsofemployees.com.

If you file income tax return, keep one important thing in mind. Actually, while filing ITR, take care of Standard Deduction. Standard deduction is available to individuals and pensioners. Standard Deduction is a fixed amount that is allowed as a deduction from the taxable income of an individual. It helps in reducing the taxable income of individuals and provides relief from tax liability.

Standard Deduction

Standard Deduction was introduced in India in 1974, which was later discontinued. Union Budget 2018 reintroduced it and currently it is available for salaried individuals and pensioners. This deduction reduces the taxable income of the individual and hence his tax liability comes down. Standard deduction was applicable only for those individuals who opt for the old tax regime. However, from the current financial year (FY 2023-24) the benefit is given to those individuals who opt for the new tax regime.

Income Tax Standard Deduction FY 2023-24

The Standard Deduction for salaried individuals for the financial year 2023-2024 is Rs 50,000. This is a flat deduction which can be claimed irrespective of the actual expenses incurred on transport allowance and medical allowance. The Standard Deduction is available to all salaried individuals, including those employed by the government, private companies, or non-profit organizations.

Taxable Income

Standard Deduction is a tax benefit that can help you reduce your taxable income. For example, if your taxable income is Rs 100,000 and you claim standard deduction of Rs 50,000, your taxable income will be reduced by Rs 50,000. This would result in a tax saving of Rs 12,500 (assuming you are in the 25% tax bracket).

Who can claim standard deduction of Rs 50,000?

Individuals receiving salary or pension from government organization, private company or any other employer can claim standard deduction of Rs.50000.

Who is not eligible for standard deduction?

Standard deduction of Rs.50,000 or the amount of salary, whichever is less, is available to all salaried individuals and pensioners. Self-employed individuals are not eligible for standard deduction.

How to claim standard deduction?

To claim the standard deduction, you need to file your Income Tax Return (ITR) with the Income Tax Department. You can file your ITR online or offline. When you file your ITR, you will need to enter the amount of Standard Deduction that you are claiming. Standard deduction is a valuable tax benefit that can help reduce your taxable income. If you are a salaried individual, you should consider claiming standard deduction while filing your income tax return.

The post Standard Deduction: Do not forget to claim it while filing income tax return, there will be a benefit of Rs 50,000 first appeared on Rightsofemployees.com.

The interest rate on savings accounts is calculated on the basis of daily closing balance. Depending on the bank rules, interest is credited to the account holder’s account monthly or quarterly. The interest rate depends on the amount in the savings account.

Interest rates on Savings Account Interest Rates differ from bank to bank. However, if you have a significant amount, then by investing it in FD, you can take advantage of a much higher interest rate than the savings interest. The interest rate is guaranteed along with the amount in FD.

State Bank of India ( SBI Saving Interest rates)

interest rate is 2.70 per cent for savings accounts with balance up to Rs 10 crore and 3 per cent for balance above Rs 10 crore.

HDFC Bank ( HDFC Saving Interest rates)

The interest rate on savings accounts in HDFC Bank is 3 per cent for balances below Rs 50 lakh and 3.50 per cent for balances above Rs 50 lakh.

ICICI Bank ( ICICI Bank Saving Rates)

at the end of the day the interest rate on the balance of less than Rs 50 lakh will be 3 percent. At the end of the day, the balance of more than Rs 50 lakh will have an interest rate of 3.5 percent.

PNB ( PNB Saving Interest Rates)

Punjab National Bank gives 2.70 per cent interest rate on the balance of less than Rs 10 lakh. Pays an interest rate of 2.75 per cent on account balances of less than Rs 10 lakh to Rs 100 crore. PNB gives 3% interest on account balance of Rs 100 crore and above.

Canara Bank Saving Rates

Canara Bank offers interest rates between 2.90 per cent to 4 per cent for various amounts. A maximum amount of 4% is paid on the balance amount of Rs.2000 crores.

How much tax is applicable on the interest amount received from savings account?

Under Section 80TTA of the Income Tax Act, interest earned on savings bank account is tax free up to Rs 10,000. If the interest received from these sources exceeds Rs 10,000, then the excess interest on the savings account will be taxable. For senior citizens, the amount received from savings accounts is limited to Rs 50,000, the amount above which will be taxable.

The post Highest Interest Rate: These 5 banks are giving the highest interest rate on savings account, see the list first appeared on Rightsofemployees.com.

Generally, the interest rate on RD is also like that of FD. The Reserve Bank of India is continuously increasing the repo rate, after which many banks have increased the interest rates on 5-year RDs. According to Bankbazaar data, the interest rates on recurring deposits are 7.6 per cent.

DCB Bank (DCB Bank)

DCB Bank is paying 7.6 percent interest on 5-year RD. This rate will be available on RD of less than Rs 2 crore.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 7.25 percent interest on RDs of 5 to 10 years to its customers. Is giving interest at the rate of 7.5 percent to senior citizens.

Ujjivan Small Finance Bank

Investors can avail 7.2 per cent interest on RD for a period of 36 to 60 months. 6.5 percent interest is being received on FDs maturing in 63 to 120 months.

Deutsche Bank

The bank is offering 7.25 per cent interest on RD which will mature in 60 months.

IndusInd Bank

The bank is offering 7 per cent interest on recurring deposits of 61 months and above. Senior citizens are getting 50 basis points of additional interest i.e. 0.50 percent extra interest.

Axis Bank

Axis Bank is paying 7 percent interest on 5-year RD. 0.75% interest will be given to senior citizens on RD of more than Rs 5 crore.

HDFC bank

HDFC Bank is offering 7% interest on 5 year RD which will mature in 5 years. Will give 7.50 percent interest to senior citizens.

You may also like

The post RD Investment: These 7 banks are giving highest interest on RD, check list first appeared on Rightsofemployees.com.

What is LIC Jeevan Shanti Policy?

LIC Jeevan Shanti Policy is the best option to get a fixed amount as pension after retirement. Lifetime monthly pension is available after investing in this policy. With this, any person can easily meet his expenses after retirement.

LIC Jeevan Shanti One Single Premium Plan

LIC Jeevan Shanti is a single premium plan. Means you have to invest only once in this and in return you will get monthly pension. You can choose two types of options in LIC Jeevan Shanti policy. First Immediate Annuity and second Deferred Annuity.

Know how and how much pension will be received?

In LIC Jeevan Shanti policy, if a 45-year-old person invests Rs 10 lakh in a lump sum and wants pension after 5 years, then he will start getting a pension of Rs 95,300 annually with 9.53% interest. On a monthly basis, it works out to Rs 7,941. On the other hand, if you start taking pension after 10 years, you will get Rs 133,800 annually with an interest rate of 13.38%. In this context, your monthly pension will be around Rs 11,150.

Who can take LIC Jeevan Shanti Policy

Please tell that a person from the age of 30 years to 79 years can take this policy. This is a non-linked plan. Loan facility is also available in this single premium deposit pension plan. Loan can be taken in this scheme after 1 year of commencement of pension. It can also be surrendered after 3 months from the commencement of pension.

You may also like

The post New LIC Policy: Invest money once in this policy of LIC, you will get 8 thousand rupees pension every month first appeared on Rightsofemployees.com.

For this you have to deposit a fixed amount and you earn every month as interest. The scheme matures in 5 years, after which you get your money back. That is, by investing money once, you can get a fixed amount every month for the next five years.

From April 1, the government has increased its deposit limit to Rs 9 lakh. At the same time, you can deposit up to Rs 15 lakh in a joint account. At present, 7.4 percent interest is being received on this scheme. Let us tell you how much you can earn every month on deposits of 2, 3, 4 and 5 lakhs in Post Office MIS.

On depositing Rs.2 lakh

According to Post Office MIS Calculator, if you deposit 2 lakh rupees in Post Office MIS, then you will get 73,980 as interest in 5 years. If these are divided into 60 months, then the amount received every month will come to the fore. In this way, for depositing Rs 2 lakh, you will get Rs 1,233 every month for 5 years.

On depositing Rs.3 lakh

If we deposit 3 lakh rupees in this post office scheme, then in 5 years we will get a total of 111,000 rupees as interest. According to MIS Calculator, Rs 1,850 can be received as income every month after depositing Rs 3 lakh.

On depositing 4 and 5 lakhs

Similarly, if you deposit Rs 4 lakh in this account, then at the rate of 7.4 per cent, you will get a total of Rs 148,020 as interest. In this way, every month you can get Rs 2,467 as interest from the post office. On depositing Rs 5 lakh, at the rate of 7.4 per cent, a total of Rs 184,980 will be received as interest in 5 years. In this case, you can get 3,083 every month as interest.

The post Post Office MIS: Monthly income scheme! Know how much income will be on deposits of 2, 3, 4 and 5 lakhs first appeared on Rightsofemployees.com.

Now the Haryana government has made an important announcement regarding pension, due to which the amount of pension received by the people is going to increase. Haryana Chief Minister Manohar Lal Khattar has given information related to pension while presenting the budget of Haryana.

Haryana Budget

Haryana Chief Minister Manohar Lal Khattar presented the state budget for the financial year 2023-24 in the Vidhan Sabha on Thursday. During this, Haryana CM Manohar Lal Khattar said that no new tax will be imposed on the people of the state. Khattar also holds the charge of the state’s finance ministry. He has presented a budget of Rs 1,83,950 crore for the coming financial year, which is 11.6 percent more than the revised estimate of Rs 1,64,808 crore.

No new tax, this was the fourth budget of the second term of BJP and JJP government. Presenting the budget, Chief Minister Khattar said in the assembly that there is no proposal to impose new tax in the budget. Along with this, CM Khattar also made an important announcement regarding the pension scheme. The benefit of which is going to be given to many people.

Social Security Pension

The Chief Minister announced in the budget to increase the social security pension from the existing Rs. 2500 per month to Rs. 2750 per month. Along with this, it was also proposed to increase the fund for the Haryana Cow Protection Service Commission from the existing Rs. 40 crore to Rs. 400 crore. He announced to fill up at least 65,000 regular posts in 2023-24.

The post Pension Increased: The government has taken a big decision on pension, now every month the pension will be increased first appeared on Rightsofemployees.com.