But through Voluntary Provident Fund (VPF), you can also increase your contribution in EPF and can avail the same interest on your investment which you get on EPF. At present, interest is being given on VPF at the rate of 08.15 percent. Know all the important information related to VPF.

How much money can be deposited in VPF

Any EPFO member can avail the facility of contribution in VPF and increase his contribution in the provident fund. There is no limit for salary deduction in VPF. If the employee wishes, he can also contribute up to 100 percent of the basic salary. The method of investing in VPF is exactly the same as that of depositing money in EPF, that is, if you start investing money in VPF, then its money will also be automatically deducted from your salary every month, like EPF is deducted.

How to start investing

If you are also interested in investing in VPF, then you will have to meet the HR of your company and tell him that you want to increase your investment in PF. With the help of HR, you can open your VPF account along with EPF. You will have to fill a form and submit it to HR regarding how much contribution you want to increase in your salary. After this the process of linking your VPF account with EPF account will be completed. After this process is completed, you can start deducting money from your salary in VPF. Once you opt for VPF, it is mandatory to deposit money in it for at least 5 years.

What are the rules for withdrawal of funds?

The interest and benefits received on VPF amount are the same as in EPF, similarly the rules for withdrawal of money are also the same as in EPF. You can withdraw the entire amount of VPF fund only after retirement. After 5 years, when its lock-in period ends, you can withdraw partial amount from it. Claim for this can be made online.

Tax exemption and account transfer

If you change your job, PF account can also be transferred like EPF. On investing in VPF, there is no tax to be paid on its interest and withdrawal amount. Therefore it is considered as Exempt-Exempt-Exempt (E-E-E) category investment. In this, one gets the benefit of tax exemption under Section 80C of the Income Tax Act. In this fund, you can claim tax exemption up to Rs 1.50 lakh in a financial year.

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Small finance banks are giving more interest than big banks

Most big banks have increased their interest rates on FDs for senior citizens, but to attract more investors, small finance banks are offering even higher rates. Senior citizens with FDs in big banks like SBI get the highest interest rate of only 7.25%, while small finance banks are offering much higher interest rates. Let us have a look at these 10 small finance banks offering higher interest rates.

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The Central Government on Thursday announced new interest rates for the Small Savings Scheme for the third quarter (October-December). This time the government has increased the interest rate on small savings schemes by up to 30 basis points for the quarter starting October 1. 3-year fixed deposits in post offices have been reduced to 5.8 percent from the existing 5.5 percent.

The interest rate for Senior Citizen Savings Scheme has been increased from 7.4% to 7.6%, for Kisan Vikas Patra from 6.9% to 7% and interest rates have also been increased for two and three year fixed deposits. Regarding the Kisan Vikas Patra, there has also been a change in the tenure. Now the maturity of KVP with 7 percent interest rate has been made 123 months, while the period of KVP with 6.9 percent was 124 months.

No change in NCS and PPF

However, interest rates on savings deposits, 1 year, 5 year FD, National Savings Certificate (NCS), Sukanya Samriddhi Yojana, Public Provident Fund (PPF) will continue to be the same as for the current quarter. The interest rate on National Savings Certificate is currently 6.8 percent. The interest rate on Public Provident Fund (PPF) is 7.10 percent.

Significantly, the Reserve Bank has increased the benchmark lending rate by 140 basis points since May. This has prompted banks to raise interest rates on deposits as well.

RBI policy tomorrow

Till now such an announcement was made after the monetary policy review meeting of the Reserve Bank, but this time the government has announced it a day in advance. The MPC meeting of the Reserve Bank of India, which began yesterday (September 28), will end tomorrow (Friday). Policy rates may be revised tomorrow. Most experts are predicting a further increase in lending rates. If this happens then the loan will become costlier and the EMI will increase.

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Everyone should save to meet future financial needs. Well there are many options to invest money. Many people invest in stock market, mutual funds and some invest in cryptocurrency. There is a lot of risk in all of these. There are many savings schemes for investment in the post office which offer high interest rates and tax exemptions.

Most importantly, it is guaranteed by the Government of India. Today we are telling you about such a scheme of post office in which you can earn big profit with small investment. Post Office Recurring Deposit Scheme (RD) should be invested for good returns. Let’s know about this scheme.

The Safest Investment Investing in the post office not only keeps our money safe, but also gives us good returns. Money never gets lost in Post Office Recurring Deposit Scheme investment. Because this scheme is run under the supervision of the government. A huge fund can be made even by depositing some money in RD account. RD account can be started with a deposit of just Rs.100. At present, 5.8 percent interest is being given on the recurring deposit scheme.

No maximum limit of deposit No maximum limit has been fixed for depositing money in this post office scheme. Recurring Deposit can be done for one year, two years or three years as per your convenience. The most important thing is that interest is given quarterly on the money deposited in this RD. At the end of every quarter, the amount is credited to your account along with compound interest.

Who can open the account Any person above 18 years of age can open an account in Post Office Recurring Deposit Scheme. You can also open a joint account in this. The account of a minor can also be opened on behalf of the guardian. For this, an account can also be opened in the name of a minor above 10 years.

You will get so many lakhs on maturity,

you can earn good profit from this scheme. If you invest 10 thousand rupees every month in this post office scheme for 10 years. So you will get 5.8 percent interest after 10 years. Will get more than 16 lakh rupees on maturity. If you deposit Rs 10,000 every month, then you will get Rs 16,28,963 on maturity of 10 years on getting interest at the rate of 5.8 per cent.

The post Post Office Recurring Deposit-RD: Start investing in this scheme from 100, you will get 16 lakhs on maturity first appeared on Rightsofemployees.com.